EUR/USD holds above 1.0700 after US inflation data

EUR/USD holds above 1.0700 after US inflation data

EUR/USD stays in the lower half of its daily range but continues to trade above 1.0700 in the early American session on Friday. The data from the US showed that the annual Core PCE Price Index declined to 4.9% in April as expected, making it difficult for the dollar to gather strength.

EUR/USD News

GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD clings to daily gains above 1.2600 and remains on track to end the week in positive territory. The greenback struggles to attract investors after the data from the US showed that PCE inflation softened in April. 

GBP/USD News

Gold pulls away from daily highs, holds above $1,850

Gold pulls away from daily highs, holds above $1,850

Gold has lost its traction in the second half of the day on Friday and declined toward the $1,850 area. The benchmark 10-year US Treasury bond yield staged a modest rebound on the US PCE inflation data, not allowing XAU/USD to preserve its bullish momentum.

Gold News

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA fork proposal has passed with 65.5% votes, Revival Plan 2 in action without algorithmic stablecoin UST. LUNA price could wipe out losses incurred by holders in the colossal crash of LUNC and UST. 

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Marvell Technology Stock Forecast: MRVL gains 4.8% in premarket after earnings beat

Marvell Technology Stock Forecast: MRVL gains 4.8% in premarket after earnings beat

Marvell Technology (MRVL) stock has advanced nearly 5% in Friday's premarket after posting Q1 results late Thursday that narrowly beat expectations but offered an optimistic outlook that impressed Wall Street.

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DEEPER DIVE

Dollar weakness stands on two vulnerable legs, Fed fear set to trigger greenback comeback Premium

Dollar weakness stands on two vulnerable legs, Fed fear set to trigger greenback comeback

Shanghai's "freedom day" and JP Morgan's optimism have sparked a relief rally, adverse for the dollar. US data and tough Fed talk on inflation could trigger fresh demand for the greenback. 

Where is the bottom for EUR/USD and GBP/USD? Four factors traders need to consider Premium

Where is the bottom for EUR/USD and GBP/USD? Four factors traders need to consider

EUR/USD and GBP/USD are set to extend their declines – and for good reasons. Where is the bottom? The low point for these currency pairs heavily depends on the Fed and the main question is: when will the dollar reach a top?

Three oversold cryptos that could double your portfolio

Three oversold cryptos that could double your portfolio

A brief technical and on-chain analysis on a few cryptos. Which are the massively oversold coins at this moment? How you could benefit from the crypto bloodbath? Here, FXStreet’s analysts evaluate where some of the hottest cryptos on the market could go next.

FXS Signals

Technical Confluences Detector

Dhwani Mehta

Gold Price is staging a solid comeback after finding strong support near the $1,840 region over the past two trading days. The bright metal is looking to retest the two-week highs on the road to recovery, as the US dollar is struggling to recover further ground amid mixed market sentiment and subdued Treasury yields. Dismal US GDP, Markit Manufacturing PMI and Pending Home Sales point to signs of US economic slowdown, cooling off the aggressive Fed tightening expectations and keeping the dollar broadly undermined. This week’s turnaround in global stocks is also weighing on the greenback’s safe-haven appeal, benefiting the USD-priced gold.

Gold Price: Key levels to watch

The Technical Confluences Detector shows that the Gold Price is fast approaching strong resistance at $1,863, as the renewed upside gathers steam.

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CRYPTOCURRENCIES

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

The LUNA hard fork is set to occur on May 28, followed by the subsequent airdrop of LUNA 2.0 tokens to eligible holders. Ahead of the real LUNA 2.0 airdrop, some scammers have tried to lure LUNA and UST holders to send their assets in lieu of receiving the new tokens. 

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Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

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This Web3 move by Crypto.com could be a good bet for patient investors

This Web3 move by Crypto.com could be a good bet for patient investors

Crypto.com price stabilization on a high time frame chart indicates that a bottom formation could be taking place. This pattern combined with a bullish signal from a momentum indicator adds credence to the possibility of a reversal and a recovery rally for CRO.

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Why Elon Musk’s tweet failed to move Dogecoin price

Why Elon Musk’s tweet failed to move Dogecoin price

Dogecoin price slipped up as Bitcoin price triggered a sudden crash on May 26. This downswing, while serving as a great opportunity to accumulate DOGE, failed to recover alongside BTC.

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THE STOCK OF THE DAY

GME stock soars 12% as markets and retail recover

GME stock soars 12% as markets and retail recover

GameStop the one that just will not go away, soared 12% on Thursday in a broad market recovery. The move higher in retail stocks was a relief rally following the carnage imposed on the sector by Walmart (WMT) and Target (TGT) earnings. However, solid reports from both Dollar Tree (DLTR) and Dollar General (DG) along with Williams Sonoma (WSM) helped entice investors back into the sector.

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WEEKLY FORECAST

EUR/USD: Interim bottom or dead cat bounce? Premium

EUR/USD: Interim bottom or dead cat bounce?

The EUR/USD closed the week with solid gains just below the 1.0600 level. The main reason behind the advance was the dollar’s broad weakness, despite the persistent risk-averse sentiment.

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GBP/USD: Will the recovery sustain above 21 DMA? Premium

GBP/USD: Will the recovery sustain above 21 DMA?

GBP/USD registered the first weekly gain in five weeks. Bulls were finally rescued, as GBP/USD stalled its four-week downtrend and rebounded firmly from two-year lows of 1.2155 reached a week ago.

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USD/JPY: Will the turn become a plunge? Premium

USD/JPY: Will the turn become a plunge?

After two months of unsurpassed weakness the Japanese yen has been lifted from its 20-year floor by a combination of economic, fundamental and technical factors that could herald a change in circumstances. 

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AUD/USD: Interim top confirmed, 0.7000 at risk Premium

AUD/USD: Interim top confirmed, 0.7000 at risk

The AUD/USD pair kept falling in the last few days, reaching a fresh multi-week low of 0.7263 on Friday, to close the trading week a handful of pips above it. 

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Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

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Gold: XAU/USD starts reacting to US yields but bulls remain hesitant Premium

Gold: XAU/USD starts reacting to US yields but bulls remain hesitant

Gold reversed its direction following a drop below $1,800 at the beginning of the week and ended up snapping a 4-week losing streak. Technical indicators suggest that XAU/USD could find it difficult to continue to push higher.

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