AUD/USD bounces from sub-0.7700 helped by a better market’s mood

Wall Street trimmed most of its Wednesday’s losses despite more signs of heating US inflation. AUD/USD holds above 0.7000 ahead of Australian inflation data.

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AUD/USD News

EUR/USD failed to recover above 1.2100

The shared currency remains under selling pressure against its American rival, trading in the 1.2080 area. Market players waiting for more hints in the form of April Retail Sales.

EUR/USD News

XAU/USD respects the 10-day EMA

Gold could be on the verge of a lower low, but the hourly time frame is key. The hourly support structure is guarding a break to test bullish commitments at 1,800. The 10-day EMA and confluence of the 50% mean reversion are also offering support. Gold Weekly Forecast: XAU/USD could target 200-day SMA

Gold News

Yearn Finance Price Forecast: YFI eyes consolidation after quick surge

Yearn Finance price tagged the channel’s upper trend line yesterday, falling just short of $100,000 and 261.8% Fibonacci extension target at $102,900. The sharp reversal from the trend line marks a significant turning point for YFI that will shift price action to consolidation from the uptrend beginning at the April 25 low. 

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US markets lead the recovery as jobless claims decline

Ongoing inflation fears remain, yet improved jobless claims help lift spirits in the US. Meanwhile, UK reopening stocks have been dealt a blow after SAGE claimed that a rise in the Indian Covid strain could slow the pace of lockdown easing. 

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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

EUR/USD is moving back and forth in a familiar range around 1.2100, lacking a clear directional bias. The upside appears elusive as the US dollar holds onto the recent advance, triggered by upbeat US CPI data. The risk sentiment looks heavier on the session, keeping the safe-haven dollar on the front. However, the major could find some reprieve from the retreat in the US Treasury yields.

How is EUR//USD positioned on the technical graphs?

The Technical Confluences Detector shows that EUR/USD is poised to challenge critical support at 1.2049, where the SMA100 one-day converges with the Fibonacci 23.6% one-month and pivot point one-week S1.

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CRYPTOCURRENCIES

Nightmares repeat as BTC flash crashes

Bitcoin price slid roughly $7,000 on Wednesday after Elon Musk tweeted that Tesla will not accept BTC. Ethereum price dropped only $270 and is in recovery mode. Ripple eyes a dip into the demand zone ranging from $0.941 to $1.156 before it attempts to rise higher.

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Polygon sets sights on new all-time high despite recent flash crash

MATIC price shows a massive spike in buying pressure that has undone the recent crash. A sustained buying pressure here could propel Polygon price to the 161.8% Fibonacci extension level at $1.287. A breakdown of the support barrier at $0.872 will invalidate this uptrend.

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Ripple struggles to break through stiff resistance

XRP price seems to have suffered from the sell-off caused by Elon Musk's announcement that Tesla stopped accepting cryptocurrency payments. XRP price slid by more than 22% over the past 24 hours to hit a low of $1.20. Buyers seem to have quickly scooped up more tokens at a discount.

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Tesla ditches Bitcoin as payment but may accept Dogecoin instead

Dogecoin price plunged by over 25% in the past 24 hours, reaching a low of $0.38. DOGE fell in tandem with the rest of the crypto market following Elon Musk's announcement that Tesla is suspending vehicle purchases using Bitcoin. The meme-coin could be awaiting a recovery if Tesla decides to accept DOGE as payment instead. 

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WEEKLY FORECAST

EUR/USD Weekly Forecast: Awful Nonfarm Payrolls back Fed’s “lower for longer” rates

Mixed US data and cooling expectations for higher rates in the country fueled risk-appetite heading into the weekend. EUR/USD trades around 1.2140, recovering all of the previous week´s losses and nearing its monthly high at 1.2150.

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GBP/USD Weekly Forecast: Can America's cooldown send sterling above 1.40? UK GDP, US consumer eyed

GBP/USD has bounced as the BOE upgraded its outlook and horrible US jobs figures. UK GDP and US consumer figures promise another busy week in cable. Early May's daily chart shows bears are gaining some ground. The FX Poll is pointing to short-term falls before and upswing later. 

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USD/JPY Weekly Forecast: Can inflation rescue the dollar?

The USD/JPY dozed from Monday’s open at 109.36 to Friday’s 109.17 approach to the US Nonfarm Payrolls report (NFP), then woke with a start as the US economy added just one-quarter of the expected jobs. American firms hired 266,000 people in April and the unemployment rate rose to 6.1%, according to the US Department of Labor.

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AUD/USD Weekly Forecast: Bullish breakout imminent

The AUD/USD pair remained trapped for a third consecutive week, ending this last session near the upper end of the range. The Australian currency continues to lack a life of its own, with the pair instead depending on whether speculative interest sells or buys the greenback

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Bitcoin Weekly Forecast: BTC adoption accelerates as coiling prices hint at explosive rally

Bitcoin price faces a stiff resistance wall that has prevented weak bullish momentum from passing through. As a result, a short-lived retracement has caused a majority of the market to follow suit despite BTC’s raging adoption and interest from institutions over the past week.

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Gold Weekly Forecast: XAU/USD could target 200-day SMA

During the first half of the week, the XAU/USD pair struggled to rise above $1,800 and fluctuated in a horizontal channel. With the greenback coming under heavy selling pressure in the second half of the week, gold gained traction and touched its highest level since February 10 at $1,843 before settling around $1,830.

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