AUD/USD nears 0.7700 on renewed greenback’s demand

Higher than expected US inflation spurred risk-aversion, amid mounting speculation the US Federal Reserve will have to start tightening its monetary policy. AUD/USD pressures lows in the 0.7720 price zone.

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AUD/USD News

EUR/USD depressed near a fresh weekly low at 1.2065

EUR/USD lost the 1.2100 mark with US inflation data, holding near its daily lows as demand for high-yielding assets receded. The greenback has room to continue rallying.

EUR/USD News

XAU/USD tests $1,820 as USD capitalizes on US CPI data

The XAU/USD pair fluctuated wildly in the early American session as investors assessed the latest inflation report from the US. After spiking to a daily high of $1,843, the pair reversed its direction and dropped to $1,820 area.

Gold News

BTC may drop to $34,000, taking the rest of the market with it

Bitcoin price defining a bearish top formation after weeks of indecision. Ethereum price blitzes bears with steady price momentum. Ripple price fails pattern test, poised for further losses.

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Inflation and the dollar: Is the connection as direct as it seems?

US inflation soared in April and so did market volatility. Treasury rates rose, the dollar followed and equities dropped for a second day.  The Fed insists prices increases are temporary but behind the pandemic base effect commodity prices are sharply higher and wages are rising. 

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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

GBP/USD is jumping above 1.4050, as the pound cheers the UK local election outcome, as the UK PM Boris Johnson emerged stronger while Scotland’s SNP fell one seat short of an outright majority. Although the chances of a Scottish second independence referendum still remain in place, the GBP pays a little heed. Meanwhile, the US dollar remains on the back foot after the NFP blow.

Let’s see how GBP/USD is positioned technically, with the focus now on UK GDP and BOE Governor Bailey’s speech.

The Technical Confluences Detector shows that GBP/USD’s path of least resistance appears to the upside amid a lack of healthy resistance levels.

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CRYPTOCURRENCIES

BTC may drop to $34,000, taking the rest of the market with it

Bitcoin price defining a bearish top formation after weeks of indecision. Ethereum price blitzes bears with steady price momentum. Ripple price fails pattern test, poised for further losses.

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Elrond price poised for a 50% decline despite new EGLD staking mechanisms

Elrond price balances above crucial trend line support originating in February. 50-day simple moving average (SMA) grip on EGLD nearing an end. Elrond new staking proposal geared to accelerating decentralization.

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Dogecoin Price Prediction: DOGE plans to retest all-time highs

Dogecoin price has successfully bounced off the $0.397 to $0.451 demand barrier, hinting at an incipient upswing. A continuation of this momentum could push DOGE to $0.697 and $0.740. Breakdown of the support level at $0.371 will invalidate the bullish thesis.

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MATIC Price Forecast: Polygon primed for a 70% rally

MATIC price breakout from a minor correction gains traction above $1. Extreme overbought conditions on the weekly chart may not mark a top. Oddz Finance and Stakefish deals continue the accelerated adoption of everything Polygon.

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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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