EUR/USD: Steady above 1.1300 ahead of US data, Fed’s Powell

EUR/USD: Steady above 1.1300 ahead of US data, Fed’s Powell

EUR/USD is consolidating gains above 1.1300, as the US dollar looks to stabilize after Powell and Omicron covid variant induced bond market volatility. Eurozone inflation refreshes record top, ECB policymakers cite growth concerns to defend easy money policies. US ADP, ISM PMI and Powell’s testimony 2.0 eyed.

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GBP/USD: Tuesday’s Doji need validation from 1.3360

GBP/USD: Tuesday’s Doji need validation from 1.3360

GBP/USD remains sidelined around 1.3300 during Wednesday’s Asian session, after refreshing the 2021 bottom the previous day. The corrective pullback seems to take clues from Tuesday’s bullish Doji candlestick at the multi-day low. However, bearish MACD signals and convergence of the 10-DMA and one-month-old descending trend line, around 1.3360, challenge the bulls.

GBP/USD News

Gold: Path of least resistance is down, levels to watch Premium

Gold: Path of least resistance is down, levels to watch

Gold price corrects from four-week lows towards $1,800 but downside bias remains intact. Hawkish Fed Chair Powell and the Omicron covid fears take bond and gold markets on a spin. All eyes now remain on the US ADP, ISM PMI and Powell for fresh impetus. 

Gold News

Chainlink price ready to reverse, 30% upswing likely for LINK

Chainlink price ready to reverse, 30% upswing likely for LINK

Chainlink price seems ready for a reversal of its two-week downswing as it attempts to create a higher high. This outlook is also supported by on-chain metrics, which suggest the possibility of accumulation at the current levels for LINK.

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ADP Jobs Preview: Dollar rally? Why the greenback is set to rise on (almost) any figure Premium

ADP Jobs Preview: Dollar rally? Why the greenback is set to rise on (almost) any figure

Three steps forward, one step back – that has been the path of the dollar, especially against commodity currencies, since the world became aware of the Omicron covid variant. Investors seek the greenback as a safe-haven currency. 

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When is a taper not a rate hike? Whenever the Fed says so Premium

When is a taper not a rate hike? Whenever the Fed says so

The questions around the primary topic in world markets continue to grow. Will the Fed announce the long-awaited taper of its bond program at its September meeting? How much depends on the August payrolls report in early September, on equity levels, on the pandemic, on global political tension? 

The Homeworking Revolution: Change accelerates for businesses, real estate and stock markets Premium

The Homeworking Revolution: Change accelerates for businesses, real estate and stock markets

The pandemic-fostered explosion of working-from-home will be a permanent change. COVID-19 has reinforced trends that were remaking the business office before the pandemic. Property valuation and tax revenue will flow from cities to suburbs and high-cost to low-cost states.

Top commodities to trade amid global reflation: Silver and copper to outshine gold price Premium

Top commodities to trade amid global reflation: Silver and copper to outshine gold price

Commodities witnessed an interesting end to a decade in 2020. Traders were caught off-guard by the unprecedented coronavirus crisis last year. Likewise, a strong recovery across the commodities board came as a surprise, bringing them in vogue and kick-starting a super cycle.

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Technical Confluences Detector

Dhwani Mehta

Gold eyes $1,800 and $1,806 on road to recovery

Gold has staged a decent comeback, as bulls look to recapture the $1,800 mark amid a revival of the Omicron covid variant fears. A flight to safety theme remains in vogue, as investors scurry to the US Treasuries, killing the demand for the yields. The sell-off in the US rates have heavily weighed on the dollar, boosting gold’s appeal. However, should risk-aversion intensify the greenback could regain its safe-haven status, capping the gold price recovery.

Gold Price: Key levels to watch

The Technical Confluences Detector shows that the gold price is extending its recovery towards $1,799-$1,800, which is the convergence of the previous day’s high and Fibonacci 23.6% one-month.

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CRYPTOCURRENCIES

Chainlink price ready to reverse, 30% upswing likely for LINK

Chainlink price ready to reverse, 30% upswing likely for LINK

Chainlink price seems ready for a reversal of its two-week downswing as it attempts to create a higher high. This outlook is also supported by on-chain metrics, which suggest the possibility of accumulation at the current levels for LINK.

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VeChain price eyes 20% upswing as VET bounces off the buy zone

VeChain price eyes 20% upswing as VET bounces off the buy zone

VeChain price has been on a downtrend for the past three weeks and is showing signs of a reversal. Clearing a crucial barrier that VET is currently grappling with will confirm the start of this uptrend. VeChain price dropped 44% from $0.18 to $0.10 between ...

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Cardano price positioned for bullish reversal, with 100% gains in sight

Cardano price positioned for bullish reversal, with 100% gains in sight

Cardano price action has been some of the most dismal and disappointing out of all the major cryptocurrencies. But Cardano’s fortunes are about to change. Cardano price has been a consistent loser over the past three months.

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Shiba Inu attempts to breakout towards $0.0000750, SHIBA bulls look to resume uptrend

Shiba Inu attempts to breakout towards $0.0000750, SHIBA bulls look to resume uptrend

Shiba Inu price has likely found a bottom and is likely to begin the next phase of a new upswing. A double-bottom was formed at $0.0000375 and it held as support.Shiba Inu price has ...

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WEEKLY FORECAST

EUR/USD: Central banks in denial about inflation and a new coronavirus variant shaking the FX board Premium

EUR/USD: Central banks in denial about inflation and a new coronavirus variant shaking the FX board

US inflation surged to its highest in three decades, Fed officials becoming concerned. A new coronavirus variant that may evade immune response spurred risk-aversion. EUR/USD is correcting oversold conditions, additional gains are still unclear.

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GBP/USD: Pound recovery at the mercy of BoE rate hike bets Premium

GBP/USD: Pound recovery at the mercy of BoE rate hike bets

GBP/USD closed the week in the negative territory following Friday's modest rebound. Markets are reassessing BoE's and Fed's rate hike prospects on renewed coronavirus fears. GBP/USD needs to overcome 1.3460 to attract additional buyers.

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USD/JPY: COVID scrambles Friday markets Premium

USD/JPY: COVID scrambles Friday markets

USD/JPY reaches 115.52 on Wednesday, highest since January 2017. US CPI and Personal Spending data drives USD/JPY. USD/JPY plummets on Friday as new COVID variant surfaces. Treasury yields plunge undermining US dollar, US equities sink.

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AUD/USD: Bears eye a test of the 0.7000 critical support level Premium

AUD/USD: Bears eye a test of the 0.7000 critical support level

Softening gold prices put additional pressure on the AUD/USD pair. Australia will not change its reopening plans, despite the menace of a new coronavirus variant. AUD/USD is at risk of falling further, despite extremely oversold conditions in the daily chart.

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BTC price at key support screams ‘buy the dip’

BTC price at key support screams ‘buy the dip’

Bitcoin price looks to be facing a momentary downturn on a short-term time frame while the higher time frame looks indecisive as it consolidates. On-chain metrics show an ambiguous outlook, suggesting the start of accumulation and the potential for an extended drop. Regardless of the technical perspective, BTC adoption seems to be holding up well.

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XAU/USD looks to extend rebound amid renewed coronavirus fears Premium

XAU/USD looks to extend rebound amid renewed coronavirus fears

Gold's inverse correlation with US Treasury bond yields stays intact. Risk aversion ahead of the weekend helped the precious metal find demand. Buyers managed to hold XAU/USD above several key SMAs. 

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THE STOCK OF THE DAY

Nio Inc rebounds 1% on risk recovery, encouraging fundamentals

Nio Inc rebounds 1% on risk recovery, encouraging fundamentals

NYSE: NIO rebounded 1.18% from multi-day lows to recapture the $40 mark on Monday, tracking the renewed upturn in the broader Wall Street indices. The improving market mood, amid easing fears over the impact of the new Omicron covid variant on the global economic recovery, aided the relief rally in the stock price. US President Biden also added to the optimism, citing new lockdowns are not necessary. 

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