EUR/USD eases below 1.1900 as USD rises with yields, US CPI eyed

EUR/USD is trading under pressure below 1.1900, as the US dollar rebounds in tandem with the Treasury yields amid rising inflation expectations. Europe's covid concerns continue to undermine the euro. German ZEW and US CPI awaited. 

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GBP/USD extends fall after UK GDP misses estiamtes

GBP/USD is trading below 1.3750 after UK GDP figures for February missed with 0.4% and despite Britain's successful vaccination campaign. The currency pair has been under pressure as the dollar strengthens across the board alongside yields. US inflation is eyed.

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Gold defends 21-DMA support amid USD rebound, US CPI eyed

Gold sees some signs of life amid weaker Treasury yields. The yellow metal fell nearly $11 on Monday, extending its two days of declines, as the Treasury yields reversed course and edged slightly higher following a good three-year note auction.

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Bitcoin a “caged bull” with little resistance ahead as BTC still in price discovery mode

Bitcoin price continues to struggle to reach a record high above $60,000. However, BTC demand and on-chain data suggest a bullish outlook for the pioneer cryptocurrency. Bloomberg analyst Mike McGlone indicates Bitcoin is in price discovery, far from reaching the cycle top.

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Weekly outlook: Inflation in the spotlight

Inflation and inflation expectations are likely to be in the spotlight in the coming week. We saw a decline in US inflation expectations this week and with that, a decline in bond yields that pressured the dollar.

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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. 

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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.

Technical Confluences Detector

Dhwani Mehta

Gold (XAU/USD) has reversed the early bounce and resumes the two-day decline, as Treasury yields regain upside momentum amid rising inflation expectations. The renewed uptick in the yields strengthened the recovery in the US dollar, as all eyes remain on the critical US CPI release for March.

Gold Price Chart: Key resistance and support levels

The Technical Confluences Detector shows that gold has breached the key support around $1730, the confluence of the previous day low, Fibonacci 61.8% one-month and SMA200 four-hour.

The next relevant support is seen at $1725, where the pivot point one-week S1 lies.

The previous week low at $1721 could offer additional comfort to the XAU bulls. A firm break below the last could trigger a sharp drop toward the pivot point one-day S2 at $1716.

Alternatively, recapturing the abovementioned $1730 hurdle is critical to reviving the upside momentum.

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CRYPTOCURRENCIES

Bitcoin a “caged bull” with little resistance ahead as BTC still in price discovery mode

Bitcoin price continues to struggle to reach a record high above $60,000. However, BTC demand and on-chain data suggest a bullish outlook for the pioneer cryptocurrency. Bloomberg analyst Mike McGlone indicates Bitcoin is in price discovery, far from reaching the cycle top.

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XRP Price Prediction: Ripple bulls at inflection point

XRP price has been on a tear lately as it has more than tripled since late March. However, considering the overall cryptocurrency market being overextended, the remittance token might be due for a correction. If the buying pressure persists, Ripple might surge another 16% to $1.68.

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Binance Coin price rally gaining energy, could be set for a blow-off move

Binance Coin price increase in 2021 reflects the rise of BNB from a simple utility token to something much more complex and useful for traders. The token’s momentum is slightly extended on an absolute basis, but relative to the February highs, there is still more upside potential, even for a blow-off move. 

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Swipe price raises doubts about new rally as SXP loses bullish momentum

Swipe price has been wedging higher since mid-February until the April 10 breakout into all-time highs. The bearish reversal on April 10 combined with another bearish reversal today should caution traders that the upside will be limited in the short-term, and the potential for a deeper correction is ...

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WEEKLY FORECAST

EUR/USD Weekly Forecast: Unimpressive Powell hits the greenback

The EUR/USD pair edged higher this week, reaching a high of 1.1927 and settling a few pips below the 1.1900 figure. The upbeat US employment report released last Friday was the main catalyst for the broad dollar weakness. 

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GBP/USD Weekly Forecast: Is the correction over? US consumer, vaccines hold keys

The dollar has won the "ugly contest" with the pound – profit-taking and vaccine issues have weighed on the pound more than Fed-related vulnerability has hurt the greenback. 

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USD/JPY Weekly Forecast: Fed fails to dim dollar prospects

After finishing at a 12-month high last Wednesday at 110.71 and nearly matching it on Monday at 110.68, the USD/JPY followed US Treasury rates lower for most of the week ending at 109.33 on Thursday.

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AUD/USD Weekly Forecast: Bulls still cautious but unwilling to give up

The AUD/USD pair finishes a second consecutive week pretty much unchanged around the 0.7650 level. The commodity-linked currency has remained away from investors radar this week, although it’s quite notable that with the broad greenback’s weakness and record levels in Wall Street, the pair was unable to advance.

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Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

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Gold Weekly Forecast: XAU/USD inverse correlation with US T-bond yields stays intact

The XAU/USD pair stayed stuck in a tight range at the start of the week as the thin trading conditions due to Easter Monday allowed financial markets to remain calm. 

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