AUD/USD recaptures 0.7500 as USD rebound falters

AUD/USD is battling 0.7500, staging a decent bounce amid a renewed pullback in the US dollar across the board. Rising bets of earlier RBA rate hike also underpins the aussie. The further upside appears elusive on growing inflation fears. US Q3 GDP awaited. 

AUD/USD News

EUR/USD: Bears stepping in below 1.1600, focus on ECB, US GDP

EUR/USD remains under pressure below 1.1600, as the US dollar extends the late Wednesday bids amid broad risk-aversion. Traders turn cautious amid stagflation fears and ahead of Thursday's ECB policy decision and the US Q3 GDP release. 

EUR/USD News

Gold remains pressured near $1,800 amid USD recovery

Gold prices surrender the previous session's gains and struggle to defend the $1,800 mark. The US 10-year Treasury yields rebound from the early lower levels to trade at 1.55%, following the upcoming BOJ and the ECB policy meetings on the day.

Gold News

Shiba Inu could surpass Dogecoin after a 700% SHIB price rally in October

Shiba Inu (SHIB) continued its march upward on Oct. 27, with its price hitting a record high of nearly $0.000060 before correcting lower. SHIB rallied by more than 25% to an all-time high of $0.00005959, crossing above its previous all-time high of 0.00005000, according to data from Binance.

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BOJ Preview: Focus on outlook tweaks ahead of general election Premium

Despite the recent depreciation in the yen and rising energy prices, the Bank of Japan (BOJ) is likely to maintain its monetary policy settings on Thursday, as it concludes its two-day monetary policy review meeting.

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DEEPER DIVE

When is a taper not a rate hike? Whenever the Fed says so Premium

The questions around the primary topic in world markets continue to grow. Will the Fed announce the long-awaited taper of its bond program at its September meeting? How much depends on the August payrolls report in early September, on equity levels, on the pandemic, on global political tension? 

The Homeworking Revolution: Change accelerates for businesses, real estate and stock markets Premium

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 Premium

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

The US dollar resurgence amid risk-off markets at full steam has once again taken the wind out of the gold price rally, downing the bright metal for the second day in a row. Investors liquidate their USD shorts and reposition themselves ahead of the critical US Q3 GDP report due later this week. Further, rising global inflationary pressures and their potential negative impact on the economic recovery also spurs the safe-haven bids in the dollar at gold’s expense. However, falling US Treasury yields could help put a floor under gold price.

Gold Price: Key levels to watch

The Technical Confluences Detector shows that gold is heading south to test the $1784 demand area, which is the intersection of the SMA200 one-hour, SMA10 one-day and SMA50 four-hour.

Sellers need a strong foothold below $1781 to extend the additional downside. That level is the confluence of the Fibonacci 61.8% one-week and pivot point one-day S1.

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CRYPTOCURRENCIES

AVAX dips below primary support, buyers worried as Avalanche could melt down to $48

AVAX price dropped as much as 17% during the Wednesday trade session. Extreme selling pressure early in the US AM trading session pushed many cryptocurrencies into massive double-digit percentage losses.

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Tezos must hold its final support level at $5.50 or XTZ faces a capitulation move lower

Tezos price is currently trading more the 34% below the new all-time high it set on October 4th. However, despite the significant percentage drop, Tezos remains up over 200% for 2021.

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Axie Infinity faces free fall from sellers, AXS positioned for a deeper crash to $100

Axie Infinity price experienced a sharp drop in line with the rest of the cryptocurrency market. Buyers have stepped in to support Axie Infinity near the bottom of a high volume node, but a daily close below the Tenkan-Sen and Kijun-Sen could trigger some significant selling.

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50 million merchants accept Litecoin payments driving massive spike in on-chain activity

World's largest and most well-known brands are tapping into the growing cryptocurrency market through Bitpay's partnership with Verifone. Spike in Litecoin payments is driving altcoin's on-chain activity higher. Litecoin has offered the third-highest ...

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WEEKLY FORECAST

EUR/USD: Get ready for a volatile week Premium

Growth-related data and the ECB’s decision could bring the pair back to life next week. Lingering inflation becomes a concern on both shores of the Atlantic. EUR/USD is losing bullish potential and could soon reach fresh 2021 lows.

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GBP/USD: Time for a meaningful downside correction? Covid and US GDP eyed Premium

A rate hike in the UK? Speculation has been pushing the pound higher, and the topic will likely remain a major market mover for sterling ahead of Halloween. US growth figures stand out in a packed US economic calendar. 

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USD/JPY: BOJ vs the Federal Reserve Premium

USD/JPY reaches 114.70 on Wednesday, a four-year high. 10-year Treasury-JGB spread widens by 7 points. USD/JPY encounters profit-taking, rebounds from support on Friday. FXStreet Forecast Poll is uniformly bearish out to one quarter.

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AUD/USD: Higher highs still likely amid appetite for risk Premium

Soaring equities reflected the risk-on mood that backed the aussie. Inflation-related uncertainty left market participants with a sour taste in their mouths. AUD/USD retains its long-term bullish strength despite correcting from multi-month highs.

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BTC could revisit $53,000 as ETF mania wanes

Bitcoin price is experiencing a slow down after the October 21 flash crash. A decisive close below the weekly open at $61,574 is likely to trigger a crash. Some on-chain metrics reveal the overheated nature of the market, supporting the short-term corrective outlook.

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XAU/USD bears and bulls fight over $1,800, focus shifts to US GDP Premium

Gold shot higher on Friday but lost its traction. Neither sellers nor buyers have control of the critical $1,800 level. First estimate of US Q3 GDP growth stands out in a busy week. 

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THE STOCK OF THE DAY

Amazon (AMZN Stock): Q3 report under new CEO

The online retail giant with a market capitalization of $1.68 trillion (after Apple, Microsoft, and Alphabet) is due to report third-quarter results on Thursday, Oct. 28 after the market close, with Zacks forecasting a return per share of $8.72, down from $12.37 in the year-ago quarter. Sales are expected to be $111.85 billion, higher than the $96.15 billion in the same quarter a year ago.

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