EUR/USD tumbles to five-week low on rising US yields, energy crisis

EUR/USD has tumbled below 1.17, hitting the lowest since August 20 as Europe struggles with soaring gas prices and China suffers power cuts. US Consumer Confidence missed with 109.3 points. Fed Chair Powell explains the bank's taper signal.

EUR/USD News

GBP/USD plummets below 1.3550 on stronger dollar, energy crisis

GBP/USD has plunged under 1.3550, the lowest since January. Markets are in a sour mood as China suffers from power outages. The British army is on standby to mitigate fuel shortages. The pound ignores the hawkish comments from BOE Governor Bailey.

GBP/USD News

XAU/USD eyes $1730 and $1727 as next downside targets

Gold is off the lows but remains vulnerable amid the underlying narrative the Fed could announce a sooner-than-expected rate hike, as the TIPS market has also started pricing in higher future inflation. 

Gold News

Crypto markets prepare for a bullish October

Bitcoin price shows signs of bullish breakout as it traverses a falling wedge. Ethereum price also displays an optimistic outlook as it forms a descending parallel channel.

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Why is Apple stock falling?

Apple stock (AAPL) took the rise in bond yields poorly on Monday as tech stocks and the Nasdaq suffered disproportionally. The Nasdaq closed the worst performing index of the day -0.81% while the Dow was actually positive and the S&P 500 lost just over a quarter of a percent.

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DEEPER DIVE

When is a taper not a rate hike? Whenever the Fed says so

The questions around the primary topic in world markets continue to grow. Will the Fed announce the long-awaited taper of its bond program at its September meeting? How much depends on the August payrolls report in early September, on equity levels, on the pandemic, on global political tension? 

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.

FXS Signals

Technical Confluences Detector

Dhwani Mehta

Gold is off the lows but remains vulnerable amid the underlying narrative the Fed could announce a sooner-than-expected rate hike, as the TIPS market has also started pricing in higher future inflation. The benchmark 10-year Treasury yields rallied to the highest levels in three-months at 1.55%, as Fed officials noted that they see tapering close. The US dollar has tagged higher alongside yields, exerting additional downward pressure on gold price.

According to the Technical Confluences Detector, gold faced rejection at strong resistance around $1743, which is the confluence of the pivot point one-day S1 and Fibonacci 38.2% one-month.

If the abovementioned hurdle is cleared, then gold bulls will look to test the previous day low of $1745.

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CRYPTOCURRENCIES

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets prepare for a bullish October

Bitcoin price is experiencing a momentary downswing as it sets up a falling wedge pattern. Similar to the big crypto, Ethereum price is also forming a bullish pattern. However, Ripple seems to be bouncing off a support floor without any technical formations in play.

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XRP and XLM in trouble as CBDCs aim to make cross-border remittances cheaper and faster

The outcome of recent Central Bank Digital Currency (CBDC) pilots shows slashed cost and reduced transaction time. Cryptocurrencies currently utilized for making cross-border settlements, Ripple (XRP) and Stellar Lumens (XLM), are likely to face stiff competition from CBDCs. 

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Shiba Inu price stabilizes as SHIB bulls prepare for 20% take-off

Shiba Inu price saw a massive uptrend on September 16 but was soon undone in the next couple of days as it approached a stable support floor. Investors can expect SHIB to launch here, retesting crucial resistance barriers.

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Cardano price eyes 30% breakout if ADA bulls can overcome this strong hurdle

Cardano price is in a suspended state after its recent breakout from the bullish pattern. If ADA finds a launching pad, there is a high chance a new uptrend begins. Interestingly, there is a confluence of support, indicating a bullish outlook.

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WEEKLY FORECAST

EUR/USD: Fears will continue to support the dollar

Central banks are cautiously moving toward trimming their massive stimulus programs. Growth-related data suggests a steeper deceleration of economic progress. EUR/USD is technically bearish and could reach fresh 2021 lows.

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GBP/USD: Rate laurels go the the US Federal Reserve

BOE leaves rates, asses purchases unchanged, warns on inflation. Federal Reserve and Chair Powell set the stage for bond taper. US Treasury rates move sharply higher after FOMC meeting. GBP/USD drops below 1.3700 in Friday trading.

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USD/JPY: Have US Treasury rates been unleashed?

Federal Reserve delays taper, Powell says necessary conditions met. US Treasury rates rise after Wednesday's FOMC meeting. General elections to be held before November 28. BOJ leaves rates, stimulus programs unchanged.

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AUD/USD: Aussie bears gaining ground

Chinese financial stability is at risk due to Evergrande possible default. Central bankers opened to tapering but are still too cautious to spur directional action. AUD/USD is technically bearish and could retest the year low at 0.7105.

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BTC price surges despite threat of crash to $36k

Bitcoin price shows signs of exhaustion as it continues to recover after the recent crash. The majority of the on-chain metrics remain bullish, but the downside threat remains. A failure to hold above $40,000 will likely trigger a move to $36,000.

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XAU/USD remains vulnerable amid hawkish Fed outlook

XAU/USD closed the third straight week in the negative territory. Hawkish FOMC policy outlook, rising US T-bond yields weighed on gold. XAU/USD seems to have formed technical support at $1,740 ahead of $1,730. 

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