AUD/USD drops towards 0.7800 as US dollar rises amid risk-aversion

AUD/USD drops towards 0.7800, as risk-aversion lifts the haven demand for the US dollar. The Aussie pair retests the key hurdle, broke on Friday, amid descending Momentum line. Geopolitical tensions and rising inflation fears continue to weigh on the market mood. US CPI awaited. 

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AUD/USD News

Gold snaps five-day uptrend below $1,840 amid sour sentiment ahead of US inflation

Gold (XAU/USD) justifies the risk-off mood, trades below $1840 to register the first daily decline in six days during early Wednesday. Market sentiment seems to have soured amid the pre-US Consumer Price Index (CPI) caution. 

Gold News

EUR/USD looks to US inflation to break the monotony around mid-1.2100s

EUR/USD remains pressured towards 1.2100 amid a broadly firmer US dollar. Trading sentiment dwindles amid mixed updates, light calendar and pre-US CPI caution. S&P 500 Futures drop 0.1%, US Treasury yields seesaw near previous day’s close.

EUR/USD News

Dogecoin Price stabilizes in preparation for rally to $1

Dogecoin price corrected over 40% from the May 8 high, but outstanding support at the April high keeps bullish aspirations focused on $1.00. Daily RSI shows a bearish momentum divergence. IntoTheBlock IOMAP metric shows considerable support just above the April high.

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US Consumer Price Index April Preview: The two base effects of inflation

American consumer prices are set to rise by the most in a decade as the base effect from last year’s pandemic collapse reaches its height. The Consumer Price Index (CPI) is expected to climb 0.2% in April, according to the consensus forecast from the Reuters survey of economists.

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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

Ethereum Classic Price Forecast: ETC correction presents new opportunity to profit

Ethereum Classic price resolves pennant continuation pattern to the downside on relatively light volume following three consecutive inside days on the bar chart. Residual selling pressure may dampen rebound attempts, but if a new low is printed, it should be marginal. 

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EOS price marches to $23 after Block.one announced new crypto exchange

EOS price is not overbought, despite three of the last seven days registering gains of at least 30%. The technical backdrop should not inhibit EOS price from continuing the rally and testing the remaining Fibonacci retracement levels of the 2018-2020 decline that reached 90%.

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Yearn Finance Price Prediction: YFI targets $100,000

Yearn Finance price is reaching overbought levels, but the rally’s strength over the last two days projects further gains for the altcoin in the short term, potentially 40% from the current price.

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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC crashes, markets follow suit

Bitcoin price experiences a steep correction after failing to slice through the $59,545 resistance. Ethereum price respected the MRI’s sell signal and retraced 10% from its all-time high. XRP price slid below the 50 SMA at $1.426 and eyes a retest of the 200 SMA at $1.16.

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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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