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/

2023-09-29 03:44

The bias remains bearish despite temporary rebounds. A new lower low activates more declines. The US data could shake the rate today. The gold price extended its sell-off, reaching the $1,872 level. The precious metal has dropped by 1.65% from yesterday’s high of $1,903. Now, it’s trading at $1,874 at the time of writing. The bias remains bearish within the current sideways movement. The dollar’s upside continuation is the primary cause of gold’s softer outlook. This situation pushed the yellow metal toward new lows. Fundamentally, the XAU/USD took a hit from the US data yesterday. The Core Durable Goods Orders rose by 0.4%, beating the 0.2% growth estimated, while Durable Goods Orders increased by 0.2% even if the specialists expected a 0.5% drop. Today, the US economic figures and the Fed Chair Powell Speaks could be decisive again. In the short term, the XAU/USD tries to rebound as the DXY retreats a little. Still, better-than-expected US data could lift the USD again. The Final GDP is expected to report a 2.2% growth versus the 2.1% growth in the previous reporting period. Furthermore, the Final GDP Price Index, Pending Home Sales, and Unemployment Claims data will also be released. Gold Price Technical Analysis: Distribution Phase Gold hourly price chart As you can see on the hourly chart, the gold price ignored the $1,885 historical level, the channel’s downside line, and the descending pitchfork’s lower median line (LML), confirming strong sellers and a downside continuation. It moves sideways, right below the downside line and under the lower median line (LML). The current range could represent a downside continuation pattern. A new lower low activates more declines. The weekly S3 of $1,861 is a potential downside target if the rate continues to drop. Still, staying above the $1,872 low and making a new higher high, returning above the downside line may signal a potential rebound. https://www.forexcrunch.com/gold-price-facing-deeper-retracement-as-dollar-demand-surges/

2023-09-05 09:54

US jobs data indicated a potential cooling trend. Markets are pricing in a 93% likelihood of the Fed pausing this month. European Central Bank President Christine Lagarde will speak later in the day. Today’s EUR/USD outlook is slightly bullish. On Monday, the dollar slipped as US markets observed a holiday. At the same time, investors assessed US jobs data, indicating a potential cooling trend. Consequently, there was increased speculation that the Federal Reserve may have reached the end of its monetary tightening efforts. Notably, Friday’s data revealed an uptick in US job growth for August. However, it also showed a rise in the unemployment rate to 3.8%, along with moderated wage gains. Furthermore, the economy generated 110,000 fewer jobs than initially reported for June and July. Economic indicators highlighting slowing inflation and a softening labor market have reinforced the belief that the US economy is cooling. Meanwhile, according to the CME FedWatch tool, markets are currently pricing in a 93% likelihood of the Fed pausing this month. Moreover, there is a more than 60% chance of no further rate hikes this year. However, given the closure of US markets on Monday, liquidity could be limited. Despite European Central Bank President Christine Lagarde’s scheduled speech later in the day, analysts at UniCredit anticipate subdued trading activity on Monday. The euro showed a 0.2% increase but remained just above a 10-week low against the dollar reached last week. Looking ahead, investors will closely monitor speeches from several Federal Reserve officials. These will help them gain insights into the central bank’s intentions leading up to its next policy meeting on September 19-20. EUR/USD key events today Investors are not awaiting any major economic releases from the US. However, a speech later from ECB president Christine Lagarde could move the pair a bit. EUR/USD technical outlook: Buyers stage a comeback with a feeble rebound. EUR/USD 4-hour chart On the charts, the EUR/USD’s decline has paused at the 1.0775 support level. Buyers have resurfaced and are attempting a rebound. However, the rebound is weak as the price has made smaller candles than the previous move. Meanwhile, the indicators suggest a continuation of the downward move. The 30-SMA sits above the price supporting buyers, and the RSI is in bearish territory below 50. Therefore, bears might soon return to retest and possibly break below 1.0775. https://www.forexcrunch.com/eur-usd-outlook-jobs-data-casts-doubt-on-dollar-strength/

2023-09-05 09:53

XAU/USD is trapped between the 61.8% and 50% retracement levels. The fundamentals should move the rate during the week. Escaping from the current range should bring new opportunities. The gold price has dropped slightly in the last few hours and is now trading at $1,938. The US dollar has strengthened, which is likely to put pressure on gold prices. Gold prices were volatile in the days leading up to this, with sharp moves in both directions. This was due to mixed US economic data released on Friday. The Non-Farm Employment Change, ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending, and Final Manufacturing PMI all came in better than expected. However, the Unemployment Rate and Average Hourly Earnings disappointed. Despite the mixed data, the US dollar index edged higher, which weighed on gold prices. The Swiss GDP also reported a 0.0% growth, below the 0.1% growth that was expected. Additionally, ECB President Lagarde’s remarks earlier in the day had a negative impact on gold prices. The Reserve Bank of Australia (RBA) is expected to keep the cash rate unchanged tomorrow at 4.10%. However, the RBA Rate Statement is still likely to be a market mover. The Bank of Canada (BOC) is also expected to keep monetary policy unchanged in its September meeting. The key fundamentals for gold prices will be the ISM Services PMI and Australian GDP data, both due to be released on Wednesday. Gold price technical analysis: Bears dominating below $1940 Gold price hourly chart From a technical perspective, the XAU/USD failed to break above the 61.8% Fibonacci retracement level (1,948) and is now approaching the 50% retracement level (1,936). This level is providing support, and the yellow metal is currently trading between the 61.8% and 50% retracement levels. A breakout from this range would provide a clearer direction for the market. A break below the 50% level could signal a new bullish momentum, while a break above the 61.8% level would confirm further growth. The bias remains bullish as long as the XAU/USD stays above the 50% retracement level and the weekly pivot point of 1,935. However, only a valid breakout above the 61.8% level and a new higher high would activate further growth. https://www.forexcrunch.com/gold-price-remains-choppy-below-1940-on-a-lighter-day/

2023-09-05 09:52

Australia’s central bank held rates steady for a third consecutive month. The Australian dollar depreciated, reaching its lowest point in over a week. Market expectations for one last rate hike before year-end decreased from around 36% to just 30%. Today’s AUD/USD outlook is bearish as Australia’s central bank held rates steady for a third consecutive month. Moreover, it signaled a potential end to the tightening cycle as policymakers displayed greater control over prices. During the September policy meeting, the Reserve Bank of Australia (RBA) maintained rates at 4.10%. Furthermore, it stated that recent data align with the goal of inflation returning to the 2–3 percent target range by late 2025. However, it emphasized the possibility of further tightening to rein inflation. Still, the central bank opted for a pause given underwhelming economic indicators, such as inflation, wages, and employment. As a result, the Australian dollar depreciated, reaching $0.6384, marking its lowest point in over a week. Meanwhile, market expectations for one last rate hike before year-end decreased from around 36% to just 30% during the session. Although most economists still anticipate one more hike by year-end, Lowe emphasized the need for continued monitoring of the global economy. He emphasized attention to uncertainties surrounding the Chinese economy, household spending, and the inflation and labor market outlook. Moreover, Lowe highlighted the significant rise in prices for various services and elevated rent inflation. Minutes from the August meeting revealed that the central bank now envisions a credible path to achieve the inflation target by 2025 at the current interest rate level. This implies a high threshold for further rate hikes. AUD/USD key events today Investors will continue absorbing statements from the RBA policy meeting as no other key economic releases are planned for the day. AUD/USD technical outlook: Price plummets, breaching key support levels. AUD/USD 4-hour chart On the charts, AUD/USD has fallen suddenly, breaking below the 0.6450 and the 0.6400 support levels. This steep decline has left the 30-SMA far above, indicating a strong bearish move. Moreover, the RSI is about to dip into the oversold region, showing solid bearish momentum. The price is now heading for the next support at 0.6350. If bears are still as strong at this level, the price will likely break below and continue the descent. However, if they are exhausted, the price might pause at 0.6350. https://www.forexcrunch.com/aud-usd-outlook-aussie-dips-as-rba-holds-rates-for-3rd-month/