GBP/USD stays calm below 1.2500 after UK inflation data

GBP/USD continues to fluctuate in a relatively tight range below 1.2500 early Wednesday as investors assess the latest data releases. The UK's ONS reported that the Consumer Price Index (CPI) and the Core CPI climbed to 9% and 6.2%, respectively, on a yearly basis in April.

GBP/USD News

EUR/USD clings to gains below 1.0550, EU inflation eyed

EUR/USD is trading on the backfoot below 1.0550, having fresh multi-day highs at 1.0564 earlier in the Asian session. The latest retreat in the major could be linked to the deteriorating market mood, which has revived the US dollar’s safe-haven appeal. EU inflation data awaited. 

EUR/USD News

Gold bears approach $1,800 as risk-aversion triggers USD rebound

Gold drops for the second consecutive day, taking offers around $1,808 to refresh the intraday low heading into Wednesday’s European session, as sour sentiment joins the firmer US dollar. The market’s early-week optimism fades as China reports higher covid cases.

Gold News

Why Litecoin price is ready for a quick 30% recovery bounce

Litecoin price shows stabilization around a weekly support level after a brutal sell-off from its all-time high in May 2021. The said barrier is likely to trigger a quick uptrend that will allow short-term traders to benefit.

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Nio explodes roughly 15% on BofA upgrade to Buy

NIO stock price built on to its recent recovery rally and added 14.30% on Tuesday, closing the day near the highest level since May 5 at $16.69.

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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

Axie Infinity price is in a make-or-break situation as price action coils around $20

AXS price hints at one more drop in price. If the technicals are correct, a target could be reached at $15. Axie Infinity price is currently coiling into what appears to be a triangle consolidation. The triangle could be considered a wave four within the steep declining rally that wiped 40% of profits since May. 

More Axie Infinity news

Why Litecoin price is ready for a quick 30% recovery bounce

Litecoin price hovers around $72.8, eyeing a quick reversion to the mean. Investors can expect LTC to trigger a 30% ascent if it can mow through the $82.3 hurdle. A decisive daily candlestick close below $64.6 will invalidate the bullish thesis.

More Litecoin news

Why MATIC price could fall swiftly to $0.50

MATIC price action has consolidated over the past three days. Further upside movement has been rejected against the Tenkan-Sen within the Ichimoku Kinko Hyo system. However, long and short opportunities now exist.

More Polygon news

Algorand price preps for a decline back to $0.43

Algorand price is failing to establish bullish momentum following the severe decline and capitulation event into the lows at $0.36. ALGO could begin heading to complete a b wave triangle.

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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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