AUD/USD remains capped below 0.74 amid USD rebound, mixed Aussie trade data

AUD/USD remains on the backfoot below 0.7400 amid mixed Australian trade data and broad US dollar rebound, thanks to the hawkish comments from Fed officials. More Fedspeak awaited ahead of Friday’s NFP.

AUD/USD News

Gold struggles above $1,800 amid firmer USD, bearish technicals

Gold prices fail to extend Wednesday’s recovery moves while taking rounds to $1,811-12 amid a quiet Asian session on Thursday. The yellow metal portrays cautious sentiment amid fears of tapering and the Delta covid variant woes ahead of the week’s important events.

Gold News

EUR/USD: 10-DMA tests corrective pullback above 1.1800

EUR/USD holds lower ground near 1.1840, close to the weekly bottom, during the initial Asian session on Thursday. The major currency pair dropped the most in three weeks the previous day. July’s bottom lures the bears until the quote stays below 50-DMA.

EUR/USD News

Dogecoin price spooked, leaves DOGE on the outside looking in

Dogecoin price is still up 5,830% YoY, despite the 80% correction from the May high. The volatility has not transferred to this rally attempt as DOGE has traded in an ascending parallel channel with the 200-day SMA transmitting support.

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BoE in the spotlight

The BoE decision tomorrow is coming into view, with the UK expected to join the Fed and ECB and signal cautious patience for now. After the inflation scare over the spring, attention has turned to growth dynamics ...

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DEEPER DIVE

Five factors moving the US dollar and not necessarily to the downside

For the dollar, that light at the end of the tunnel turned out to be a truck roaring at full throttle to run it down. The news of coronavirus vaccines sent stocks higher and the safe-haven dollar lower. Alongside decisive US elections and later some fiscal stimulus, there was no need to run for shelter, and the dollar suffered. 

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

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 is holding the lower ground, heading closer towards $1800, as traders remain cautious and refrain from placing any fresh directional bets ahead of the all-important US Nonfarm Payrolls data due this Friday. Gold remains under pressure, courtesy of positive US 10-year Treasury yields, amid a recovery in the risk appetite. However, modest weakness in the US dollar combined with persisting coronavirus concerns continue to lend support to bulls, leaving gold price range-bound.

The Technical Confluences Detector shows that gold is challenging critical support at $1809, which is the convergence of the Fibonacci 38.2% one-month, Fibonacci 23.6% one-day, Fibonacci 61.8% one-week and SMA10 one-day.

If the abovementioned support caves in, then gold sellers will look for a test of the next relevant downside target at $1804.

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CRYPTOCURRENCIES

Ethereum Classic has only one more resistance level to break before ETC jumps by 64%

A brief technical and on-chain analysis on Ethereum Classic price. Here, FXStreet's analysts evaluate where ETC could be heading next as it seems bound to advance further.

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MATIC Price Prediction: Polygon awaits a trigger that could propel it 68%

MATIC price has stayed lull after July 26 swing high at $1.137. The sideways movement indicates a build-up of pressure, which could lead to a massive move in either direction. 

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Analysts debate whether Ethereum’s London hardfork is a “sell the news” event

Analysts caution against a potential “buy the rumor, sell the news” pullback for ETH while historical data shows that the price tends to rise following major network upgrades. Ethereum advocates are bubbling with anticipation over the upcoming London hardfork which is scheduled to take place at block height 12,965,000 on Aug. 5.

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Bitcoin SV suffers 51% attack, BSV price loses critical support level

Bitcoin SV, a fork of Bitcoin Cash, has suffered a 51% attack following a series of attacks last month. Over 12 blocks have been reorganized and three versions of the blockchain have been mined simultaneously. Crypto exchanges could continue to delist the token given the security issues associated with BSV. 

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WEEKLY FORECAST

EUR/USD: Could the Nonfarm Payroll report be a game-changer?

The Fed disappointed markets by showing no rush to taper. US economy is expected to have added roughly 1 million jobs in July. EUR/USD has recovered nicely, but a course change has not been confirmed.

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GBP/USD: Will the Bank of England step out?

Improving COVID and strengthening economy encourage sterling. Bank of England meeting next week brings rate hike speculation. The contrast between Fed and BOE policies benefits the pound.

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USD/JPY: View ahead is the same as the view behind

Prospect of higher US interest rates fade on weak data, Fed dovishness. USD/JPY loses 110.00 on Tuesday, stays below on Friday. Technical considerations dominate near-term USD/JPY action, bias weakly lower.

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AUD/USD bears are on pause but retain control

Fed smashed the greenback but the aussie could not take advantage of it. The RBA will announce its decision on monetary policy on Tuesday. AUD/USD maintains a bearish stance amid concerns about the Australian economy.

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Musk changes tune on BTC as adoption and miners continue to make headway

BTC continues to rise after briefly dipping below the $30,000 level. Musk reveals his opinions on the big crypto since Tesla stopped accepting BTC payments. Core Scientific mining firm announced its plans to list on the NASDAQ.

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XAU/USD bulls hesitate as focus shift to NFP

Gold posted gains for the week despite Friday’s pullback. Powell’s remarks and disappointing data weighed on USD. Gold’s near-term technical outlook turns neutral as focus shifts to US July jobs report.

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