EUR/USD holds on to gains after Powell’s words

The EUR/USD pair holds on to most of its gains, trading around 1.0540, after US Federal Reserve Chair Jerome Powell spoke on inflation and economic growth. Powell repeated the central bank’s main focus is to tame inflation.

EUR/USD News

GBP/USD surges to fresh 12-day highs, tests 1.2500

GBP/USD has preserved its bullish momentum and climbed to its highest level in 12 days near 1.2500. Although the upbeat data from the US seems to be helping the dollar limit its losses, the pair is still up more than 1% on the day above 1.2450.

GBP/USD News

Gold bears ready to jump in at higher levels

Gold traded as high as $1,836.07 on Tuesday as the American dollar came under broad pressure. The greenback extended its bearish corrective decline as global stocks recovered from last week’s sell-off. 

Gold News

Forget about the crypto winter; Bitcoin price readies to kick start the summer rally

Bitcoin (BTC) price sees bulls returning to the scene to pick up the pieces from the scattered BTC price that saw slaughter in the past trading days.

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US Retail Sales soar in April, consumer recession fears fade Premium

The US consumer may be depressed, at least according to recorded sentiment, but that is not stopping a surge of spending that ignored some of the highest prices in four decades. 

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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

Is it a good time to buy Terra’s LUNA before the upcoming hard fork?

Terraform Labs’ move to revive native token LUNA without stablecoin UST is similar to Ethereum’s hard fork of 2016. The algorithmic stablecoin UST will cease to exist once the revival plan is implemented since Terraform Labs CEO Do Kwon believes LUNA is more than TerraUSD. 

More Terra News

Here is the path Solana price will take to surge to $80

Solana price has found a stable support level which is currently providing a foundation of support for bulls to make a comeback. Since Bitcoin price looks optimistic, there is a good chance that SOL will also rally in the next few days.

More Solana News

Can Ethereum price hold as Vitalik Buterin sells 30,000 ETH?

Vitalik Buterin pulled 30,000 ETH from his public wallet today, fueling a bearish sentiment among investors. Proponents have considered the likelihood of the sale of 30,000 ETH moved by Buterin and expect a negative impact on the Ether price. 

More Ethereum News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos to have a bullish week ahead

Bitcoin price has been coiling up around the base of a range for quite some time. Monday’s range formation, however, indicates that an up move is likely in the coming days. Investors can expect Ethereum, Ripple and other altcoins to do the same.

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THE STOCK OF THE DAY

AMC Entertainment Stock News and Forecast: Is it time to give up?

AMC stock (AMC Entertainment) is trying to recover ground on Tuesday as equity markets gather themselves ahead of Fed Chair Powell's speech later on Tuesday. Prior to that, we get US retail sales, which will show how the consumer is reacting to raging inflation. Given that the jobs market is hot right now, we feel retail sales should hold up and that could ignite a mini bear market rally. 

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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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