USD Awaits Fed and NFP, Will the Bank of England Rise to the Occasion?

31 October 2021 | Updated: 31 October 2021

The Fed is generally expected to announce that it will begin to reduce its huge monthly bond and asset purchases. Tapering could start as soon as a few days following the summit. Investors will almost definitely be paying carefully to Chair Powell’s news conference because the outcome has been so effectively telegraphed.

Short-term rates have been soaring significantly, but long-term yields have been unable to follow up, resulting in a flattening of the yield curve. Only one interpretation is that investors believe policymakers will be pushed to act sooner on interest rates, but that an unstable economy will prevent them from raising rates too quickly.

This week will be dominated by the long-awaited tapering announcement from Fed, with the October employment data adding to the hype. A normal meeting of the Reserve Bank of Australia has also been scheduled.

The Bank of England, on the other hand, may cause the most market turbulence as it considers whether to boost interest rates sooner rather than later to combat rising inflation. On the data front, employment statistics from Canada and New Zealand will be the other highlights, while OPEC’s monthly meeting is unlikely to result in any changes to production normalization plans.

The Reserve Bank of Australia has made it quite clear to the markets that it has no intention of raising interest rates until 2024. The economy, on the other hand, appears to be on the mend in Australia, with lockdowns progressively being lifted as vaccination rates catch up with those in Europe and America. Meanwhile, underlying price indices have begun to move higher, indicating that inflation is on the rise.

The Bank of England has been unambiguously steering market prices for rate rises higher since its last meeting in September. The repeated suggestions by Fed that a rate hike would be “appropriate” before asset purchases expire – an unprecedented step in the realm of quantitative easing – have increased the market probability of a 15 basis point rate hike in November to above 60%, with a hike by February completely priced in.

However, some MPC members do not appear to be in favor of a premature tightening, and the BoE has a shaky track record when it comes to clear communication. As a result, there’s a chance that the hawkish bets have gone too far.

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Silver (XAG) Slides Lower, Enabling Bears After a Recent Drop From $24.00

31 October 2021 | Updated: 1 November 2021

Silver (XAG) Slid Lower, Enabling Bears After a Recent Drop From $24.00

Silver (XAG) prices plummeted in the prior session. The XAGUSD pair fell to $23.65 low as the US dollar rose, its lowest level in a week. The white metal appears to have found acceptance below $24.00, with intraday losses of roughly 0.70 percent. Meanwhile before its weekly close, Silver has gained ground, exiting the prior day at $23.89.

Key Levels
Resistance Levels: $25.00, $24.50, $24.00
Support Levels: $23.50, $22.87, $22.10
XAGUSD Long term Trend: Ranging
Overall, Silver (XAG) risks remain bearish, with the $23.65 Friday’s now serving as the next important downside target. The level of $23.50 will be the one to beat for the bears. The falling RSI circumstances, which hint at a $22.87 level as a horizontal support level, are likely to bolster the silver bears.

The white metal is currently trading with minor weakness near the $24.00 level, as it attempts to recover. On the other hand, if the Silver price trades above the $24.00 level confluence zone, the bullish traction may gain traction and activate buying orders, perhaps triggering a sharp surge in silver to the $25.00 high level.
XAGUSD Short term Trend: Ranging
XAGUSD has broken into a bearish channel, according to technical analysis on the lower time frame, and may trade between the near-term resistance level of $24.00 and the short-term low of $23.50. If a lower breakout occurs, white metal will continue to drop towards the next support level of $22.87.

A comeback to the $24.00 level is feasible above the $23.50 level. Silver may bounce back from extremes and trade in the $24.50s, but gains over the current high of $24.82 remain probable. Short bets are most probable below $23.50, with extension targets of $22.87 and $22.10.

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Ethereum (ETH) Price Analysis: Ether in a Minor Retracement, May Resume an Uptrend

31 October 2021 | Updated: 31 October 2021

Ethereum price rallied to $4,445 high
Ether may decline to $4,109 low

Ethereum ETH) Current Statistics
The current price: $4,249.15
Market Capitalization: $500,474,728,891
Trading Volume: $17,251,740,375
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 31, 2021
Ethereum’s (ETH) price is retracing after the recent rejection at $4,456. At first, the cryptocurrency retraced to $4,235 low and corrected upward. The upward correction was terminated at the $4,400 resistance as the bears resume downward move. Ether has fallen to the low of $4,164 and resumed upward. If the current support holds, the market will continue to rise on the upside. However, if the current support fails to hold, the downtrend will resume.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 59 of the Relative Strength index period 14. It indicates that the crypto is in the uptrend zone and it is above the centerline 50. Ether is above the 25% range of the daily stochastic. The market is in a bullish momentum.

Conclusion
On the 1-hour chart, ETH/USD is in a downward move. Bullish candlesticks are indicating a possible upward move of Ether. Meanwhile, on October 30 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will fall to level 1.618 Fibonacci extensions or level $4,109.77. From the price action, Ether has fallen to the low of $4,170 and it is resuming upward.

ETH/USD – 1 Hour Chart


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Monero (XMR) Price: Who Will Prevail in This Price Battle?

31 October 2021 | Updated: 31 October 2021

Monero (XMR) Price Analysis: October 31

When there is a breakout at the resistance level of $279, bulls will push the coin towards the price level of the $279 and may extend to $361 resistance level only if $322 is penetrated. On the other hand, the breakdown of the $244 support level will decrease the price towards $216 and $189 levels.

Key Levels:

Resistance Levels: $281, $322, $361

Support Levels: $244, $216, $189

XMRUSD Long-term Trend: Ranging

On the daily chart, XMRUSD is on the ranging movement. The bulls were trying to break up the resistance level of $281 but bears are opposing the movement. Bears were equally pressing hard on the support level at $244, the bulls are defending the level. The price resulted to ranging movement within $281 resistance level and $244 support level. The war between the bulls and the bears may continue until there is a breakout.

XMRUSD Daily chart, October 31

The two EMAs are interlocked and Monero is trading around the 9-day EMA and the 21-day EMA on the daily chart. When there is a breakout at the resistance level of $279, bulls will push the coin towards the price level of the $279 and may extend to $361 resistance level only if $322 is penetrated. On the other hand, the breakdown of the $244 support level will decrease the price towards $216 and $189 levels.

XMRUSD Price Medium-term Trend: Ranging

Monero is ranging on 4-Hour chart. The support level of $244 was tested on October 20. The bulls opposed further decrease in price and a big bullish candle emerges that pushed the price to the resistance level of $281. An increase in the bulls’ momentum can push the price to $322 price level. Price may increase further.

XMRUSD 4-hour chart, October 31

Monero is trading above the two EMAs, which indicate that bulls’ momentum is increasing. The relative strength index is at 60 levels with the signal line displaying bullish direction.

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Nigeria Ranks Highest for Cryptocurrency Adoption: Finder Report

31 October 2021 | Updated: 31 October 2021

According to a new report from Finder Cryptocurrency Adoption Index, in October, Nigeria topped the rankings of highest cryptocurrency ownership globally, at 24.2%.

In addition to having the highest proportion of crypto ownership by citizens globally, the report also revealed that “of the 1 in 4 online adults in Nigeria who own some form of cryptocurrency, bitcoin is the most popular coin in Nigeria at 66.5% of crypto owners.” This means that more than half of the respondents that held crypto owned Bitcoin (BTC).

Meanwhile, the study showed that Ethereum (ETH) claims the number two spot as favorite coins for Nigerian holders, at 23.8%. Despite the high level of interest for Ethereum globally, the number of Nigerians holding it suggests that they do not fancy it much. The survey noted that the 23.8% ETH ownership puts the most populous African nation at number 15 out of 22 countries.

Furthermore, the study revealed that Dogecoin (DOGE) is the third most common coin owned by citizens of the West African nation, at 21.8%. This number puts Nigeria in the top ten ranking in terms of Dogecoin ownership among countries. The survey explained that:

“Dogecoin is the third most popular choice with crypto adopters in Nigeria, with 21.8% of adults who own crypto holding the coin. This makes it the 8th ranked country in our list of 22 countries in terms of Dogecoin ownership among those that own crypto.”

Men 1.7 Times More Likely to Own Crypto Than Women in Nigeria

Interestingly, the study found that 62.9% of cryptocurrency holders in Nigeria are men, while women account for the rest, 37.1%. This means that men are 1.7 times more likely to own crypto than women. With the global average gender disparity at 1.5, Nigeria has the 11th highest male dominance out of the 22 countries.

 

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Bitcoin Price Analysis: Bulls Struggle to Maintain Footing Above $60,000 Amid Bullish Flag Formation

31 October 2021 | Updated: 31 October 2021

Following another failure to reclaim the $63,000 mark last Friday, Bitcoin (BTC) has fallen into a downward spiral towards the $60,000 psychological level. That said, most altcoins have also suffered a similar fate over the last 48 hours, with several recording double-digit declines.

The benchmark cryptocurrency had a roller-coaster-like activity this week after it sharply dropped to $57,500 on Thursday and rebounded to the upper-$61,000 area within a few minutes. This minor flash crash came after it recovered from its latest slump below the $60,000 mark.

After this rebound, BTC kept the bullish pressure on and briefly touched the $63,000 critical resistance on Friday.

Nonetheless, bears capitalized on the volatile property of the $63,000 barrier and pushed prices lower. A few hours later, the primary cryptocurrency had dropped to the $61,000 level and, subsequently, lower.

The bearish price action has pushed Bitcoin’s market valuation below the $1.15 trillion mark and its market dominance below 45%.

Meanwhile, Ethereum (which recorded a new all-time high on Friday) has slumped by over $260 over the hours.

Binance Coin (BNB), Cardano (ADA), Solana (SOL), Ripple (XRP), Polkadot (DOT), Dogecoin (DOGE), and Shiba Inu (SHIB) all traded down this morning with -1.2%, -2.5%, -4.3%, -0.5%, -4.1%, -7.3%, and -12.6%, respectively.

Key Bitcoin Levels to Watch — October 31

As noted earlier, BTC is at risk of falling from the $60,000 support amid an overall sideways bias. A fall from the current price level could push the benchmark cryptocurrency to retest the $57,500 support, which should align with the 4-hour 200 SMA if that happens.

BTCUSD – 4-Hour Chart

Interestingly, BTC currently trades within a bullish flag on our 4-hour chart. That said, the possibility of a dip below the $60,000 support in the near term seems likely but should spur a sharp recovery above the $65,000 resistance. However, a break (without necessarily dropping to the $57,000s) above the top of our flag should trigger a recovery as well, although with lesser vigor than the recently mentioned scenario.

Meanwhile, my resistance levels are at $61,000, $61,785, and $63,000, and my key support levels are at $60,000, $59,000, and $57,500.

Total Market Capitalization: $2.57 trillion

Bitcoin Market Capitalization: $1.13 trillion

Bitcoin Dominance: 44.4%

Market Rank: #1

 

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USOIL (WTI) Is in the Overbought Region, May Resume Selling Pressure

30 October 2021 | Updated: 30 October 2021

Key Resistance Levels: $80.00, $84.00, $88.00
Key Support Levels: $66.00,$62.200,$58.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in an upward move as price reaches the overbought region. In previous price action, WTI reached the high of $85.39 and was repelled. The index retraced to $82 low and resumed a fresh upward move. In the first uptrend, the market declined to $85.39. The bulls are likely to retest the resistance level to break above it. USOIL will decline if the bulls fail to break the current resistance level.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 64 of the Relative Strength Index period 14. Despite the retracement, the index is still in the uptrend zone. It is capable of further upside. The trend lines are drawn showing the support levels of prices. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bullish
On the 1 hour chart, the WTI is in an uptrend. The index has fallen from the previous rejection. Buyers are attempting to push the index upward to revisit the previous highs. Meanwhile, on October 28 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that WTI will rise to level 1.618 Fibonacci extension or $83.64. From the price action, the index tested the Fibonacci extension. It is falling because the market has reached the overbought region.

USOIL – 1 Hour Chart

1-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. The index is now in the overbought region. The moving averages are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is trading in the overbought region. In the first uptrend, the market rose to level 77 of the RSI period 14. This causes the index to decline. Presently, WTI is rising marginally to revisit the previous highs.


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Dollar Recovers Following Solid PCE Inflation Data

29 October 2021 | Updated: 29 October 2021

The dollar is attempting a broad recovery in the early US session, partly due to robust inflation statistics and partly due to month-end traffic. The greenback, on the other hand, has had a mixed week. The strongest currencies this week are the Australian dollar and the Swiss Franc, with the latter boosted by robust buying against the Euro.

The yen is currently the weakest currency and will most likely remain such. Both the euro and the Canadian dollar are weak as a result of their respective central banks’ failure to generate sustained buying.

In September, personal income in the United States fell -1.0 percent mom, or USD 216.2 billion, far worse than the expected 0.1 percent mom increase. Personal spending increased by 0.6 percent, or USD 93.4 billion, which was in line with estimates.

Headline PCE inflation increased to 4.4 percent YoY, which was lower than the 4.7 percent YoY forecast. The core PCE price index remained constant at 3.6 percent year over year, falling short of expectations of 3.7 percent year over year.

Higher Rates, Stable Inflation Pushes the US Dollar Index Higher

The US Dollar Index (DXY), which measures the value of the dollar against a basket of major currencies, is accelerating its daily recovery and flirting with the 100-hour SMA near 93.80 on Friday. Based on rising US rates and persistently high US inflation, the index extends its recovery from the 93.30 level and manages to move to the 93.75/80 band by the conclusion of the week.

In reality, yields in the front end and belly of the curve raise the leg to roughly 0.55 percent and 1.62 percent, respectively, while the long end clings to the positive territory around 1.98 percent.

After US inflation numbers tracked by the PCE rose 4.4 percent in a year to September, while the Core PCE rose 3.6 percent and matched August’s reading, the index gained traction. Personal Spending up 0.6 percent month over month, while Personal Income decreased 1.0 percent from the previous month.

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EURJPY Confronts Resistance Near 133.00 As ECB Fails To Boost Euro

29 October 2021 | Updated: 29 October 2021

EURJPY Price Analysis – October 29

After rising from weekly lows in the mid-131.00s, the EURJPY surge faced its first hurdle near 133.00 at the close of the week. Nonetheless, sellers have returned to the market, dragging the pair back into negative territory. The ECB meeting on Thursday did not produce any new decisions, as predicted; but, the Euro reacted sharply to Lagarde’s lack of clarity in statements about current market pricing.

Key Levels
Resistance Levels: 134.15, 133.47, 132.91
Support Levels: 131.50, 130.75, 130.00
EURJPY Long term Trend: Ranging
The EURJPY’s daily chart shows multiple cycles, emphasizing the fractal character of the market action. As a result, further fall is probable, and the cross might drop as low as the 131.50 zones. If the selling pressure abates, the next major resistance region will be near the 122.87 level.

Given the ongoing trend, the bullish outlook for EURJPY is expected to remain constant as long as it remains above the ascending trendline support at 127.93. In contrast, there is a somewhat strong contention region in the 132.50/91 band ahead of the 133.50 level.
EURJPY Short term Trend: Ranging
EURJPY remains in consolidation from level 133.47, with an initial neutral intraday bias. Below the retreat, support levels of above 131.50 should be sought to carry another rally. On the upside, a breach of 132.91 targets a 100 percent projection of 127.93 to 130.50 levels from 128.58 levels to 133.47 levels.

Nonetheless, a break of the 131.50 level could indicate short-term topping and a tilt to the downside for a pullback. While the cross may enter a brief period of stability in the immediate term, the additional decline should not be ruled out.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

 
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Gold (XAUUSD) consolidates above $1,775 as bulls resume upward move

29 October 2021 | Updated: 29 October 2021

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Ranging
Gold (XAUUSD) is falling after rejection from the $1,820 resistance zone. Today, the bears are attempting to break below the moving averages. Since July 15, buyers have failed to keep the price above the $1,820 overhead resistance. In previous price action, the bears broke below the moving averages to reach the low of $1,728. Today, if the bears succeed in breaking below the moving averages, the market will decline to level $1,728.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend. Gold is at level 49 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand.

XAUUSD – Daily Chart

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the Gold is in a downward move. The price broke below the moving averages to reach the low of level $1,775. Meanwhile, on October 28 downtrend; a retraced candle body tested the 50 % Fibonacci retracement level. The retracement indicates that Gold will fall to level 2.0 Fibonacci extension or $1,775.20.

XAUUSD – 30 Mins Chart

4-hour Chart Indicators Reading
Gold is below the 20% range of the daily stochastic. Gold has fallen to the oversold region of the market. Buyers are expected to emerge in the oversold region of the market. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend. Gold is above the 25% range of the daily stochastic.

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price has reached bearish exhaustion. The Fibonacci tool has confirmed that Gold price will fall to level 2.0 Fibonacci extension or $1,775.20. From the price action, the Gold price has tested the Fibonacci level and has resumed consolidation.

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