EUR/USD clings to modest recovery gains above 1.0400

EUR/USD has staged a rebound and advanced toward 1.0450 but lost its momentum during the European session. The European Commission announced on Monday that it lowered the euro area 2022 growth forecast to 2.7% from 4%, limiting the shared currency's potential gains.

EUR/USD News

GBP/USD steadies near 1.2250 ahead of BOE hearing

GBP/USD seems to have gone into a consolidation phase near mid-1.2200s on Monday following a recovery attempt in the Asian session. Investors await the Bank of England's (BOE) Monetary Policy Report hearing before the UK's Treasury Select Committee.

GBP/USD News

Gold struggles to hold above $1,800

Gold has extended its daily slide in the early European session and touched its lowest level in more than three months at $1,786 before staging a rebound. Nevertheless, XAU/USD is struggling to hold above $1,800 with the 10-year US yield holding comfortably above 2.9%.

Gold News

Breaking: Luna Foundation Guard (LFG) sold 46,876 BTC amid Terra's death spiral

The Luna Foundation Guard (LFG) revealed that it had sold a significant number of tokens in its reserves when the price of UST began to drop substantially below one dollar. 

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Europe set for weaker start after China data disappoints

While US markets underwent their 6th successive weekly decline, markets in Europe managed to claw their way back into positive territory, helped by the strength of the US dollar respectively.

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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 remain pressured around a three-month low, reversing the early Asian rebound, as the risk-off mood underpins the USD’s safe-haven demand. Also keeping the gold sellers hopeful is the clear downbeat break of an ascending trend line from August 2021, portrayed the previous day.

Gold Price: Key levels to watch

The Technical Confluences Detector shows that the Gold Price is eyeing a test of the Pivot Point 1 month S2 and Pivot Point 1 Day S2, surrounding $1,797.

Should the quote drops below $1,797, which is more likely considering Friday’s key trend line break, lows marked during January around $1,780 will be in focus.

It’s worth noting that the Bollinger Band Lower on 4H and 1D could offer immediate support around the $1,800 threshold.

On the contrary, SMA 5H and Middle Bollinger on 1H may test recovery moves around $1,815.

Read Full Report

CRYPTOCURRENCIES

Breaking: Luna Foundation Guard (LFG) sold 46,876 BTC amid Terra's death spiral

The Luna Foundation Guard (LFG) revealed that it had sold a significant number of tokens in its reserves when the price of UST began to drop substantially below one dollar. The non-profit organization's reserves consisted of 80,394 BTC, 39,914 BNB, 26,281,671 USDT, 23,555,590 USDC, 1,973,554 AVAX, 697,344 UST, and 1,691,261 LUNA.

More Terra News

How 12.59 million ETH out of circulation can affect Ethereum price

The number of Ethereum tokens staked in the Eth2 contract has reached a new all-time high. Despite the key milestone, analysts fear further decline in ETH price, on account of "bear pennant" structure. 

More Ethereum News

Will Cardano price succumb and head to $0.20

ADA price is unfolding as an impulsive wave down. Cardano price shows bearish divergence on the Relative Strength Index. Invalidation of the downtrend is a breach at $0.87.

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Bitcoin price recovers from slump as 44 countries meet El Salvador to discuss BTC

Bitcoin price started recovering after the bloodbath with Salvadoran President Nayib Bukele's announcement of 44 countries attending a meeting to understand how to include BTC in their financial plans.

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THE STOCK OF THE DAY

TSLA stock bounces as Musk backs away from Twitter (TWTR) deal

Elon Musk has reportedly pulled back from the Twitter deal. He announced this on Twitter (ironically enough!). It does seem a pretty lame excuse. Surely he and his team would have done thorough due diligence on what exactly they were spending $44 billion on! We had been speculating that this deal would be getting less and less likely in the current macro environment.

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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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