AUD/USD flirts with a wall of resistance for Asian session

AUD/USD was ending the day on Wall Street in the green by near to 0.4% after travelling from a low of 0.7461 to a high of 0.7505 on Monday's business. For Tuesday, the pair kicks off the Asian session up against a wall of weekly, daily and hourly resistance.

AUD/USD News

EUR/USD pressured near 1.1600 as German data disappoints

Worrisome German headlines weighed on the shared currency, the worst performance against a weakened greenback. EUR/USD is at risk of falling to fresh 2021 lows.

EUR/USD News

Gold bulls eyeing the 1,830 price zone

Gold is up this Monday, trading near the multi-week high posted on Friday at $1,813.80 a troy ounce. The American currency is relatively stable across the FX  board, clearly stronger against the EUR but trading unevenly against other major rivals. 

Gold News

Solana bulls buy in anticipation of SOL price surpassing $270

Solana (SOL) price has been on a tear after posting its sixth consecutive daily bullish candle. With the pop back above the monthly R1, expect new all-time highs to be reached soon as favorable tailwinds are nowhere near to fade anytime soon.

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Conference Board Consumer Confidence October Preview: Watch what we do... Premium

Confidence expected to slip to 108.3 from 109.3 in September. Michigan Consumer Sentiment eroded slightly in October. Sentiment seems divorced from labor market and Retail Sales. Federal Reserve taper will not hinge on a happy US consumer.

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

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 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

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 price is once again testing offers above the $1800 mark, as the bulls look for acceptance above the latter after Friday’s quick retracement from six-week tops of $1814. As risk remains relatively firmer on Monday, courtesy of easing China’s property sector concerns, the US dollar keeps losing additional ground vs. its main competitors, benefiting gold price.

Gold Price: Key levels to watch

The Technical Confluences Detector shows that gold has recaptured the $1800 mark, with bulls unstoppable, as they target the Fibonacci 23.6% one-day at $1807.

If the buying interest accelerates, then a test of the pivot point one-day R1 at $1811 will be soon on the cards.

The next stop for gold bulls is seen at the previous day’s high of $1814, above which the pivot point one-week R1 at $1818 will be challenged.

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CRYPTOCURRENCIES

Bitcoin price set for another upswing to $69,000

Bitcoin (BTC) price respected a critical support level on Sunday to keep the uptrend intact. BTC price action on Monday reveals bulls are still in complete control of Bitcoin price, and new all-time highs look to be the target for this week. 

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MATIC price builds momentum for Polygon to breakout to $2.50

MATIC price has been on a very slow grind higher, with higher lows and price action on the upside being squeezed against the monthly R1. As bulls engage more and more in this squeeze, expect an imminent bullish breakout to happen towards $1.80.

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AVAX to rank among the top 3 cryptos by end of 2021, says Trader Joe co-founder

With the latest developments in the AVAX ecosystem, analysts are bullish on the altcoin's price. Anonymous co-founder of Trader Joe exchange, @cryptofishx, has predicted that the altcoin will hit the top 3 cryptocurrencies by market capitalization. 

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IOTA enters Web3 race against Ethereum and Cardano with zero-fee smart contracts

IOTA Foundation has launched feeless, programmable and scalable smart contracts. Developers can develop smart contracts on the IOTA blockchain and deploy them on the Ethereum blockchain. 

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WEEKLY FORECAST

EUR/USD: Get ready for a volatile week Premium

Growth-related data and the ECB’s decision could bring the pair back to life next week. Lingering inflation becomes a concern on both shores of the Atlantic. EUR/USD is losing bullish potential and could soon reach fresh 2021 lows.

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GBP/USD: Time for a meaningful downside correction? Covid and US GDP eyed Premium

A rate hike in the UK? Speculation has been pushing the pound higher, and the topic will likely remain a major market mover for sterling ahead of Halloween. US growth figures stand out in a packed US economic calendar. 

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USD/JPY: BOJ vs the Federal Reserve Premium

USD/JPY reaches 114.70 on Wednesday, a four-year high. 10-year Treasury-JGB spread widens by 7 points. USD/JPY encounters profit-taking, rebounds from support on Friday. FXStreet Forecast Poll is uniformly bearish out to one quarter.

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AUD/USD: Higher highs still likely amid appetite for risk Premium

Soaring equities reflected the risk-on mood that backed the aussie. Inflation-related uncertainty left market participants with a sour taste in their mouths. AUD/USD retains its long-term bullish strength despite correcting from multi-month highs.

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BTC could revisit $53,000 as ETF mania wanes

Bitcoin price is experiencing a slow down after the October 21 flash crash. A decisive close below the weekly open at $61,574 is likely to trigger a crash. Some on-chain metrics reveal the overheated nature of the market, supporting the short-term corrective outlook.

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XAU/USD bears and bulls fight over $1,800, focus shifts to US GDP Premium

Gold shot higher on Friday but lost its traction. Neither sellers nor buyers have control of the critical $1,800 level. First estimate of US Q3 GDP growth stands out in a busy week. 

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