2023-10-04 10:05

The bias remains bearish as long as it stays below the lower median line (lml). 1,809 is seen as a major target. The US economic figures could shake the price later today. The gold price rebounded after reaching today’s low of $1,815. Now, the metal is trading at $1,825 at the time of writing. The downside pressure remains high. It shows that more declines could be expected despite corrective upsides. The US dollar’s upside “exceptionalism” forced the yellow metal to extend the bearish momentum far below the key levels. Fundamentally, the XAU/USD took a hit from the US data yesterday. The ISM Manufacturing PMI came in at 49.0, above the 47.8 expected, while the Final Manufacturing PMI jumped from 48.9 points to 49.8 points. Also, Fed Chair Powell’s remarks pushed the yellow metal to new lows. Today, the Reserve Bank of Australia maintained the Cash Rate at 4.10% as expected. Gold also ticked higher because the Switzerland CPI reported a 0.1% drop versus the 0.0% growth estimated after the 0.2% growth in the previous reporting period. Later, the US data could bring life to the XAU/USD. JOLTS Job Openings are expected at 8.81M in August versus 8.83M in July. Wards Total Vehicle Sales could be reported at 15.4M compared to 15.0M in August, while IBD/TIPP Economic Optimism could drop to 41.6 points. Tomorrow, the RBNZ and the US ADP Non-Farm Employment Change, ISM Services PMI, and Factory Orders should move the rate. Gold Price Technical Analysis: Bears Looking for $1,809 Gold price hourly chart The XAU/USD extended its sell-off after registering a false breakout through the median line (ml) of the descending pitchfork on Friday. The flag pattern broke and triggered a strong downside continuation. It has dropped below the lower median line (LML), representing a downside target, and under the weekly S1 (1,821). It has rebounded and challenged the lower median line (LML) again. This stands as a dynamic resistance (support turned into resistance). As long as it stays below it, the bias remains bearish. 1,809 historical level is seen as a major target if the rate continues to drop. https://www.forexcrunch.com/gold-price-gains-slight-from-multi-month-low-eyes-on-us-jolts/

2023-10-04 10:04

There is speculation that Japanese authorities may have intervened to support the yen. The dollar remained strong in the overall currency market. There was an unexpected rise in US job openings in August. The USD/JPY forecast for Wednesday is bearish, as the yen experienced a sudden and short-lived spike that triggered rumors of a possible intervention by the Bank of Japan to support the currency. During Asian trade, the Japanese currency slightly decreased after spiking by nearly 2% on Tuesday to reach 147.30. This sudden increase occurred after the yen had slipped to 150.165 per dollar, its weakest point since October 2022. James Malcolm, UBS’s head of FX strategy, stated, “Their intervention in this situation aligns perfectly with recent warnings from top officials and their historical actions.” Additionally, he noted that while authorities may not be able to reverse trends in the FX markets immediately, significant intervention sends a strong signal. Moreover, it allows time for other factors to align, eventually contributing to position adjustments. On Wednesday, Japanese Finance Minister Shunichi Suzuki emphasized that authorities would take appropriate measures to counter excessive movements in the yen. Meanwhile, Masato Kanda, Japan’s top currency diplomat, refrained from commenting on whether Tokyo had intervened. Still, he noted that any actions taken had the understanding of US authorities. US Treasury Secretary Janet Yellen had previously mentioned that the US response to Japan’s yen-buying intervention would depend on the specific details of the situation. Meanwhile, after positive data on Tuesday, the dollar remained strong in the overall currency market. This data revealed an unexpected rise in US job openings in August. The rise came amid a significant increase in demand for professional and business service workers. USD/JPY key events today Markets are awaiting data from the US on: Private US employment change. S&P Global services PMI. ISM non-manufacturing PMI USD/JPY technical forecast: Key resistance at 150.00 triggers a sharp decline. USD/JPY 4-hour chart Sentiment on the 4-hour chart has shifted from bullish to bearish. The USD/JPY pair dropped sharply after it touched the 150.00 key resistance level. This sharp move saw the price break below the 30-SMA, with the RSI dipping below 50 to support bearish momentum. Bears are currently in control of the market. Moreover, the price currently trades with the nearest resistance at 149.50 and the nearest support at 148.51. With the new bearish bias, we could soon see the price break below the 148.51 support level. https://www.forexcrunch.com/usd-jpy-forecast-yen-surge-sparks-speculation-of-intervention/

2023-10-04 10:04

Data indicated an unexpected increase in US job openings in August. Payroll data on Friday will clarify the strength of the US labor market. The euro experienced a 3% decline against the dollar in the third quarter. The Greenback maintained strength following positive data released Tuesday, leading to a bearish EUR/USD price analysis for Wednesday’s session. Notably, data indicated an unexpected increase in US job openings in August, particularly in the professional and business services sector. Rodrigo Catril, senior FX strategist at National Australia Bank, noted that this development rattled the markets. Moreover, it supported the Federal Reserve’s perspective of keeping interest rates higher for an extended period. The surge in job openings suggests that the US labor market is not deteriorating as rapidly as previous data had implied. However, some aspects of the report do not necessarily indicate a robust labor market. Job openings increased by 690,000 to 9.610 million at the end of August, marking the highest level in just over two years. Looking ahead, Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina, mentioned that the upcoming payroll data on Friday will provide further clarity regarding the labor market’s strength. A stronger-than-expected report could be concerning for the central bank. Meanwhile, the euro, trading at its lowest levels this year, near $1.05, experienced a 3% decline against the dollar in the third quarter. This decline sets the stage for a third consecutive year of losses. The main reason for this decline is the US dollar’s overall strength amid the US economy’s resilience. EUR/USD key events today Investors will receive several crucial reports from the US, including: The ADP nonfarm employment change. The S&P Global services PMI. The ISM non-manufacturing prices. The ISM non-manufacturing PMI. Get FREE Forex Signals Now! EUR/USD technical price analysis: Downtrend meets solid support. EUR/USD 4-hour chart On the charts, the EUR/USD price has declined to the 1.0450 support level, where the price has paused. The bias is bearish as bears made a lower low when they broke below the 1.0500 support level. However, the downtrend has encountered a strong support level that could lead to a deep pullback or reverse the trend. Moreover, bears have weakened at the 1.0500 key support. This weakness is seen in the RSI, which has made a bullish divergence. Therefore, bears would need to regain momentum to break below 1.0500. Otherwise, bulls might return to challenge the 30-SMA resistance. https://www.forexcrunch.com/eur-usd-price-analysis-upbeat-job-openings-weigh-on-euro/

2023-09-29 04:10

Fed officials warned the markets about the potential for additional interest rate hikes. Fed Chair Jerome Powell will deliver a speech on Thursday. The Canadian dollar strengthened on Wednesday with rising oil prices. The current USD/CAD forecast is bullish amid growing apprehensions about persistently elevated interest rates, which have driven investors to find safety in the dollar. Federal Reserve Bank of Minneapolis President Neel Kashkari and several other Federal Reserve officials warned the markets about the potential for additional interest rate hikes. On Wednesday, Kashkari emphasized that substantial evidence indicated the economy’s continued strength. Consequently, this strength suggested that further tightening measures might be on the horizon. Furthermore, Fed Chair Jerome Powell will deliver a speech on Thursday. This event could provide additional insights into the direction of US monetary policy. Additionally, it might offer markets further guidance on what to expect regarding interest rate adjustments. Concurrently, traders closely monitored efforts by lawmakers to prevent a US government shutdown. Meanwhile, the Canadian dollar experienced a slight increase against its US counterpart on Wednesday amid a surge in oil prices. This recovery came after the currency had touched its lowest level in nearly two weeks. Erik Bregar, Director of FX & Precious Metals Risk Management at Silver Gold Bull, noted that the Canadian dollar had fluctuated due to rising oil prices and falling stock prices. Furthermore, he observed that the past week had been challenging, primarily due to the sharp increase in US bond yields, prompting a broader shift in the FX market towards the US dollar. USD/CAD key events today Investors are awaiting several major releases from the US, including the following: US GDP. Initial jobless claims. Pending home sales report. Fed Chair Powell speech. USD/CAD technical forecast: Price tests crucial 30-SMA support. USD/CAD 4-hour chart On the technical side, the USD/CAD pair has pulled back and is retesting the 30-SMA support. At the same time, the RSI has fallen to the pivotal 50 mark and seems ready to bounce higher. The bias for the pair is bullish as the price trades slightly above the 30-SMA. Moreover, the price recently made a higher high above the 1.3501 key level. If the 30-SMA holds firm as support, the price will soon bounce higher with the next target at the 1.3550 resistance level. On the other hand, a break below the SMA would indicate a reversal to the downside. https://www.forexcrunch.com/usd-cad-forecast-interest-rate-worries-fuel-dollar-demand/

2023-09-29 03:49

In August, Australian retail sales saw a modest increase, missing forecasts. Job vacancies in Australia decreased from record levels. Australia’s unemployment rate rose to 3.7% from its record low of 3.4%. The AUD/USD outlook improved as the pair gained 0.3% after hitting the 10-month low overnight amid the dollar’s surge. This rebound occurred despite Australian retail sales data falling short of expectations earlier in the day. Notably, Australian retail sales rose slightly in August as consumers reduced spending due to elevated living expenses and high borrowing costs. Consequently, it signaled interest rates might not have to rise further. Data from the Australian Bureau of Statistics (ABS) Thursday showed retail sales rose 0.2% in August from July, falling short of analysts’ forecast of a 0.3% gain. Meanwhile, job vacancies in Australia fell from record levels in the three months to August. This decline added to signs that the country’s labor shortage might be easing as interest rate hikes work to constrain demand. Notably, figures showed that vacancies fell by 8.9% from the last quarter to 390,400, the biggest decline and the lowest level in two years. That was a drop of 15% from a year ago. However, it was still 71.5% higher than in February 2020. Additionally, data showed that Australia’s unemployment rate rose to 3.7% from a historic low of 3.4%. Analysts expect that the demand for labor, which has remained resilient in the country, will slow down amid high interest rates. AUD/USD key events today Some of the major events investors are watching from the US include: The US GDP report. A speech by Fed Chair Jerome Powell. The initial jobless claims report. The pending home sales report. AUD/USD technical outlook: Price rebounds from recent lows. AUD/USD 4-hour chart On the charts, the AUD/USD price has recovered from recent lows, pushing above the 0.6360 key level. However, the general direction for the price is still down as it trades far below the 30-SMA. Moreover, the RSI fell into the oversold region for the first time since bears took over, indicating increased bearish momentum. Therefore, the current rebound might be temporary, pausing at the nearest resistance to allow a resumption of the downtrend. Bulls might retest the 0.6400 resistance before bears seek new lows. https://www.forexcrunch.com/aud-usd-outlook-aussie-gains-despite-soft-retail-sales/

2023-09-29 03:46

Whether you’re a seasoned crypto veteran or a newcomer cautiously venturing into the realm of digital assets, the selection of an appropriate Bitcoin wallet holds paramount importance. Within this in-depth analysis, we delve into a comprehensive comparison of the finest Bitcoin wallets, encompassing both software and hardware solutions, all with the aim of empowering you to make a well-informed choice. Additionally, we’ll introduce Bitamp, an outstanding software wallet that merits your attention. Software Bitcoin Wallets Bitamp Bitcoin Wallet Bitamp is a user-friendly, open-source, and secure Bitcoin wallet that provides a convenient way to manage your Bitcoin holdings. It offers several key features that make it a compelling choice for both beginners and experienced users: No Registration Required: Bitamp respects your privacy by not requiring any personal information or registration. You can start using it instantly. Client-Side Encryption: Your private keys are generated and stored on your device, ensuring that you have full control over your Bitcoin. Bitamp doesn’t have access to your funds. Compatibility: Bitamp works in any modern web browser, making it accessible from various devices, including desktop computers and mobile phones. Security: Bitamp employs state-of-the-art encryption techniques to protect your wallet. Plus, it supports hardware wallets for an extra layer of security. Transaction Fee Control: You can customize transaction fees to ensure your transactions are processed at your preferred speed. Bitamp is a versatile and secure choice for managing your Bitcoin holdings. To get started, simply visit Bitamp’s website and create your wallet. Electrum Electrum is one of the oldest and most trusted Bitcoin wallets in the crypto community. It is a lightweight and feature-rich wallet that has stood the test of time. Key features of Electrum include Security: Electrum uses a mnemonic seed phrase to back up your wallet, making it easy to recover your funds if your device is lost or stolen. Cold Storage Support: You can create a cold storage wallet with Electrum for added security. Multisig Wallets: Electrum allows you to set up multi-signature wallets, ideal for shared accounts or business use. Custom Transaction Fees: You can adjust transaction fees based on your preferences. Exodus Exodus is a user-friendly software wallet that not only supports Bitcoin but also a wide range of other cryptocurrencies. Its visually appealing interface and built-in exchange make it an excellent choice for beginners. Key features of Exodus include: Portfolio Tracker: Exodus provides a portfolio tracker that allows you to monitor the performance of your cryptocurrency holdings. Built-in Exchange: You can exchange cryptocurrencies within the wallet without the need for external platforms. User-Friendly Interface: Exodus offers an intuitive user interface, making it easy for newcomers to navigate the world of cryptocurrency. Backup and Restore: You can back up your wallet with a secure passphrase and restore it easily if needed. Mycelium Mycelium is a mobile Bitcoin wallet known for its security and advanced features. It is designed primarily for Android users and offers the following advantages: Hierarchical Deterministic (HD) Wallet: Mycelium uses HD technology, making it easy to generate new Bitcoin addresses for each transaction, enhancing privacy. Local Trader Feature: This unique feature connects you with nearby Bitcoin buyers and sellers, facilitating peer-to-peer transactions. Cold Storage Integration: Mycelium allows you to set up a watch-only wallet for cold storage. Hardware Bitcoin Wallets Ledger Nano S The Ledger Nano S is one of the most popular hardware wallets for securing Bitcoin and other cryptocurrencies. It’s known for its robust security features: Offline Storage: Your private keys never leave the device, providing a high level of protection against online threats. Backup and Recovery: Ledger Nano S allows you to create a recovery seed to restore your funds if the device is lost or damaged. Multi-Currency Support: In addition to Bitcoin, the Ledger Nano S supports a wide range of other cryptocurrencies. PIN Protection: You must enter a PIN to access your wallet, adding an extra layer of security. Trezor Model T The Trezor Model T is another reputable hardware wallet that prioritizes security and user experience: Large Touchscreen: The Model T features a touchscreen interface for easy navigation and setup. Passphrase Support: You can set up a passphrase for additional security, making it virtually impossible for anyone to access your funds without it. Open-Source Firmware: Trezor is open-source, which means that its firmware is continually reviewed and improved by the community. Cryptocurrency Support: The Model T supports a wide range of cryptocurrencies, making it a versatile choice for cryptocurrency enthusiasts. KeepKey KeepKey is a hardware wallet that offers both security and ease of use: Large Display: KeepKey’s large display ensures that you can easily verify and confirm transactions. Secure PIN Entry: You set a PIN during the initial setup, which is required to access your wallet. Integration with ShapeShift: KeepKey has integrated ShapeShift, allowing you to trade cryptocurrencies directly from your wallet. Backup and Recovery: Like other hardware wallets, KeepKey allows you to create a recovery sentence for added security. Conclusion When it comes to choosing the best Bitcoin wallet, there’s no one-size-fits-all solution. The best Bitcoin wallet for you depends on your specific needs and preferences. Software wallets like Bitamp, Electrum, Exodus, and Mycelium offer convenience and accessibility, while hardware wallets like Ledger Nano S, Trezor Model T, and KeepKey prioritize security and offline storage. It’s essential to do your research and consider factors such as security features, ease of use, supported cryptocurrencies, and your level of technical expertise when making a decision. Ultimately, the right Bitcoin wallet will help you manage your digital assets safely and efficiently in the ever-evolving world of cryptocurrency. Regardless of your choice, remember to take proper precautions, such as keeping your backup seed phrase safe and regularly updating your wallet’s software or firmware to stay protected in the dynamic world of cryptocurrencies. https://www.forexcrunch.com/comparing-the-best-bitcoin-wallets-software-and-hardware-solutions/