When are the UK jobs and how could they affect GBP/USD?

GBP/USD cheers softer USD, as well as cautious optimism in the market, to print a three-day uptrend surrounding 1.2350 heading into Tuesday’s London open. Today’s employment data need to stay in line to keep the GBP/USD buyers hopeful.

GBP/USD News

EUR/USD stays defensive around 1.0450 ahead of EU/US data, Fed’s Powell

EUR/USD bounces off intraday low as bulls await fresh the key catalysts during three-day uptrend. US dollar stays pressured despite firmer yields, risk-on mood weigh on greenback. US Retail Sales for April, risk catalysts are also important for fresh impulse.

EUR/USD News

Gold: 200-DMA likely to cap the price ahead of US Retail Sales, Fed’s Powell Premium

Gold once again showed some resilience below the $1,800 mark and staged a goodish intraday bounce from its lowest level since late January touched earlier on Monday. Aggressive Fed rate hike bets, rebounding US bond yields, a positive risk tone capped gains.

Gold News

How likely is a 40% recovery rally for Shiba Inu price

Shiba Inu price shattered three support levels as it crashed on April 25. On its way south, the sell-off exacerbate due to the UST depeg, causing SHIB to revisit levels last seen in late 2021.

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UK wages and US Retail Sales in focus

European stocks got off to a mixed start to the week yesterday, after a big decline in Chinese retail sales pointed to an economy that came to a crashing halt in April, as a result of widespread covid lockdowns and restrictions.  

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DEEPER DIVE

Will the BOJ drop an SNBomb? USD/JPY may collapse rapidly, hundreds of pips at stake Premium

USD/JPY at risk of collapse – while calling a top on the massive 1,400 pip rally has been hard, this cannot go forever. The BoJ is alone among developed world central banks in promoting a loose monetary policy. Defending a 10-year yield of 0.25% could prove impossible. Could the yen surge? 

Is the bond market forcing the Fed's hand to hike faster?

Is the bond market forcing the Fed's hand to hike faster? That's not really what's happening. Rather, the Fed does what it wants 100% of the time and will make excuses to get what it wants. If anything is forcing the Fed it's inflation, but inflation marched higher for over a year with the market barely moving at all. 

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

Anil Panchal

Gold (XAU/USD) prices struggle to extend the previous day’s rebound from a quarter’s low as market sentiment dwindles heading into crucial data/events up for publishing on Tuesday. The yellow metal cheers the overall US dollar weakness and risk-on mood while defending the $1,800 threshold, around $1,825 by the press time.

Gold Price: Key levels to watch.

The Technical Confluences Detector shows that the Gold Price stays above multiple key supports beyond $1,800, suggesting further upside towards the $1.832-35 resistance zone including 38.2% Fibonacci on one week.

Following that, the 200-DMA and Pivot Point 1 R1, respectively around $1,837 and $1,840, may test the gold buyers before directing them to the mid-May swing high surrounding $1,858 will lure the market’s attention.

Alternatively, 38.2% Fibonacci on one week offers immediate support to the gold prices of around $1,820.

Following that, a convergence of the SMA10 on 4H and SMA 100 for 15-minutes will test the gold sellers for around $1,813.

Read Full Report

CRYPTOCURRENCIES

How likely is a 40% recovery rally for Shiba Inu price

Shiba Inu price shattered three support levels as it crashed on April 25. On its way south, the sell-off exacerbate due to the UST depeg, causing SHIB to revisit levels last seen in late 2021. Regardless, things are looking optimal for a recovery rally for the dog-themed cryptocurrency.

More Shiba Inu news

Why Binance Coin could fall another 50% before finding support

Binance Coin price action is a bit of a mixed bag for the overall sentiment. For bulls, BNB is a clear outperformer and an example of strength. On the other hand, BNB is an opportunity to short for bears because it has yet to make an equally impactful retracement on its chart.

More Binance Coin news

Is Matic price setting up a bear trap? Subtle cues hint at a $2.10 target

Matic price could surprise the crypto market as the Polygon ecosystem could be prepping for a massive rebound to $2.10. MATIC price could be the "sleeper" coin within the crypto market as the price action displays distinct differences from most other coins.

More Polygon news

Litecoin price targets $33 as UK Inflation report induces more sell-offs

Litecoin price action is prepping for more decline as multiple indicators hint at newfound bearish power. Litecoin price has printed a large bearish engulfing candle on the weekly chart. If market conditions persist, the Litecoin price could continue in a free-fall decline. 

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THE STOCK OF THE DAY

Is GME a dead cat bounce or the start of next rally?

GameStop stock managed to build on some promising signs on Thursday with a strong rally on Friday. GME stock closed up just under 10% and just short of the $100 level at $98.39. Other retail and meme-type stocks also performed strongly as the equity market finally saw risk return in a limited fashion after taking a serious knock earlier in the week. However, things remain fragile and the narrative is constantly changing.

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WEEKLY FORECAST

EUR/USD: How far can the dollar go? Premium

The EUR/USD pair finally left its consolidative phase, breaking lower and falling to a multi-year low of 1.0348. It closed the week a handful of pips above the level, with sellers now adding shorts on spikes beyond the 1.0400 figure.

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GBP/USD: A temporary bottom in place? Premium

The pound battering continued for the fourth straight week, as bears refused to give up. GBP/USD lost more than 200 pips to hit a new two-year low at 1.2157, breaking through several critical support levels. 

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USD/JPY: Volatile consolidation is not an oxymoron Premium

The two-month run in the USD/JPY has stalled as falling Treasury yields undermined the pair’s most potent logic, while slowing growth in China, equity turmoil and the anticipated drag of Fed rate increases on the US economy brought a modest revival to the yen safety trade. 

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

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: Multiple scenarios arrive at the same bearish conclusion

Bitcoin price shows interesting setups from multiple time frames that hint at a confluence. This convergence occurs for the short-term bullish outlook as well as the macro bearish scenario for BTC. 

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Gold: Looks to test $1,800 with sellers retaining control Premium

Gold recovered after dropping below $1,800 on Friday but ended up losing more than 3% on a weekly basis, registering its second-largest one-week drop of the year. 

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