EUR/USD battles 1.21 after mixed US data

EUR/USD is trading above 1.21, choppy after US retail sales missed estimates with a drop of 1.3% but on top of upward revisions. Increases in producer prices accelerated last month.

EUR/USD News

GBP/USD bounces off two-month lows

GBP/USD has bounced off the fresh two-month low of 1.4034 but remains depressed. The delay in Britain's reopening is outweighing upbeat UK job figures. Tension is mounting ahead of the Fed.

GBP/USD News

XAU/USD looks to $1880 after recapturing $1858

Gold price is attempting a minor recovery above $1850, although the bulls appear to lack conviction, as the US dollar continues to hover near monthly highs.

Gold News

Bitcoin continues to range higher, but altcoins suffer

Bitcoin price has experienced a 32% upswing over the past six days and might retrace to gather more steam. Ethereum price performance is lackluster as it rallied roughly 17% in the same period as BTC.

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Tesla still stuck in first gear

Tesla stock recovered last week as some investor enthusiasm finally returned to the stock with the release of the new Model S Plaid at Tesla's Freemont factory.

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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.

FXS Signals

Technical Confluences Detector

Dhwani Mehta

Gold price is attempting a minor recovery above $1850, although the bulls appear to lack conviction, as the US dollar continues to hover near monthly highs. Further, a renewed uptick in the US Treasury yields also caps the bounce in gold price. Despite the limited bullish potential, gold continues to draw support from a lack of clarity on the Fed’s next policy move, as the central bank’s two-day monetary policy meeting begins later this Tuesday.

Gold: Key levels to watch

The Technical Confluences Detector shows that gold price is gathering strength before it extends Monday’s recovery towards the previous week’s low of $1870.

The next upside target for gold bulls awaits at $1880, which is the convergence of the Fibonacci 23.6% one-month, previous day’s high and Fibonacci 23.6% one-week.

Further up, the confluence of the SMA100 one-hour and Fibonacci 38.2% one-week at around $1884 could be probed.

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CRYPTOCURRENCIES

Bitcoin continues to range higher, but altcoins suffer

Bitcoin price has been on a tear lately, but Ethereum and Ripple have failed to perform as fear plagues the cryptocurrency markets. As a result, altcoins are down in the dumps with their dull rallies.

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MATIC price eyes 22% advance after dYdX lists Polygon

MATIC price has seen a massive bull rally over the past week. The recent listing of MATIC-USD perpetual on the dYdX platform and other developments might push Polygon on another leg-up.

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SafeMoon price awaits 20% bounce after SAFEMOON surges on Dogecoin SpaceX involvement

SafeMoon price has broken out of a parallel channel that has sealed the asset in consolidation since May 25. The rise in SAFEMOON has been propelled by CEO John Karony after he revealed a significant involvement in the cryptocurrency space.

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Dogecoin positions itself for rally that may never come

Dogecoin price appears to be bullish and shows signs of a potential new uptrend. However, this upswing needs confirmation, which will arrive after DOGE produces a decisive close at a critical resistance level.

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WEEKLY FORECAST

EUR/USD Weekly Forecast: Eyes turn to Fed amid heating inflation

The EUR/USD pair trades at fresh monthly lows around the 1.2100 level and with increased bearish potential. Investors read past upwardly revised US inflation figures, which hit 5% YoY in May, accelerating at the fastest pace since 2008.

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GBP/USD Weekly Forecast: Sterling's time to shine? UK data, Fed may put fuel to fire

GBP/USD has overcome Brexit and reopening fears to hold its ground. The Fed decision, UK reopening and top-tier British economic figures promise action. Mid-June's daily chart shows that bulls are ahead.

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USD/JPY Weekly Forecast: Fed timing is everything

US May inflation at 5% has small impact on the dollar. Treasury rates fall as markets expect no Fed action. Unless the June FOMC changes course, summer consolidation is here. FXStreet Forecast Poll shows the lack of direction in USD/JPY

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AUD/USD Weekly Forecast: Still ranging, but not for long

The AUD/USD pair changes hands at around 0.7690, mute for a third consecutive week. The pair has been ranging since mid-April, bottoming at 0.7645 on June 4 and topping at 0.7890 on May 10.

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Bitcoin Weekly Forecast: BTC goes through range of emotions, from legal tender to Chinese miners exodus

Bitcoin price rallied wildly on the news of it becoming legal tender in El Salvador, but China’s clampdown on miners was equally palpable. BTC seems to be taking a breather before its uptrend resumes.

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Gold Weekly Forecast: XAU/USD tests key trend line ahead of FOMC meeting

Gold closed the second straight week in the negative territory. XAU/USD is testing the 2-month-old ascending trend line. Next significant support for gold is located at $1,840. Gold spent the first half of the week trading in a relatively tight range as buyers could not hold the price above $1,900.

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