EUR/USD falls amid Sino-American tensions ahead of Non-Farm Payrolls

EUR/USD is trading around 1.1850, down amid a risk-off mood stemming from President Trump's move against China's TikTok and WeChat. Tension is mounting ahead of the highly uncertain Non-Farm Payrolls.

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EUR/USD News

Valeria Bednarik
Joseph Trevisani

Is America still hiring or already firing? Don't miss our NFP live!

July's Non-Farm Payrolls report carries positive expectations but some are skeptic due to coronavirus. Market volatility is set to surge. Our experts will analyze the market reaction to the NFP data release today at 12.00 GMT. Keep you updated with our live!

Gold consolidates near record highs, flat-lined around $2060 area ahead of NFP

Concerns about escalating US-China tensions pushed gold to fresh record highs on Friday. A goodish pickup in the USD prompted some profit-taking amid overbought conditions. 

Gold News

GBP/USD retreats amid doubts about the furlough scheme, dollar strength

GBP/USD is struggling around 1.31 as UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever. The dollar is gaining ground amid geopolitical tensions ahead of the Non-Farm Payrolls.

GBP/USD News

Forex Today: Dollar ticks up after Trump's TikTok move, all eyes on Non-Farm Payrolls

Trump's executive order against TikTok and WeChat has dampened the market mood and strengthened the dollar. Fiscal stimulus have made limited progress and investors are now focused on July NFP, which carries high uncertainty amid the resurgence of coronavirus. 

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FOREX INDICATOR: CONFLUENCES

Dhwani Mehta

Gold extends its choppy trend after refreshing all-time-highs at $2075 in early Asia. The metal lacks a clear directional bias heading into the critical US NFP. ‘Buy the dips’ will remain in vogue alongside the US dollar dynamics amid a resurgence of the US-China tensions.

The tool shows that the bright metal sees immediate cushion at $2054, which is the pivot point one-month R1 and powerful support.

A break below the latter will open floors towards the Fibonacci 61.8% one-day and intraday low at $2049.

The next downside target is aligned at $2042, the pivot point one-day S1. Bears may face difficulty clearing the next support at $2038, which is the pivot point one-week R2.

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CRYPTOCURRENCIES

Bitcoin, Ripple and Ethereum begin consolidating

After finishing the month of July in incredible style, cryptocurrencies across the market have taken step back led by Bitcoin, Ethereum and Ripple. Bitcoin, for instance, is settling for consolidation between the support at $11,500 and $12,000.

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XRP/USD daily bull flag awaiting confirmation to breakout above $0.346

XRP/USD is trading at $0.309 while daily EMAs remain far away from the price. The daily bull flag is the most important pattern for XRP in the short-term. XRP continues fighting to remain above $0.30 ...

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Grayscale wants to register its Ethereum-based trust with SEC

Grayscale Investments submitted an application with the US Securities and Exchange Commission to register its Ethereum-based Trust. The company emphasized that the filing is voluntary, however, the registration will entail additional compliance requirements.

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How long can TRX/USD sustain this 6-months ascending channel?

Tron price action has continued to take down key barriers from the massive losses in March. Even though the recovery has been as rapid as witnessed in other altcoins, TRX/USD price action speaks slow and steady out loud.

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SPECIAL WEEKLY FORECAST

EUR/USD Weekly Forecast: Non-Farm Payrolls may trigger much-needed (temporary) correction

Europe's coronavirus advantage over the US has been one of the prominent reasons for EUR/USD's advance. Can the rally continue? The next moves mostly depend on the dollar side of the equation – with Non-Farm Payrolls standing out. Summer is proving volatile for the world's most popular currency pair. 

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GBP/USD Weekly Forecast: Will Bailey bail out the bears? BOE, buildup to NFP set to rock rising cable

Benefiting from the misery of others – there was nothing to support the pound, but the dollar's weakness proved more influential. Will this trend extend or reverse? An updated view on the US labor market via the all-important Non-Farm Payrolls, the Bank of England's rate decision, and coronavirus-related news is all of the interest. 

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USD/JPY Weekly Forecast: Friday’s are for profit taking

Dollar/yen breaks 106.00 support on Monday and 105.00 on Wednesday. General dollar weakness infects USD/JPY down 2.5% in six sessions to Friday’s low. US statistics, Covid, stimulus paralysis in Washington played a part in drop. Ministry of Finance comments, profit taking, better US statistics, Treasury rates and month-end positioning prompted sharp dollar recovery on Friday.

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AUD/USD Weekly Forecast: RBA in tough spot as AUD/USD surges to 18-month highs

The AUD/USD pair closed the first four days of the week in the positive territory and touched its highest level since February 2019 at 0.7228 during the Asian trading hours on Friday. Although the pair staged a technical correction and pulled away from its highs, it finished the sixth straight week in the positive territory and gained more than 4% in July.

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Bitcoin Weekly Forecast: Fasten your seatbelts, next stop is $12,000

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

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Gold Weekly Forecast: There are some very interesting Fibonacci extensions from the 1980's

There has been lots of data to digest this week and maybe the Fed's, non-committal tone was enough to put the breaks on gold for now. The Federal Reserve has stated they keep the rate of QE at the current levels. There could have been a small chance that they would have committed to a more aggressive stance.

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