Forecasts & Analysis

Gold is moving towards the important resistance level at the 50 EMA.

It is a quiet day on the UK economic calendar, leaving the GBP/USD in the hands of US economic indicators and FOMC member chatter.

XRP is back in the red this morning, with investor focus returning to the SEC v Ripple case. Uncertainty over the SEC’s response weighed this morning.

A 25-basis point rate hike fell short of market expectations, sending the AUD/USD into the deep red. The focus will now shift to US economic indicators.

The Fear & Greed Index fell deep into the Extreme Fear zone this morning. BTC’s failure to revisit $20,000 suggests more choppy sessions ahead.

Following Monday’s breakout session, the market focus will now shift to US JOLTs job openings to provide the crypto market with direction.

Inflation figures from Japan failed to move the USD/Yen. JOLTs job openings and FOMC member chatter will likely have more influence later today.

When yields on U.S. debt instruments rise it moves the dollar higher, which also means that when yields decline so does the dollar.

With gold futures back above the September breakdown ($1680), the odds for a significant bottom are growing. 

Check out the latest technical report, covering major currency pairs using a multi-timeframe technical approach.