ADP Non-Farm Employment Change

The EUR/USD was closed at $1.1901 after placing a high of $1.1930 and a low of $1.1878. EUR/USD pair continued its bearish stance and dropped for 4th consecutive session on Tuesday amid the strength in the U.S. dollar. The single currency Euro weakened against the U.S. dollar on Tuesday as the range of economic data came in negative on the day.

At the same time, the U.S. dollar was supported by the risk-off mood sentiment of the market due to its demand as a haven currency. The risk-off market sentiment emerged after the latest Delta variant of the coronavirus pushed another wave of coronavirus, specifically in the Asia-Pacific region of the world. Countries across the region started imposing fresh lockdown restrictions as coronavirus cases were on the surge continuously. The fears that economic recovery could disrupt because of the new lockdowns raised the demand for safe-haven that added strength to the U.S. dollar and added extra weight on riskier assets like EUR/USD pair.

On the data front, at 11:00 GMT, the German Prelim CPI remained flat with the expectations of 0.4%. At 12:00 GMT, the Spanish Flash CPI for the year dropped to 2.6% against the expectations of 2.7% and weighed on single currency Euro that added loss in EUR/USD pair. From the U.S. front, at 18:00 GMT, the Housing Price Index for April surged to 1.8% against the predicted 1.5% and supported the U.S. dollar that added further loss in EUR/USD. The S&P/CS Composite-20 HPI for the year remained flat with projections of 14.9%. Meanwhile, the single currency Euro was under pressure despite the reopening of the economy that has boosted the Eurozone economy in the second quarter of this year. The rising consumption and investments after reopening translate to a better picture of the economy; however, the disruption in the supply side seems to be holding back the strong recovery. As a result, Euro remains on the back foot against the U.S. dollar and keeps EUR/USD pair lower.

Conversely, the U.S. dollar strengthened due to the more hawkish tone by the Federal Reserve in its latest policy meeting this month. Two weeks ago, the central bank of the United States signalled to increase interest rates for the first time after the pandemic by the end of 2023 to 0.65 from the current 0.25%. Additionally, the Fed said that it would keep a close eye on economic data to decide the time of starting decreasing its monthly asset purchases of $120 billion. These comments from Fed added strength to the U.S. dollar. It was further accelerated on Tuesday as investors were now awaiting the release of the U.S. Non-Farm Employment figures from the Labour Department that could lay down support for the hawkish tone portrayed by the Fed. The U.S. Dollar Index reached above 92 levels on Tuesday and dragged EUR/USD pair downwards.

EUR/USD Intraday Technical Levels

Support Resistance

1.1876 1.1928

1.1851 1.1955

1.1824 1.1980

Pivot Point: 1.1903

EUR/USD - Technical Outlook

The EUR/USD is trading choppy but with a slight bearish bias at the 1.1894 level. The direct currency pair may face resistance at the 1.1916 level that's being extended by a 23.6% Fibonacci retracement level. On the higher side, a breakout of 1.1916 level extends pair towards next resistance at 1.1960 level (the 38.2% Fibonacci level). However, the 50 periods EMA will be there to extend resistance at the 1.1958 mark. Conversely, the 1.1879 support level breakout can expose the EUR/USD pair towards 1.1848 and 1.1824 levels today. Let's keep an eye on ADP Non-Farm Employment Change as this may drive further trends in the EUR/USD pair today. All the best!

Bitcoin Complete 23.6% Fibonacci Correction

The BTC/USD was closed at $35,895.9 after placing a high of $36,411.0 and a low of $34,316.7. Bitcoin rose on Tuesday and peaked since June 18 despite the strong comeback in the U.S. dollar. On Tuesday, U.S. Senator Cynthia Lummis suggested Americans consider cryptocurrency as a way to diversify their retirement and long-term savings as she was also doing the same. She revealed that she was holding about five BTC and the first bitcoin she ever purchased was about $330. Lummis encouraged people to buy and hold bitcoin and other cryptocurrencies as savings for their future.

Cynthia Lummis suggested people save their retirement money in bitcoin as it was one of the strongest stores of value for the long run. She said that having retirement money denominated in the U.S. dollar is something to worry about as asset allocation should be diversified. Furthermore, Robert Kiyosaki, the highly successful author of the “Rich Dad Poor Dad” series of personal finance books, has recommended buying bitcoin, gold, and silver ahead of what he believes to be going the biggest crash in world history.

In a tweet, Kiyosaki said that the next market crash would be a long one, but he also noted that the best time to get rich was during a crash. He suggested his followers get more hold of gold, bitcoin, and silver if they can to stay ahead of the financial downturn. Kiyosaki has been forecasting a market crash for a while now. In December 2020, he revealed that he was glad that he bought BTC at $19,000 as he accurately predicted that a wall of institutional money was coming in 2021, and then BTC reached $55,000. After few months, bitcoin hit a new all-time high at $64,000 before crashing down to $30,000, and it has been subsequently recovering.

On the other hand, Cathie Wood’s Ark Investment Management was confident that it might get approval from the SEC and joined the list of growing companies seeking to launch a bitcoin exchange-traded fund. The SEC revealed that Ark Invest has teamed up with European exchange-traded product issuer 21 Shares to apply for a Bitcoin product.

Moreover, the U.S. Dollar Index that measures the greenback value against the basket of six major currencies rose on Tuesday and reached above 92 handles, that added strength to the U.S. dollar. The rising prices of the greenback could be attributed to the fresh risk-off market sentiment driven by the fears of a new wave of the coronavirus pandemic that was accelerated by the highly contagious Delta variant of the virus.

Meanwhile, the U.S. dollar was also strong because of the latest hawkish tone portrayed by the Federal Reserve in its policy meeting. The strength in the U.S. dollar on Tuesday kept a cap on the gains of BTC/USD.

BTC/USD Intraday Technical Levels

Support Resistance

34671.4 36765.7

33446.9 37635.5

32577.1 38860.1

Pivot Point: 35541.2

BTC/USD - Technical Outlook

The BTC/USD pair is trading with a bullish bias at 34,958 level, dropping after testing the strong resistance area of 36,665. The BTC/USD has completed 23.6% Fibonacci retracement daily, and the closing of candles below this level supports selling bias in Bitcoin. The 50 periods EMA extends resistance at 37,648 level while the MACD is still holding below 0 levels, demonstrating bearish bias among investors. On the higher side, the breakout of 36,665 level can expose Bitcoin price towards 37,650 and 40,930 (38.2% Fibonacci Retracement) level. All the best!

50 EMA Supports Japanese Yen

The USD/JPY was closed at $110.77 after placing a high of $110.99 and a low of $110.48. USD/JPY extended its loss on Friday but remained positive for the third consecutive week. After spending half of the day in a relatively tight range below $110, the USD/JPY currency pair lost its traction and fell to its fresh daily low at 110.48. The recent pressure was driven by the weak U.S. dollar and the rising risk-off market sentiment that dragged the USD/JPY pair on Friday.

On the data front, at 17:30 GMT, the Core PCE Price Index fell to 0.5% against the predicted 0.6% and weighed on the U.S. dollar that added further loss in the USD/JPY pair. In May, the Personal Income declined to -2.0% against the estimated -2.5% and supported the U.S. dollar that limited the decline in the USD/JPY pair. However, Personal Spending fell to 0.0% against the projected 0.4% and weighed on the U.S. dollar that dragged the USD/JPY lower. At 19:00 GMT, the Revised UoM Consumer Sentiment dropped to 85.5 against the projected 86.5 and weighed on the U.S. dollar that further caped loss in USD/JPY. The Revised UoM Inflation Expectations remained flat at 4.2%.

From the Japanese side, at 04:30 GMT, the Tokyo Core CPI for the year rose to 0.0% against the forecasted -0.1% and pushed JPY higher that also supported the declining prices of USD/JPY on Friday. The two primary data figures under close observation by the investors, including the Core PCE Price Index for determining the inflation position of the country and Revised UoM Consumer Sentiment, came in against the U.S. dollar and made it weak against its rival currencies. The U.S. Dollar Index also remained flat throughout the day at 91.85 level and added further weakness in the greenback that drove USD/JPY lower for the day.

Furthermore, the U.S. dollar was also weak because of the recent announcement from U.S. President Joe Biden that a bipartisan group of senators had reached a deal on an infrastructure plan for the nation worth $1.2 trillion. As the debts will fund this amount, it weighed heavily on the U.S. dollar and added further losses in the USD/JPY pair.

Apart from the weakness of the U.S. dollar, the rising risk-off market sentiment in the market also played an essential role in dragging the USD/JPY pair downwards. The increasing number of coronavirus cases and deaths in the Asia-Pacific region of the world due to another wave of coronavirus prompted many countries to renew lockdown measures and restrictions. Indonesia saw more than 24,000 cases in a single day, while Moscow recorded 144 deaths in 24 hours. This added in the risk-off market sentiment and helped the Japanese Yen gather strength against the U.S. dollar, which ultimately added further loss in the USD/JPY pair.

EURUSD Intraday Technical Levels

Support Resistance

110.77 110.85

110.71 110.89

110.68 110.94

Pivot Point: 110.80

USD/JPY - Technical Outlook

The USD/JPY is trading at the 110.650 level, gaining support at the 50 periods moving average area of 110.480. On the 4 hour timeframe, the USD/JPY faces immediate resistance at the 111.053 level, where a bullish breakout of this level can lead its price towards the 111.450 level. On the 4 hour timeframe, the USD/JPY has formed an upward channel, and the closing of candles inside this supports bullish bias among investors. The MACD and 50 moving periods are also supporting an upward trend in the USD/JPY pair. Let’s keep an eye on the 110.80 resistance level today, as a bullish breakout can expose the pair towards the next resistance level of 111.053 level. All the best!

Sideway Channel Continues to Play!

Gold prices were closed at $1777.80 after placing a high of $1791.00 and a low of $1773.60. Gold remained on a positive note during the trading session on Friday and posted its first weekly gain in four.

Since its sudden fall from the $1900 level, gold remained on a positive foot this week. However, the difference was very low compared to the steep fall in gold prices during previous weeks. The positive shift in gold was driven by the recent deal on U.S. infrastructure spending that made U.S. dollar weak. Meanwhile, the inflation data also added pressure on the U.S. dollar and helped gold prices to stage a rebound.

On Thursday, President Biden and a bipartisan group of centrist senators reached a deal on an infrastructure plan for the nation worth $1.2 trillion. This spending plan helped bullion gather strength against the U.S. dollar as it has to be financed to a substantial range with higher debts that could weigh on the greenback. The progress on the plan extended weight on the U.S. dollar, and hence, gold moved higher.

Meanwhile, the gains in gold remained limited as the bullion was under pressure from last week's U.S. Federal Reserve statement. The Fed maintained a surprisingly hawkish tone and said that it would raise its interest rates two times in 2023 and look out for the data to find ways to start tapering the asset purchases. On the data front, at 17:30 GMT, the Core PCE Price Index dropped to 0.5% against the expected 0.6% and weighed on the U.S. dollar that added further gains in gold prices. In May, the Personal Income dropped to -2.0% against the forecasted -2.5% and supported the U.S. dollar that limited the rising price of gold. However, Personal Spending declined to 0.0% against the expected 0.4% and weighed on the U.S. dollar that pushed gold higher.

At 19:00 GMT, the Revised UoM Consumer Sentiment fell to 85.5 against the predicted 86.5 and weighed on the U.S. dollar, adding further upside momentum in gold. The Revised UoM Inflation Expectations remained flat at 4.2%. The key U.S. inflation gauge monitored by the Federal Reserve dropped in May and weighed on the greenback along with the Personal Income and Consumer Sentiment. However, Personal Spending remained in favour of the U.S. dollar but failed to keep the greenback higher against the bullion on Friday.

As Fed's chairman Jerome Powell has said that rising prices will not be the only determinant of interest rates decisions by the Fed, the two Fed officials still warned on Friday that inflation could surge more than policymakers' forecasts in the near term. These mixed signals from Fed kept gold prices under pressure as gold is considered an inflation hedge, and it also benefits from a lower interest rate environment. The opportunity cost of holding bullion was often reduced in such circumstances and proved beneficial to gold.

Furthermore, the rise in gold prices during the week could also be attributed to the increase in coronavirus cases from different countries worldwide, especially in the Asia-Pacific region. A fresh wave of coronavirus started in the Asia-Pacific region and caused its countries to re-impose restrictions to control the spread of the virus.

According to World Health Organization, the Delta coronavirus variant has spread in more than 85 countries, and it is the most contagious of any variant of COVID-19 so far identified. The pandemic has killed about 4 million people worldwide; however, the vaccination has helped reduce the number of cases in many wealthy nations, while the Delta variant of COVID-19 remains a concern. Indonesia saw more than 21,000 cases in a single day, and Moscow recorded 144 COVID-19 deaths in a single day, which resulted in fresh lockdown measures in many countries belonging to the region. This helped gold prices remain on the green note as the safe-haven status of bullion emerged in the market with the rising number of coronavirus cases.

Gold Intraday Technical Level

Support Resistance

1769.30 1784.80

1763.35 1794.35

1753.80 1800.30

Pivot Point: 1778.85

Gold - XAU/USD - Technical Outlook

Gold price continues to trade choppy at a 1,783 level, maintaining a narrow trading range of 1,796 – 1,765 levels. On Monday, the U.S. economy isn’t expected to release any high impact economic event, therefore, the odds of a breakout or a price action seems pretty low. Technically, the precious metal gold has completed 61.8% Fibonacci retracement level at 1,769 and this level continues to support gold price today. On the daily timeframe, the Fibonacci indicator offers resistance at 1,795 and 1,822, which are extended by 50% and 38.2% Fibonacci retracement levels. The leading indicator, such as MACD, is still holding below 0, supporting a selling bias in gold. Furthermore, the 50 periods EMA is extending resistance at 1,821 level, and below this, the selling pressure remains strong. All the best!

50 EMA & Downward Trendline Pressures Bitcoin!

The BTC/USD was closed at $34656.6 after placing a high of $35137.2 and a low of $32530.0. Bitcoin extended its rally for the third consecutive session and moved higher above the $35,000 level on Thursday. The latest news that encouraged the upward momentum in bitcoin was that Brazil had become the second country inside America to launch a bitcoin exchange-traded fund. The Securities and Exchange Commission of Brazil authorized QR Capital's bitcoin ETF to begin trading on the Sao Paulo-based B3 exchange. This news added strength to the already increasing prices of BTC/USD on Thursday.

On the other hand, the U.S. Securities and Exchange Commission has still not approved a bitcoin exchange-traded fund as it recently delayed its rulings for the second time on VanEck. The global reach of cryptocurrencies extends with exchange-traded funds in Canada and Brazil, while the United States is struggling with deciding in favor of ETFs.

Meanwhile, according to a report on Bloomberg, the Winklevoss twins, including Tyler and Cameron Winklevoss, acquired $4 Million in carbon credits through the cryptocurrency exchange they founded, Gemini. The purchase was made to counterbalance the bitcoin held in custody at the exchange. This came in after Tesla CEO Elon Musk highlighted bitcoin's carbon footprint in May, triggering a bearish trend in the whole crypto market.

On the other hand, the President of El Salvador, Nayib Bukele, defended and explained the Bitcoin law. Some analysts say that he explained the law in a way that left a little doubt behind; however, some analysts praised it and said that the law was thorough and was made while keeping in mind all kinds of people, including people without bank accounts.

Furthermore, the New York Digital Investment Group has announced its partnership with Q2, and a firm specialized in providing digital services to financial institutions. The partnership was made to provide access to bitcoin for bank holders in the United States. The partnership will potentially provide services including buying, selling, and holding of bitcoin to about 18.3 million bank customers in America.

Additionally, the American University of Paraguay said that it will now accept payments in bitcoin and other cryptocurrencies from August 1, 2021. The university is one of the most prestigious educational centers and has been in operation for over 30 years. The university did not reveal the technical background of accepting and holding the payments, but the university said it would accept cryptocurrency payments, including bitcoin. This news also added to the strength of the BTC/USD on Thursday.

BTC/USD Intraday Technical Levels

Support Resistance

33078.6 35685.8

31500.7 36715.1

30471.4 38293.0

Pivot Point: 34107.9

BTC/USD - Technical Outlook

The leading cryptocurrency pair BTC/USD is trading with a bullish bias at 34,612 level on Monday. During the weekend, Bitcoin exhibited solid bullish bias, having soared from 32,494 support level to the resistance level of 35,494. For the moment, Bitcoin is facing strong resistance at the 35,494 level, and break out of this level can expose its price towards the next resistance level of 37,875. At the same time, the support level continues to hold around 32,494 levels. The MACD and 50 EMA support upward trends in Bitcoin and the violation of a descending trendline also supports bullish bias today. All the best!

UoM Consumer Sentiment!

Gold prices were closed at $1775.25 after placing a high of $1778.40 and a low of $1772.90. Gold came under fresh pressure on Thursday after the United States President Joe Biden and a bipartisan group of senators seized a deal on an infrastructure plan. The U.S. Dollar Index that measures the greenback value against the basket of six major currencies remained firm onboard despite poor-than-expected macroeconomic data from the economic docket. The DXY reached 92 levels at 91.91 level amid the recent agreement between the U.S. President and a bipartisan group and kept gold under pressure.

On Thursday, a bipartisan deal on infrastructure emerged in the U.S. Senate and was accepted by U.S. President Joe Biden and a bipartisan group. They reached an agreement on a $1.2 trillion infrastructure plan which was a rare breakthrough as Washington was deeply divided and was facing a complicated path to passage in Congress. Biden excitedly announced that a group of senators, including five Democrats and five Republican officials, have come together and agreed on an infrastructure agreement that is expected to create millions of jobs for Americans. The agreement includes traditional infrastructure spending on roads and bridges and new-transport-related items such as a national network of electric vehicle chargers. After this announcement, the U.S. dollar gathered strength in the hopes of economic growth associated with economic development. The strong U.S. dollar then added pressure on yellow metal's prices and dragged them downwards.

At 17:30 GMT, the Final GDP for the quarter remained flat, with the expectations at 6.4% on the data front. The Unemployment Claims from last week soared to 411K against the expected 382K and weighed on the U.S. dollar that capped further losses in gold. The Core Durable Goods Orders declined to 0.3% against the expected 0.8% and weighed on the U.S. dollar and limited the decline in gold prices. The Durable Goods Orders also fell to 2.3% against the forecasted 2.9% and weighed on the U.S. dollar and limited the loss in gold. The Goods Trade Balance remained unchanged at -88.1B. The Prelim Wholesale Inventories rose to 1.1% against the projected 0.8% and weighed on the U.S. dollar that kept gold supportive. At 17:36 GMT, the Final GDP Price Index for the quarter remained flat with the forecasts of 4.3%.

Meanwhile, the Atlanta Federal Reserve President Raphael Bostic said that a spell of high inflation in the United States could last as long as nine months; however, the central bank should still avoid declaring victory too soon in the battle to regain 7.5M jobs lost during the pandemic. Bostic added that the recent jump in the prices was temporary, but it will go a little longer than the expectations of the Fed.

On the other hand, the New York Federal Reserve Bank President John Williams said that the U.S. economy was still far from maximum employment on Thursday, and it was not the time to change interest rates. He added that once the recovery was completed and the economy reached a good place, the lower interest rates would be set to lift back to normal levels. These comments from Fed officials added some pressure on the U.S. dollar and kept losses in gold checked for the day.

Gold Intraday Technical Level

Support Resistance

1769.30 1784.80

1763.35 1794.35

1753.80 1800.30

Pivot Point: 1778.85

Gold - XAU/USD - Technical Outlook

On Friday, the precious metal gold is trading at a 1,776 level, trading between a tight trading range of 1,796 – 1,765 levels. Gold fails to violate as the GDP figure didn't show any surprise and came out precisely as analysts forecasted. A few days ago, gold completed 61.8% Fibonacci retracement level, and this level is still intact despite the release of high impact events like GDP. On the daily timeframe, the Fibonacci indicator offers resistance at 1,795 and 1,822, which are extended by 50% and 38.2% Fibonacci retracement levels. The leading indicator, such as MACD, is still holding below 0, supporting a selling bias in gold. Furthermore, the 50 periods EMA is extending resistance at 1,821 level, and below this, the selling pressure remains strong. All the best!

UoM Consumer Sentiment in Focus!

The EUR/USD closed at $1.1930 after placing a high of $1.1957 and a low of $1.1918. EUR/USD extended its losses for the second consecutive session but remained flat throughout the day. Despite the stronger than expected economic data from the European side and poor-than-expected economic figures from the U.S. side, the currency pair EUR/USD remained under pressure mainly due to the comeback in the U.S. dollar.

The U.S. dollar was strong across the board as the U.S. President announced that they had touched a bipartisan deal on the $1.2 trillion infrastructure spending plan. The agreement includes traditional infrastructural spending on roads, bridges, and a project to introduce a nationwide electrical vehicle charger. The strength of the greenback kept the EUR/USD currency pair under pressure throughout Thursday. On the data front, at 13:00 GMT, the German IFO Business Climate for June surged to 101.8 against the forecasted 100.8 and supported the single currency Euro that capped further loss in EUR/USD pair. At 17:56 GMT, the Belgian NBB Business Climate also rose to 9.8 against the forecasted 8.5 and supported Euro that capped further loss in EUR/USD currency pair.

At 17:30 GMT, the quarter's final GDP remained unchanged, with the estimations at 6.4%. The Unemployment Claims from last week soared to 411K against the projected 382K and weighed on the U.S. dollar that capped further losses in EUR/USD pair. The Core Durable Goods Orders dropped to 0.3% against the predicted 0.8% and weighed on the U.S. dollar that kept loss in EUR/USD checked. The Durable Goods Orders also dropped to 2.3% against the anticipated 2.9% and weighed on the U.S. dollar. The Goods Trade Balance remained flat at -88.1B. The Prelim Wholesale Inventories surged to 1.1% against the predicted 0.8% and weighed the U.S. dollar that kept EUR/USD currency pair under pressure. At 17:36 GMT, the Final GDP Price Index for the quarter remained flat with the expectations of 4.3%.

Meanwhile, another reason behind the declining prices of EUR/USD could be the spread of the Delta coronavirus variant in the continent. German Chancellor Angela Merkel warned that Europe was on thin ice as the Delta variant of coronavirus was spreading fast on the continent. This warning came in after the health officials from Europe suggested that the variant would account for 90% of the cases in Europe by late August. Delta variant is considered 40-60% more transmissible than the Alpha variant first discovered in the U.K. and hit Europe hard early this year. This warning added pressure on the single currency Euro and kept EUR/USD pair under pressure on Thursday.

EURUSD Intraday Technical Levels

Support Resistance

1.1913 1.1952

1.1896 1.1974

1.1873 1.1992

Pivot Point: 1.1935

**

EUR/USD - Technical Outlook**

The EUR/USD is trading choppy but with a slight bullish bias at the 1.1941 level. The direct currency pair may face resistance at the 1.1958 level that's being extended by a 38.2% Fibonacci retracement level. On the higher side, a breakout of 1.1958 level extends resistance at 1.1990 level (the 50% Fibonacci level). However, the 50 periods EMA will be there to extend resistance at the 1.1958 mark. Conversely, the 1.1916 support level breakout can expose the EUR/USD pair towards 1.1881 and 1.1848 level today. Let's keep an eye on the UoM consumer sentiment as this can trigger a breakout and drive further trends in the EUR/USD pair. All the best!

50 EMA & Downward Trendline Pressures Bitcoin!

The BTC/USD was closed at $34656.6 after placing a high of $35137.2 and a low of $32530.0. Bitcoin extended its rally for the third consecutive session and moved higher above the $35,000 level on Thursday. The latest news that encouraged the upward momentum in bitcoin was that Brazil had become the second country inside America to launch a bitcoin exchange-traded fund. The Securities and Exchange Commission of Brazil authorized QR Capital's bitcoin ETF to begin trading on the Sao Paulo-based B3 exchange. This news added strength to the already increasing prices of BTC/USD on Thursday.

On the other hand, the U.S. Securities and Exchange Commission has still not approved a bitcoin exchange-traded fund as it recently delayed its rulings for the second time on VanEck. The global reach of cryptocurrencies extends with exchange-traded funds in Canada and Brazil, while the United States is struggling with deciding in favor of ETFs.

Meanwhile, according to a report on Bloomberg, the Winklevoss twins, including Tyler and Cameron Winklevoss, acquired $4 Million in carbon credits through the cryptocurrency exchange they founded, Gemini. The purchase was made to counterbalance the bitcoin held in custody at the exchange. This came in after Tesla CEO Elon Musk highlighted bitcoin's carbon footprint in May, triggering a bearish trend in the whole crypto market.

On the other hand, the President of El Salvador, Nayib Bukele, defended and explained the Bitcoin law. Some analysts say that he explained the law in a way that left a little doubt behind; however, some analysts praised it and said that the law was thorough and was made while keeping in mind all kinds of people, including people without bank accounts.

Furthermore, the New York Digital Investment Group has announced its partnership with Q2, and a firm specialized in providing digital services to financial institutions. The partnership was made to provide access to bitcoin for bank holders in the United States. The partnership will potentially provide services including buying, selling, and holding of bitcoin to about 18.3 million bank customers in America.

Additionally, the American University of Paraguay said that it will now accept payments in bitcoin and other cryptocurrencies from August 1, 2021. The university is one of the most prestigious educational centers and has been in operation for over 30 years. The university did not reveal the technical background of accepting and holding the payments, but the university said it would accept cryptocurrency payments, including bitcoin. This news also added to the strength of the BTC/USD on Thursday.

BTC/USD Intraday Technical Levels

Support Resistance

33078.6 35685.8

31500.7 36715.1

30471.4 38293.0

Pivot Point: 34107.9

BTC/USD - Technical Outlook

The BTC/USD pair has soared to 34,112 level, having bounced off the support level of 32,495. On the 4 hour timeframe, the downward trendline is extending resistance at 35,290 level. It's the same level that's being extended by the 50 periods EMA, and the closing of Doji candles is supporting odds of bearish bias. Today, the investor's focus will be on an immediate resistance area of 35,290, as this bearish bias seems strong. On the downside, the support stays at 32,495 areas, and a bearish breakout can expose BTC towards a 29,562 level. The MACD is holding right below 0 marks, and traders will be keeping an eye on it for a crossover. In case of a bullish crossover, the BTC/USD's next resistance stays at 36,665 and 38,765. All the best!

Eyes on Final GDP q/q

Gold was closed at $1777.30 after placing a high of $1795.45 and a low of $1773.25. Gold prices surged during the early trading session on Wednesday; however, it could not remain higher for longer and reversed its course on the late trading hours. Hence, the yellow metal remained flat throughout the day as it ended the session at the same level it started its day with.

The U.S. Dollar Index that measures the greenback value against the basket of six major currencies, ended its day with minor gains at 91.80. The greenback remained under pressure after Fed Chair Jerome Powell reassured markets and said that the central bank would continue to watch a broad set of market data related to jobs for assessing the economic recovery from the pandemic rather than rising interest rates based on fear of inflation. Whereas, the U.S. Treasury Yield on 10-year note also inched higher but remained well below the 1.5% mark that caused a muted trading for the day.

On the data front, at 17:30 GMT, the Current Account from the U.S. showed a deficit of -196B against the expected -250B and supported the U.S. dollar that added pressure on gold. At 18:45 GMT, the Flash Manufacturing PMI surged to 62.6 against the forecasted 61.5 and helped the U.S. dollar that also weighed on the yellow metal. The Flash Services PMI declined to 64.8 against the forecasted 70.0 and weighed on the U.S. dollar that added gains in the yellow metal. At 19:00 GMT, the New Home Sales dropped to 769K against the projected 864K and weighed on the U.S. dollar that pushed gold higher.

According to the Atlanta Fed President Raphael Bostic, the growth rose to an estimated 7% this year, and inflation was well above the target set by the Fed of 2%; he expected an interest rate hike in late 2022. Lower interest rates support the precious metal gold as it suggests reduced opportunity cost of holding bullion that pays no interest. After Fed reiterated a more hawkish tone last week in its monetary policy meeting, the yellow metal came under pressure and declined since then. However, the poor-than-expected Services PMI data from the U.S. reversed the movement of gold, and the yellow metal started to rise again on Wednesday.

Meanwhile, on Wednesday, Fed Governor Michelle Bowman said that the recent price increase would prove temporary. Rather than inflation being there for two to three months, it could be extended to six to nine months. Bowman added in her remarks to a Cleveland Federal Reserve Bank Conference and said that she acknowledged that prices were moving higher by the disrupted supply chains and rising demand as the economy was reopening. However, she was hopeful that these temporary factors should ease eventually. However, she was also concerned that it might take longer than anticipated for inflation to fade away.

Gold Intraday Technical Level

Support Resistance

1768.55 1790.75

1759.80 1804.20

1746.35 1812.95

Pivot Point: 1782.00

Gold - XAU/USD - Technical Outlook

On Thursday, the price of gold hasn't changed a lot as the investors seem to wait for the major economic release. It looks like today is the day for a breakout as the U.S. economy will release its Final GDP data. The focus will remain on the U.S. final GDP figures, and the U.S. economy is expected to grow at a steady pace of 6.4%. Any significant change in GDP has the potential to drive dramatic price action in gold. Gold continues to trade in a narrow trading range of 1,796 – 1,765 levels. On the 4-hour timeframe, gold has already completed 61.8% Fibonacci retracement level, and this level is still intact. On the daily timeframe, the Fibonacci tool is still offering an immediate resistance at 1,795 and 1,822 that's extended by 50% and 38.2% Fibonacci retracement levels. The leading indicator, such as MACD, is still holding below 0, supporting a selling bias in gold. Furthermore, the 50 periods EMA is extending resistance at 1,821 level, and below this, the selling pressure remains strong. All the best!

German Ifo Business Climate Eyed!

The EUR/USD closed at $1.1925 after placing a high of$1.1970 and a low of $1.1911. After soaring for two consecutive sessions, the EUR/USD pair dropped on Wednesday amid the rising greenback despite a better than expected economic data release from Europe. The U.S. Dollar Index that measures the greenback value against its rival currencies placed minor gains for the day amid recent positive developments surrounding the Fed's decision to hike interest rate and taper monetary measures. However, on Wednesday, the DXY remained a little stressed due to the latest comments from Fed Chair Jerome Powell, who said that the decision to raise interest rates could not be determined only on inflation fears as other factors also contribute to it. Moreover, the DXY remained close to the 91.80 level and kept on pressuring EUR/USD currency pair on the day.

Furthermore, the U.S. Treasury yield on a 10-year note remained steady throughout the day between 1.46% and 1.48% that kept indexes at Wall Street under pressure. Nasdaq hit a new record high before trimming gains, whereas Dow Jones dropped by 0.05%. The recent correction in the equity market limited the decline in the U.S. dollar that kept EUR/USD pair under pressure throughout Wednesday's trading session.

On the data front, at 12:15 GMT, the French Flash Manufacturing PMI for June dropped to 58.6 against the projected 59.0 and weighed on Euro that added further losses in EUR/USD pair. The French Flash Services PMI also fell to 57.4 against the forecasted 59.6 and weighed the single currency Euro that dragged EUR/USD lower. At 12:30 GMT, the German Flash Manufacturing PMI raised to 64.9 against the projected 63.0 and supported Euro that capped further losses in EUR/USD. The German Flash Services PMI rose to 58.1 against the predicted 55.8 and supported Euro, limiting the loss in EUR/USD. The Flash Manufacturing PMI from the whole bloc also surged to 63.1 against the expected 62.4 and supported Euro that kept EUR/USD from falling further. At 13:00 GMT, the Flash Services PMI remained flat with the expectations of 58.0.

From the U.S. side, at 17:30 GMT, the Current Account from the U.S. showed a deficit of -196B against the expected -250B and supported the U.S. dollar that added pressure on EUR/USD. At 18:45 GMT, the Flash Manufacturing PMI rose to 62.6 against the anticipated 61.5 and helped the U.S. dollar, which also weighed EUR/USD. The Flash Services PMI dropped to 64.8 against the predicted 70.0 and weighed on the U.S. dollar that further caped loss in the EUR/USD. At 19:00 GMT, the New Home Sales fell to 769K against the predicted 864K and weighed on the U.S. dollar that limited downward pressure on EUR/USD.

EURUSD Intraday Technical Levels

Support Resistance

1.1900 1.1959

1.1876 1.1994

1.1840 1.2018

Pivot Point: 1.1935

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EUR/USD - Technical Outlook**

The EUR/USD is trading choppy at the 1.1933 level, facing immediate resistance at the 1.1960 level that's extended by 38.2% Fibonacci retracement level. The direct currency pair is gaining support at the previously placed low level of 1.1916 level, and the same level is also marked as a double bottom. On the 4-hour timeframe, the EUR/USD pair has formed neutral candles, suggesting indecision among investors. However, the series of events coming out from the U.S economy is likely to support the EUR/USD pair. Especially focus will remain on the Final GDP figures as this can drive sharp price action on its release. The MACD indicator is still holding below 0, suggesting a bearish bias. A bullish breakout of 1.1958 level can expose the pair towards 1.1990 and 1.2030 levels. All the best!