EUR/USD is holding well above 1.11, amid hopes for a fiscal boost in Europe, amid intensifying Sino-American tensions. EZ core inflation came out at a strong 0.9%., US Personal Spending fell while Income jumped, Trump's China speech and end-of-month flows are in play.
GBP/USD is trading above 1.23, edging higher amid US dollar weakness and Britain's gradual reopening. Intensifying Sino-American tensions and the Brexit impasse are ignored.
Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.
The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected.
Bitcoin majestically stepped above $9,600 after breaking the key hurdle at $9,400 for the first time in seven days. This incredible recovery follows last week’s dive to $8,600. BTC/USD has spent the majority of the time this week trying to climb above $9,000.
XRP/USD tested the intraday high at $0.2031, but the strong resistance located around this area discouraged the short-term bulls and pushed XRP/USD below $0.2000 by press time.
Ethereum price followed in the footsteps of the largest cryptocurrency by market capitalization, Bitcoin. BTC sprung upwards and for the first time in seven days, stepped above $9,600.
EOS/USD attempted a recovery above 4-hour SMA200 (currently at $2.65) and touched the intraday high at $2.67. However, the upside momentum proved unsustainable as the price of the digital asset dropped to $2.62
SPECIAL WEEKLY FORECAST
The global downturn will likely deepen in the second quarter of the year. Central banks ready to do more, but the Fed refuses to go into negative rates. Are the EUR/USD disappointed bulls willing to give up?
Hope has trumped reality– even President Donald Trump's criticism of China and a slew of concerns in the UK. Promising results were enough to keep the pound positive on the week...
The USD/JPY consolidated its breakout this week as tensions between the United States and China over a variety of topics bolstered the dollar against the yen in a mild return to risk-aversion pricing.
AUD/USD has hit new highs over vaccine hopes but lost ground amid geopolitical concerns. China-US relations, China's rate decision, the RBA's minutes, and coronavirus statistics stand out.
Bitcoin attempted a recovery towards $10,000 but ended up at $9,100. The first digital asset printed the second red candle on a weekly chart. It is an alarming signal for the long-term bull as BTC may be vulnerable to deeper losses.
Gold prices have reached fresh multi-year highs this week, with spot hitting $ 1,765.19 a troy ounce. Despite ending the week in the red, the bright metal holds on to its bullish potential, backed by renewed tensions between...
Gold has been consolidating its gains after recovering from a dive below $1,700. Can it extend its gains on the last day of May?
The Technical Confluences Indicator is showing that XAU/USD is trading above a strong support line at $1,718, which is the convergence of the previous weekly low, the Bollinger Band one-day Middle, the Simple Moving Average 10-4h, and the BB 4h-Middle.
Further down, another cushion awaits at $1,705, which is the meeting point of the previous daily low and the Fibonacci 23.6% one-month.
Looking up, some resistance awaits at $1,729, which is the confluence of the SMA 50-4h, the Fibonacci 23.6% one-week, and the SMA 200-1h.
Gold's upside target is $1,740, where the Pivot Point one-day Resistance 2 hits the price.
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