EUR/USD pressured below 1.21 amid mixed markets mood

EUR/USD is trading below 1.21, consolidating Friday's losses as the market mood is mixed. Upbeat Chinese GDP and US stimulus are cheering markets while Italy's political crisis and the depressing coronavirus picture is weighing on sentiment. 

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EUR/USD News

GBP/USD fails to recover despite accelerated UK vaccine campaign

GBP/USD remains below 1.36, shrugging off the expansion of Britain's vaccination campaign. Post-Brexit talks on financial services continue while tension is mounting ahead of US President-elect Biden's inauguration. 

GBP/USD News

Gold struggles to capitalize on intraday bounce, up little around $1930-32

Gold struggled to capitalize on its goodish intraday bounce of nearly $40 and was last seen trading with modest gains, around the $1830-32 region.

Gold news

Forex Today: Dollar holds onto gains, shrugging off upbeat Chinese GDP, vaccine news eyed

Markets are mixed on "Blue Monday" with the dollar clinging to gains related to risk aversion, while upbeat Chinese growth partially offsets the gloom.Tension is mounting ahead of President-elect Biden's inauguration.

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SPECIAL YEARLY FORECAST

EUR/USD Price Forecast 2021: Euro-dollar long-term bullish breakout points to 1.2750

EUR/USD market players hope for a return to economic growth by mid-2021. Central banks are likely to maintain their ultra-loose monetary policy for longer than the pandemic. EUR/USD price has turned bullish after breaking above a descendant trend line coming from 2008.

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GBP/USD Price Forecast 2021: Cable braces for calendar comeback amid three exits

With Brexit talks out of the way, markets can focus on the consequences of this historic change. With Trump’s turmoil over, Biden’s tight work with the Fed is key to dollar action. Coronavirus vaccination should finish the crisis by year-end, yet a bumpy road awaits.

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USD/JPY Price Forecast 2021: Dollar-yen to keep falling in the year of healing

Japan’s cultural advantage over the US might result in a faster economic comeback. Central banks’ ultra-loose monetary policy has come to stay. USD/JPY price forecast 98.95 as a potential bearish target for 2021.

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AUD/USD Price Forecast 2021: Winning the covid crisis insufficient for the aussie to withstand Chinese boomerang

Australia weathered the covid crisis better than most, sending the AUD higher by year-end. Momentum from the crisis and central bank action could extend the trend early in 2021. Relations with China are set to weigh on the aussie.

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Gold Price Forecast 2021: XAU/USD looks to build on 2020 gains with central banks staying dovish

Gold price surged to all-time highs above $2,000 in 2020. Gold forecast remains bullish in 2021 as central banks keep committed to supporting recovery. XAU/USD price could push higher if it manages to break above $1,930.

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Bitcoin Price Forecast 2021: BTC reaching new horizons, aiming for $100,000

Bitcoin’s future looks bright as the digital asset has surpassed $20,000 for the first time. Several multi-million investments have propelled the flagship cryptocurrency towards new all-time highs in 2020. On-chain metrics are highly in favor of Bitcoin in the long-term.

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FOREX INDICATOR: CONFLUENCES

Anil Panchal

Gold prices keep bounce off the fresh low since December 01, marked earlier in Asia, while picking up the bids around $1,837, up 0.74% intraday, during the pre-European session trading on Monday. The yellow metal initially had to respect the US dollar’s run-up before bouncing off the key support.

Gold: Key levels to watch

Gold battles $1,836/37 resistance area comprising 38.2% Fibonacci retracement of one day move (1D) and SMA 10 on the four-hour move.

In doing so, gold buyers eye SMA 200, 61.8% Fibonacci retracement SMA 5 on one day chart, currently around $1,845. However, bulls will remain cautious unless breaking the previous high on the 1D and upper band of the Bollinger near $1,858.

Meanwhile, previous high on hourly chart (1H), SMA 50 on 15-minute (15M) and middle Bollinger on the 15M can offer immediate support around $1,826.

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CRYPTOCURRENCIES

XRP getting ready for a 50% upswing as consolidation hits the elastic limit

Ripple’s overhead barriers are still in place, as highlighted on the 4-hour chart. The seller congestion at $0.3 is an uphill battle, so is the 50 Simple Moving Average. 

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ADA technical and on-chain levels confirm a 60% explosion to $0.6

Cardano recently confirmed a breakout in away validating the 900% upswing prediction we discussed last week. Several hurdles have been shattered at the time of writing, including $0.3 and $0.35, adding credence to the potential breakout to $0.6.

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Yearn.Finance brushes shoulders with $40,000 overshadowing Bitcoin’s $36,000

Yearn.Finance has consistently recovered from the recent dip to $25,000. The price drop was not unique to the decentralized finance (DeFi) token but affected the entire cryptocurrency space. 

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LINK squabbles under heavy selling pressure, downswing targets $16

Chainlink is up 10% in the last 24 hours and a whopping 52% in the previous seven days. After breaking above $20, LINK soared to a new record high at near $24. Meanwhile, the uptrend seems to have hit the ultimate point, as selling pressure finds its way back into the market.

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WEEKLY FORECAST

EUR/USD Weekly Forecast: Bulls and bears eye Biden's first moves, ECB, and vaccines

To taper or not to taper? That has been the question for the Federal Reserve amid the new administration's massive spending plans. President-elect Joe Biden's inauguration is set to prompt fast action, while the European Central Bank's views will try not to rock the boat.

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GBP/USD Weekly Forecast: Resuming the rally toward 1.40? Biden may compound Bailey, vaccines eyed

"Controversial" is what Bank England Governor Andrew Bailey called negative interest rates – providing sterling ammunition to fight dollar strength. Both the US and the UK are ahead in vaccination, which remains critical and competes for influence with President-elect Joe Biden's inauguration. 

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USD/JPY Weekly Forecast: Weakening US statistics fail to dent the dollar

Twin specters of unemployment and a consumer recession in the United States were unable to dislodge the dollar from its recent gains and the USD/JPY ended the week at 103.85 just points from Monday's open at 103.89.

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AUD/USD Weekly Forecast: Profit-taking of uncertain timing

The AUD/USD came close again this week, pulling up to 0.7806 on Thursday just shy of the three year high of 0.7820 from January 6. Friday's pullback to support at 0.7700 is not rejection of the overall upward trend that goes back to April, but it may be sign that profit-taking is underway on the very steep ascent from the beginning of November.

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Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. The panic sell-off was stopped on its tracks at the 26-EMA on the daily chart as bulls quickly bought the dip and created a V-Shape recovery pushing BTC towards $40,100 again. 

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Gold Weekly Forecast: Further XAU/USD decline toward $1,800 remains on the cards

After losing more than 2% in the previous week, the XAU/USD pair extended its slide on Monday and touched its lowest level since early December at $1,817.

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2020 US PRESIDENTIAL ELECTIONS

Is the Trump era over?

There is no earthly reason to buy dollars with Trump exiting unless we imagine he is going to slash and burn on his way out the door. And that’s exactly what he is going to do, but the underlying system is relatively safe if only because we can see the end—inauguration day on Jan 20. A flurry of risk-off without rhyme nor reason just has to be accepted but we can’t let ourselves become agitated over it and see risk-off under every rock—or accept risk-off that has no known cause. Stay the course, but be aware traders are willing to be spooked.



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