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.

EUR/USD News

GBP/USD ignores Brexit, Omicron woes past 1.3300, UK/US data, BOE’s Bailey eyed

GBP/USD holds onto recovery moves from yearly low. France step-back on Brexit battle but it’s not fishing, traders push-back BOE rate hike calls to 2022 on more Omicron cases in UK. UK/US PMIs, ADP Employment Change will decorate calendar.

GBP/USD News

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

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 is reversing its downtrend and is eyeing a higher high to solidify the bullish thesis. On-chain metrics suggest that LINK is in a place of accumulation, adding a tailwind to the rally.

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

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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DEEPER DIVE

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.

FXS Signals

Technical Confluences Detector

Dhwani Mehta

Gold price stays volatile so far this week, with the risks skewed to the downside, as the bright metal remains at the mercy of the Omicron covid variant fears and Fed sentiment. Fed Chair Jerome Powell’s hawkish surprise and the new variant updates triggered massive bond market volatility, impacting the dollar valuations alongside gold price.

Gold Price: Key levels to watch

The Technical Confluences Detector shows that the gold price is battling strong resistance at $1,780, which is the convergence of the previous week’s low and Fibonacci 23.6% one-day.

Gold price will then extend its recovery towards the next relevant resistance aligned at $1,785, the confluence of the Fibonacci 38.2% one-day, SMA5 one-day and SMA10 four-hour.

The Fibonacci 23.6% one-month at $1,788 will test the recovery momentum, as the bulls will then battle a dense cluster around $1,793.

The Fibonacci 23.6% one-month at $1,788 will test the recovery momentum, as the bulls will then battle a dense cluster around $1,793.

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CRYPTOCURRENCIES

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 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 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 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

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 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 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

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’

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

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

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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