AUD/USD oscillates at around 0.6680s after FOMC’s decision, ahead of US jobless claims
The AUD/USD finished Wednesday’s session in the green, gaining 0.26%, though well below the day’s highs at 0.6758. As the Asian Pacific session begins, the AUD/USD trades at 0.6683, slightly below its opening price by 0.01%.
EUR/USD steadies near seven-week high around 1.0850 after post Fed whipsaw
EUR/USD bulls take a breather close to a two-month high, following a five-day uptrend, after Federal Reserve’s (Fed) failure to please US Dollar bulls despite announcing a 0.25% rate hike. The Euro pair seesaws around 1.0860, after a brief run-up to 1.0912, as the latest greenback licked its wounds during the last hour.
Gold soars to $1,978 after Fed raises rates as expected Premium
Spot gold jumped to $1,978 during Fed Chair Powell’s press conference and then pulled back. A decline in US yields and broad-based Dollar weakness is offering support to the yellow metal, which is up more than 1% on the day.
TRON price crashes 12% as SEC charged founder Justin Sun for violating securities laws
TRON price plummeted on March 22 after the cryptocurrency became the new target of the ongoing regulatory crackdown in the United States. The Security and Exchange Commission (SEC) is now looking into Tron founder Justin Sun’s company and related entities of the altcoin’s ecosystem.
Fed review: A cautious 25bp hike
The Fed's decision to hike rates by 25bp was widely anticipated by both the markets and economists ahead of the meeting. In line with our expectations, Fed made no changes to its QT, and the median 'dot' continued to signal Fed Funds Rate at 5.00-5.25% through 2023.
DEEPER DIVE
Crypto altcoin season is around the corner
Since the end of November 2022, Bitcoin has gained around 80% of its market cap, hitting the $28 000 level. The largest part of this movement started on March 10, when the Fed announced an additional liquidity injection to save the country's banking system.
Will Gold prices break new all-time record highs this week?
There is no denying that March has certainly started off with a bang – bringing with it a series of highly lucrative money making opportunities from re-accelerating inflation.
Week Ahead – Fed decision to fuel volatility in nervous market
With cracks appearing in the US banking system, markets think there’s a chance the Fed won’t raise rates next week. The most likely outcome is a rate increase accompanied by high rate projections
FXS Signals
Technical Confluences Detector
Gold forges bullish path above $1,960, Fed, banking turmoil eyed
Gold price regains upside momentum, following the pullback from a Year-To-Date (YTD) high, amid cautious optimism surrounding the banking sector. Adding strength to the recovery moves could be the market’s inaction amid the Japanese holiday, as well as the failures on the part of the US Treasury bond yields to extend the recent corrective bounce off a six-month low.
Key levels to watch
As per Technical Confluence Detector, Gold price trades successfully beyond the $1,960 support confluence, despite the latest inaction, which in turn keeps the XAU/USD buyers hopeful. That said, the stated key support comprises Fibonacci 23.6% on one-week, previous monthly high and Pivot Point one-day S1.
That said, Fibonacci 23.6% on one-day and 50-HMA levels restrict immediate downside of the Gold price near $1,976 and $1,965-66 in that order. It's worth mentioning that the $1,940 acts as the key downside support, apart from the $1,960, which could challenge the XAU/USD bears.
CRYPTOCURRENCIES
Bitcoin, Ethereum prices seesaw ahead of the Fed’s decision on rate hike
The US Federal Reserve is expected to raise interest rates while facing the tough task of tackling the banking crisis. Economists expect the central bank to increase its target rate range to 4.75% -5%, although there is a debate as some believe the Fed will not raise its rates at all. Bitcoin price rally steadied above the $28,000 level after yielding nearly 15% gains over the past week.
Aptos Price Forecast: This key level will determine if APT will rally 20% or crash 40%
Aptos price lacks directional bias as it consolidates below a critical hurdle. This level is key in determining where APT will head next. Investors need to wait for confirmation before making their decision. Aptos price rallied 554% between December 30, 2022, and January 26, 2023. This massive uptrend set up a local top at $20.40, resulting in a reversal that pushed APT down by 52%.
These altcoins could yield massive gains after Cardano and XRP prices rally this alt season
While large market capitalization assets Bitcoin and Ethereum hold steady, altcoins like Cardano and XRP have yielded double-digit gains overnight. Crypto experts believe Bitcoin’s rising dominance signals the popcorn effect is close, gains will continue spilling over in altcoins like Cardano (ADA) , XRP and Cosmos Hub’s ATOM.
XRP price tags $0.49 as Ripple bulls make a comeback
Ripple, one of the largest altcoins by market capitalization, witnessed a massive run up to the $0.49, ahead of the US Federal Reserve’s rate hike decision. The recent updates in the SEC v. Ripple lawsuit and the banking crisis have turned market participants bullish on XRP and cryptocurrencies.
THE STOCK OF THE DAY
GameStop (GME) surges 55% in premarket after turning profit
GameStop (GME) stock has advanced more than 55.8%% to $27.50 in Wednesday's premarket with traders euphoric over the video game retailer's first profitable quarter in two years. The excitement has even spread to AMC entertainment (AMC), which has seen its shares jump more than 9% in the premarket as well.
REAL-TIME RATES
Customize your ratesWEEKLY FORECAST
EUR/USD: Between a rock and a hard place, the Fed will decide on monetary policy Premium
Financial markets were on a bumpy road this week amid concerns about the banking sector's health. The EUR/USD pair traded between 1.0515 and 1.0759 to settle above the 1.0600 mark, marginally lower from Monday’s opening.
GBP/USD: Fed, BoE and banking crisis to dictate the next direction Premium
The Pound Sterling regained the upper hand against the United States Dollar (USD), despite the global banking sector tensions. The GBP/USD pair added more than 100 pips over the week, having found strong support at the 1.2000 psychological level.
Gold: $2,000 back in crosshairs amid market turmoil Premium
Gold price started the new week on a bullish note and gained more than 2% on Monday as investors reacted to the collapse of Silicon Valley Bank (SVB) and Signature Bank.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder
US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.
FX next week: Targets, EUR, DXY, GBP, JPY, AUD
EUR/USD broke the lows this week at 1.0606 and is heading to 1.0700's again for next week. Long-term target remains 1.1042 on a break of the driver averages at 1.0900's. GBP/USD must trade higher to minimum 1.2157 and target at 1.2700's on a break at 1.2500's. Oversold Pound contains a long way to travel higher.
US: Fed should not ignore recent events
Next week, the FOMC, the US Federal Reserve's monetary policy-making body, will meet. Even before the turbulence surrounding the ultimately insolvent US bank Silicon Valley Bank (SVB), the outcome of the upcoming meeting was uncertain. Expectations ranged between a rate hike of 25 or 50 bps. With the SVB bankruptcy, expectations have shifted downward
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