AUD/USD drops back to seven-week-old support below 0.7200

AUD/USD takes offers around 0.7190, down 0.50% intraday during early Friday. The Aussie pair took a U-turn from the 100-DMA the previous day while the latest declines attack an upward sloping support line from December 03, near 0.7185 at the latest.

AUD/USD News

EUR/USD jumps to fresh daily top around 1.1335 area, upside potential seems limited

The EUR/USD pair quickly reversed an Asian session dip to a near two-week low and shot to a fresh daily high, around the 1.1335 region in the last hour. The pair attracted some dip-buying near the 1.1300 mark on Friday and has now reversed a major part of the overnight losses.

EUR/USD News

Gold steadies below $1,850 amid risk aversion, pre-Fed anxiety

Gold prices remain pressured around intraday low surrounding $1,836, mostly inactive during early Friday. The yellow metal struggles for a clear direction after stepping back from the key resistance line the previous day.

Gold News

Litecoin smashed against resistance as LTC collapses towards six-month lows

Litecoin price continues to trend lower, threatening to create new six-month lows, perhaps even surpassing the 2021 lows. Litecoin price action may soon entice a large number of sellers still on the sidelines to finally commit to some short positions.

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When real rates are negative for a sustained period, is it a sign of looming recession?

We agree that inflation should moderate this year due to the money side of things, but worry that monetary policy is powerless against most of the supply chain issues, commodity prices, greedy consumer goods companies, and that weird labor shortage.

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DEEPER DIVE

Five factors moving the dollar in 2022, mainly to the downside Premium

In 2020, the pandemic outbreak initially sent it up, while optimism about the recovery turned it down. Inflation became a dominant theme in 2021, eventually boosting the greenback after a weak start. These three themes will likely continue dominating the dollar in 2022.

Top 5 cryptos to include in your Christmas wish list

Cryptocurrencies are here to make transactions easier and faster. But before you can jump right in and add any old cryptocurrency to your Christmas list, you need to understand what token you are investing in and the benefits they offer. There are five cryptocurrencies that appear to have a great future ahead.

When the facts change: US Inflation becomes the dominant economic topic Premium

Consumer prices rocketed at the fastest rate in almost four decades in November, with gains in necessities from food and gasoline to shelter and cars, leaving little place to protect the family budget. Fed officials have abandoned their claim that US inflation is a temporary phenomenon.

FXS Signals

Technical Confluences Detector

Dhwani Mehta

The price action around gold remains driven by the US Treasury yields and the dollar, as the narrative of aggressive Fed’s tightening of its monetary policy remains in play. The benchmark US 10-year yields ease from a new two-year high near $1.90%. The prevalent risk-off market mood also aids the rebound in gold price. Investors continue to fret over the outlook for Fed rate hikes. The Fed speculation and US housing data will be closely followed for a fresh trading impetus on gold price.

Gold Price: Key levels to watch

The Technical Confluences Detector shows that the gold price is struggling to extend the bounce above a strong hurdle around $1,814, which is the convergence of the Fibonacci 38.2% one-day, Fibonacci 23.6% one-month and SMA200 one-hour.

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CRYPTOCURRENCIES

Decentraland holds support but MANA may return to $2

Decentraland price action is, at present, very indecisive. However, while the overall outlook is bearish – especially within the Ichimoku Kinko Hyo system, there is evidence that a turnaround to the upside may be coming soon. 

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Sandbox continues to drift lower, bears to push SAND to $3.80

Sandbox price has made a slight bounce during the Thursday trading session, attempting a bullish daily close after three straight days of losses. However, sellers remain in control, and bulls will need to make some significant gains to convert SAND back into a bull market.

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Axie Infinity bulls attempt to regain control as AXS moves toward $80

Axie Infinity price has dropped more than 10% since Monday and is nearly 57% lower than its all-time high. A bearish continuation pattern points to another leg south before buyers step in. Axie Infinity price action has been a source of frustration for bulls.

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Solana price allows bulls to enter on double support before massive breakout

Solana (SOL) price action has been fading towards $131 after being rejected at $160, with bulls unable to make new highs. The recent break of the 200-day Simple Moving Average (SMA) looks to have been picked up by investors.

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WEEKLY FORECAST

EUR/USD: Bulls need to take out the 1.1500 level to reaffirm their leadership Premium

The EUR/USD pair finally woke up from its over-a-month lethargy, surging to 1.1482 and ending the week a handful of pips below the level. The American Dollar collapsed against all of its major rivals, and the catalyst was US inflation. The Consumer Price Index was confirmed at 7% YoY in December, its highest since 1982.

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GBP/USD: Fired up by the Fed, focus now shifts to top-tier UK data Premium

How low can the dollar go? The greenback tumbled in response to soothing words from the Federal Reserve and falling bond yields, an indirect result of warning words from other Fed officials. The focus now shifts to the UK, with economic indicators competing with the political drama. 

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USD/JPY: Looking forward to an Omicron free spring? Premium

The USD/JPY shed its remaining 2022 gains this week as markets look ahead to the spring’s anticipated economic revival. American inflation, while at a four-decade record in December, was not enough to force Treasury rates higher. 

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AUD/USD: Chinese data likely to set the tone next week Premium

 The AUD/USD pair reached 0.7313, a fresh two-month high, but trimmed part of its weekly gains to settle in the 0.7240 price zone. The poor performance of Wall Street, particularly on Friday, undermined demand for the pair, although the broad dollar’s weakness kept it on the winning side.

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BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

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Gold: Bulls to take action with a break above $1,830 Premium

Following the previous week’s sharp decline, gold started the new week on a firm footing and staged a recovery toward $1,800. With buyers managing to lift the precious metal above that key resistance area, XAU/USD extended its rally toward $1,830 before going into a consolidation phase in the second half of the week. 

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THE STOCK OF THE DAY

GME: Any pop from Activision (ATVI), Microsoft (MSFT) deal?

GameStop (GME) stock surged in early January but has since slumped consistently. At least some volatility returned to the name. GameStop was the original meme stock but has been suffering of late as investors turn their backs on high growth and high-risk names. 

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