EUR/USD stabilizes after US retail sales smash estimates

EUR/USD has bounced off its lows but remains below 1.20 after US retail sales smashed estimates with a 9.8% leap. Moreover, jobless claims tumbled to 576,000. Markets are digesting the big bulk of data.

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EUR/USD News

GBP/USD rises toward 1.38 ahead of US data, Brexit meeting

GBP/USD is edging up toward 1.38, reversing its previous falls in tense trading ahead of all-important US retail sales. A Brexit-related meeting on Northern Ireland is also eyed. 

GBP/USD News

ETH seizes the spotlight as BTC and XRP contemplate retracement

Bitcoin price shows a correction in play after the MRI flashed a red ‘one’ cycle top signal. Ethereum shows a strong trend continuation while the rest of the market experiences a minor pullback. 

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XAU/USD closes in on key $1,750 resistance

XAU/USD rises on Thursday supported by falling US T-bond yields. Gold faces a resistance at $1,750 in the near term. A downward correction to $1,740 is likely if XAU/USD fails to clear $1,750.

Gold News

Breaking: Citi (C) beats on EPS and revenue, investment banking booms!

Citigroup (NYSE:C) reports Q1 2021 earnings showing strong growth in investment banking following on from Goldman smashing it on Wednesday. Citi shares are trading $74.20 in pre-market up nearly 2%.

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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.

Technical Confluences Detector

Dhwani Mehta

Gold (XAU/USD) continues to face rejection at higher levels, as the US dollar attempts a tepid bounce from multi-week lows amid covid vaccine and China concerns-led risk-aversion. Also, investors could resort to profit-taking on their dollar trades after the recent sell-off and ahead of the critical US Jobless Claims and Retail Sales data.

Gold Price Chart: Key resistance and support levels

The Technical Confluences Detector shows that gold’s upside is capped near $1741, where the Fibonacci 38.2% one-day, SMA50 four-hour and Bollinger Band four-hour Middle converge.

A dense cluster of healthy resistance levels then awaits the XAU bulls around $1745, the intersection of the SMA5 one-day, Fibonacci 61.8% one-day and Fibonacci 38.2% one-week.

Further, fierce resistance at $1750 will continue to test the bulls’ commitments. At that level, the previous day high coincides with the Fibonacci 23.6% one-week.

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CRYPTOCURRENCIES

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH sizes the spotlight as BTC and XRP contemplate retracement

The hype around Coinbase’s IPO was matched by Bitcoin and Ethereum, which surged to new all-time highs. On the other hand, Ripple price faced an abrupt stop as investors began booking profits.

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Stellar aims for new all-time highs if key support holds

Stellar has enjoyed an amazing rally since the beginning of 2021 and hit a yearly high at $0.69 on April 14. The digital asset must hold a crucial support level to continue with the uptrend and reach new highs.

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Cardano resets before the next leg up to new all-time highs

Cardano price faced exhaustion of bid orders as it hit the base of an ascending triangle at $1.48. A minor retracement to the immediate demand barrier at $1.34 seems likely. Shattering the resistance level at $1.48 forecasts a new all-time high for ADA.

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Algorand Price Prediction: ALGO vies for 85% advance upon the breach of its consolidation

Algorand price is traversing a bullish pennant, hinting at an 85% upswing to $2.83. A decisive close above $1.53 will signal a breach of the pennant’s upper trend line. ALGO will kick-start a new downtrend if it slices through the 50% Fibonacci retracement level at $1.03.

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WEEKLY FORECAST

EUR/USD Weekly Forecast: Unimpressive Powell hits the greenback

The EUR/USD pair edged higher this week, reaching a high of 1.1927 and settling a few pips below the 1.1900 figure. The upbeat US employment report released last Friday was the main catalyst for the broad dollar weakness. 

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GBP/USD Weekly Forecast: Is the correction over? US consumer, vaccines hold keys

The dollar has won the "ugly contest" with the pound – profit-taking and vaccine issues have weighed on the pound more than Fed-related vulnerability has hurt the greenback. 

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USD/JPY Weekly Forecast: Fed fails to dim dollar prospects

After finishing at a 12-month high last Wednesday at 110.71 and nearly matching it on Monday at 110.68, the USD/JPY followed US Treasury rates lower for most of the week ending at 109.33 on Thursday.

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AUD/USD Weekly Forecast: Bulls still cautious but unwilling to give up

The AUD/USD pair finishes a second consecutive week pretty much unchanged around the 0.7650 level. The commodity-linked currency has remained away from investors radar this week, although it’s quite notable that with the broad greenback’s weakness and record levels in Wall Street, the pair was unable to advance.

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Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

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Gold Weekly Forecast: XAU/USD inverse correlation with US T-bond yields stays intact

The XAU/USD pair stayed stuck in a tight range at the start of the week as the thin trading conditions due to Easter Monday allowed financial markets to remain calm. 

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