When is the Australia CPI data and how could it affect the AUD/USD?

AUD/USD remains sidelined between 0.7370 and 0.7350, recently bid near 0.7365, ahead of the key inflation data release. Being the risk barometer, the quote justifies the market’s cautious sentiment ahead of the Federal Open Market Committee (FOMC) verdict.

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Gold stays defensive around $1,800, focus on Fed

Gold fades corrective pullback, on a defensive mode of late. The yellow metal aptly repeats the pre-Fed trading lull, consolidates the previous day’s bounce in a tight range surrounding $1,800 amid the early Asian session on Wed. 

Gold News

EUR/USD: Bulls knock the door ahead of Fed

EUR/USD struggles to extend two-day uptrend, sidelined of late. The major currency pair rose for the second consecutive day on Tuesday while confirming the falling wedge bullish formation on the daily chart.

EUR/USD News

Three reasons why Cardano could rally 60%

Cardano price triggers a large symmetrical triangle pattern with yesterday’s close above the upper trend line. ADA/BTC is nearing a critical support level with the intra-day Relative Strength Indexes (RSI) flashing a bullish momentum divergence.

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Fed Interest Rate Decision Preview: The horns of a inflation dilemma

No change in rate policy or bond purchases expected. US economy appears to be slowing under labor, supply chain shortages. Treasury curve has flattened, inflation has jumped since the June 16 FOMC. Dollar has gained against most majors since mid-June.

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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.

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Technical Confluences Detector

Dhwani Mehta

Gold price is consolidating at higher levels on Monday, kicking off a big week on the right footing. Gold bulls are back in the game after having found solid support around the $1798 region. The downbeat market mood remains the key underlying theme so far, boosted the haven flows into the US Treasuries and gold while weighing on the yields. The benchmark 10-year US Treasury yields are down nearly 5% on the day. Escalating covid concerns and a tense start to the US-Sino trade talks dampen the investors’ sentiment. Additionally, worse than expected German IFO Survey for July intensified economic growth concerns, underpinning gold price.

The Technical Confluences Detector shows that gold has stalled its recent advance just below the powerful resistance at $1812, which is the convergence of the Fibonacci 61.8% one-week, SMA10 one-day and pivot point one-day R1.

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CRYPTOCURRENCIES

Three reasons why Cardano could rally 60%

Cardano price triggers a large symmetrical triangle pattern with yesterday’s close above the upper trend line. ADA/BTC is nearing a critical support level with the intra-day Relative Strength Indexes (RSI) flashing a bullish momentum divergence.
 

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Theta price gains over 100%, confirms a bullish trend change

Theta price printed a new correction low on July 20, undercutting the May 19 low of $3.70 and the 78.6% retracement level of $3.54 before rallying 100% into yesterday’s high.

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Axie Infinity stares at 30% correction

Axie Infinity price is currently experiencing a pullback as it underwent another exponential upswing. The resulting retracement could extend up to the trading range’s mid-point before new leg-up kick-starts.

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Crypto markets bleed after Amazon denies rumors; uptrend intact

Bitcoin price rallied exponentially based on rumors, which pushed it beyond $40,000 for the first time in roughly 40 days. This bullish move affected a majority of the altcoins, including Ethereum and Ripple, which followed suit.

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WEEKLY FORECAST

EUR/USD: The ECB disappointed, will the Fed follow such a lead?

The European Central Bank failed to clarify its new forward guidance. The US Federal Reserve could hint at tapering before year-end. EUR/USD is technically bearish and could pierce the 1.1700 level.

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GBP/USD: Britain's Big Bang gamble, Fed decision critical for next moves

GBP/USD has tumbled to five-month lows as covid fears grip markets. The Fed decision, Brexit news and covid developments are set to rock cable. Late July's daily chart is showing bears gaining ground. 

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USD/JPY: Fed decision, covid in the Olympics and yields to shake the pair

USD/JPY has been trading in tandem with US yields, falling as fear grips markets. The Fed decision, US GDP and the rapid spread of the Delta variant are all eyed. Late July's daily chart is painting a mixed picture. 

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AUD/USD: No respite for the aussie ahead of Fed

Deteriorating economic conditions in Australia hurt the aussie. Eyes on the US Federal Reserve, as it may hint at tapering. AUD/USD is set to extend its decline in the upcoming days.

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Musk changes tune on BTC as adoption and miners continue to make headway

BTC continues to rise after briefly dipping below the $30,000 level. Musk reveals his opinions on the big crypto since Tesla stopped accepting BTC payments. Core Scientific mining firm announced its plans to list on the NASDAQ.

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XAU/USD bears await break below 100-day SMA at $1,796

Gold closed near the lower limit of the weekly channel. Additional losses are likely if XAU/USD breaks below the 100-day SMA. FOMC meeting and US Q2 GDP data highlight next week’s economic calendar.

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