AUD/USD defends 0.7100 after Fed showdown, focus shifts to US GDP

AUD/USD licks Fed led wounds after declining the most in a week. The Aussie pair braces for the second consecutive weekly fall, despite bouncing off 0.7100, as Fed played by rules to match upbeat market expectations.

AUD/USD News

EUR/USD extends slide on hawkish Powell comments, trades below 1.1250

EUR/USD extended its daily slide during FOMC Chairman Powell's press conference and fell to its lowest level in more than a month below 1.1250. Reflecting the renewed dollar strength, the US Dollar Index is up more than 0.5% on a daily basis at 96.50.

EUR/USD News

Gold bears sink their teeth into the market on hawkish Powell pivot

At $1,817.59, gold is moving towards the close and down some 1.65% after falling from a $1,850.11 high to test a low of $1,814.98. The drop came on the back of a hawkish twist at the Federal Reserve event on Wednesday.

Gold News

Cryptos to enjoy 20% upswing

BTC generated a significant amount of buying during the early NY trading session, pushing higher by more than 5%. Likewise, ETH has rallied over 24% from the weekly lows. XRP continues to lag BTC and ETH in performance, but a rally of its own is likely to develop very soon.

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Tesla (TSLA) Q4 earnings beat but shares drop 6%

Tesla (TSLA) reported earnings for Q4 after the close on Wednesday. Earnings per share came in at $2.54 versus the average estimate of $2.26. Revenue was $17.72 billion versus estimates for $16.35 billion.

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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

Gold price has paused its two-day uptrend, as bulls contemplate the next move, in anticipation of the critical Fed interest rate decision. Fed is seen hinting at a March rate lift-off while traders will closely eye any signals on the timing of the balance sheet reduction. Expectations of a hawkish Fed outcome are limiting the upside in gold price, although bulls draw support from the ongoing Russia-Ukraine geopolitical turmoil. Let’s take a look at gold’s key technical levels in the run-up to the Fed showdown.

Gold Price: Key levels to watch

The Technical Confluences Detector shows that the gold price is consolidating below a bunch of healthy resistance levels stacked up around $1,849.

At that supply zone, the previous week’s high coincides with Fibonacci 38.2% one-day.

The immediate upside meets strong offers around $1,852, the confluence of the pivot point one-week R1, Fibonacci 23.6% one-day and Bollinger Band one-day Upper.

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CRYPTOCURRENCIES

Shiba Inu price to erase half of the losses incurred and tag $0.000028

Shiba Inu (SHIB) has shed around 40% of its value due to concerns in global markets about the FED rate decision this evening against a background of geopolitical turmoil.

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XRP presents buying opportunity before breakout to $1

XRP continues to test a new support zone in the $0.60 value area. Bottom likely in for XRP, relief rally, or trend change incoming. The Point and Figure chart shows a bullish entry opportunity.

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Cardano primed for relief rally towards $2.20

A brief technical and on-chain analysis on Cardano price. FXStreet's analysts evaluate why ADA could rebound swiftly. 

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IMF pushes El Salvador to drop Bitcoin as legal tender

The International Monetary Fund (IMF) has told El Salvador to remove Bitcoin’s status as legal tender. The IMF directors stated the move was due to concerns around financial stability, integrity and consumer protection.

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WEEKLY FORECAST

EUR/USD: Federal Reserve between a rock and a hard place Premium

The EUR/USD pair gave up its latest gains and returned to its comfort zone, just a handful of pips above the 1.1300 figure. The pair lost the most on Tuesday when US traders returned to their desks and pushed government bond yields to levels last seen in February 2020.

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GBP/USD: Sterling set rebound with help from the Fed, ignoring Boris' travails Premium

Fear has finally arrived – inflation, aggressive policy from the Fed, China's slowing economy and Russia's potential military action. Everything supported the safe-haven dollar and contributed to a much-needed correction in the pound. The Fed decision is now in the limelight. 

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USD/JPY: The Fed’s next step is balance sheet reduction Premium

The USD/JPY moved further from its four-year high at 116.10 on January 4, dipping below 114.00 on Thursday and trading to a one-month low on Friday. Dollar weakness proliferated in spite of the diverging monetary policies of the Federal Reserve and the Bank of Japan (BOJ).

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AUD/USD: Unreliably optimistic Australian data hides a nearby crisis Premium

The AUD/USD pair is trading below 0.7200 heading into the close, unchanged for the week. The pair peaked at 0.7276 on Thursday, helped by encouraging Australian data that, nevertheless, fell short of overshadowing the greenback’s renewed bout of demand.

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Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

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Gold: XAU/USD could turn south on a hawkish Fed surprise Premium

After a tarnished start to the week, gold made impressive gains, breaking above a key resistance area on Wednesday and reaching its highest level in nearly two months, near $1,850, on Thursday. From there, the yellow metal went into consolidation mode, giving back some of its weekly gains, but ended up closing the second straight week in positive territory.

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THE STOCK OF THE DAY

After GME reaches $86 target, where is it headed next?

GameStop (GME) stock likes volatility, and meme traders should certainly be used to it by now, but perhaps not the type that was evident yesterday. GameStop shares crashed below $100 and kept on going before a broad-based afternoon rally helped GME stock recover to close just above the psychological $100 level.

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