EUR/USD gains traction and climbs above 1.1600 after US data

After dropping below 1.1600 earlier in the day, EUR/USD managed to stage a recovery in the early American session toward 1.1620 with the latest data releases from the US making it difficult for the greenback to find demand. US trade deficit expanded in September and durable goods orders contracted. 

EUR/USD News

GBP/USD stays in the negative territory around mid-1.3700s

GBP/USD recovered modestly from the weekly low it set at 1.3710 earlier in the day but continues to trade in the negative territory around 1.3750. The dollar is staying on the back foot after the latest data releases but the cautious mood is limiting the pair's upside.

GBP/USD News

XAU/USD needs to crack $1781 for further downside

Gold price extends losses amid resurgent US dollar demand. Market sentiment sours ahead of the critical US macro data. Falling US Treasury yields could help put a floor under gold price.

Gold News

Shiba Inu price to provide buy opportunity before SHIB doubles again

Shiba Inu price is due for a retracement after rallying 113% in less than three days. The MRI displays a major sell signal, hinting at a correction that could extend 17%.

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Bank of Canada Rate Decision: Inflation prospects headline policy review Premium

The Bank of Canada is expected to continue tapering its asset purchases and maintain its current rate posture when it concludes it meeting on Wednesday at 10:00 am EDT. Overnight rate projected to be unchanged at 0.25%.

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DEEPER DIVE

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

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 Premium

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 Premium

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.

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Technical Confluences Detector

Dhwani Mehta

The US dollar resurgence amid risk-off markets at full steam has once again taken the wind out of the gold price rally, downing the bright metal for the second day in a row. Investors liquidate their USD shorts and reposition themselves ahead of the critical US Q3 GDP report due later this week. Further, rising global inflationary pressures and their potential negative impact on the economic recovery also spurs the safe-haven bids in the dollar at gold’s expense. However, falling US Treasury yields could help put a floor under gold price.

Gold Price: Key levels to watch

The Technical Confluences Detector shows that gold is heading south to test the $1784 demand area, which is the intersection of the SMA200 one-hour, SMA10 one-day and SMA50 four-hour.

Sellers need a strong foothold below $1781 to extend the additional downside. That level is the confluence of the Fibonacci 61.8% one-week and pivot point one-day S1.

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CRYPTOCURRENCIES

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Pioneer crypto to retrace briefly while altcoins go higher

Bitcoin price continues to move sideways above a crucial psychological level. As long as support holds, BTC is in no trouble, however, if it breaks lower, it will likely drag Ethereum and Ripple along with it. Although this descent is likely to play out in the short term, it may be required to start a second leg-up.

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Robinhood is banking on Dogecoin traders as dog-themed altcoins break out

The spike in dog-themed cryptocurrency prices in the ongoing bull run has contributed to a rise in overall crypto market capitalization. Analysts expect the DOGE, SHIB, and AKITA prices to climb higher with the updates in their ecosystem and social dominance. 

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Shiba Inu price to provide buy opportunity before SHIB doubles again

Shiba Inu price saw a massive up move after it broke out of its consolidation pattern on October 23. This ascent propelled SHIB to a new all-time high. As bulls overextend the rally, however, things need to cool off before another massive rally emerges. 

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Polkadot price targets all-time highs ahead of parachains launch

Analysts remain optimistic on the Polkadot network’s parachain launch scheduled for November 2021. Though the percentage of DOT tokens staked has dropped consistently, its price continues its upward climb. 

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WEEKLY FORECAST

EUR/USD: Get ready for a volatile week Premium

Growth-related data and the ECB’s decision could bring the pair back to life next week. Lingering inflation becomes a concern on both shores of the Atlantic. EUR/USD is losing bullish potential and could soon reach fresh 2021 lows.

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GBP/USD: Time for a meaningful downside correction? Covid and US GDP eyed Premium

A rate hike in the UK? Speculation has been pushing the pound higher, and the topic will likely remain a major market mover for sterling ahead of Halloween. US growth figures stand out in a packed US economic calendar. 

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USD/JPY: BOJ vs the Federal Reserve Premium

USD/JPY reaches 114.70 on Wednesday, a four-year high. 10-year Treasury-JGB spread widens by 7 points. USD/JPY encounters profit-taking, rebounds from support on Friday. FXStreet Forecast Poll is uniformly bearish out to one quarter.

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AUD/USD: Higher highs still likely amid appetite for risk Premium

Soaring equities reflected the risk-on mood that backed the aussie. Inflation-related uncertainty left market participants with a sour taste in their mouths. AUD/USD retains its long-term bullish strength despite correcting from multi-month highs.

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BTC could revisit $53,000 as ETF mania wanes

Bitcoin price is experiencing a slow down after the October 21 flash crash. A decisive close below the weekly open at $61,574 is likely to trigger a crash. Some on-chain metrics reveal the overheated nature of the market, supporting the short-term corrective outlook.

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XAU/USD bears and bulls fight over $1,800, focus shifts to US GDP Premium

Gold shot higher on Friday but lost its traction. Neither sellers nor buyers have control of the critical $1,800 level. First estimate of US Q3 GDP growth stands out in a busy week. 

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THE STOCK OF THE DAY

Amazon (AMZN Stock): Q3 report under new CEO

The online retail giant with a market capitalization of $1.68 trillion (after Apple, Microsoft, and Alphabet) is due to report third-quarter results on Thursday, Oct. 28 after the market close, with Zacks forecasting a return per share of $8.72, down from $12.37 in the year-ago quarter. Sales are expected to be $111.85 billion, higher than the $96.15 billion in the same quarter a year ago.

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