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📊 Bitcoin gained after U.S. CPI data and then lost According to Coinbase, Bitcoin's (BTC) price jumped above $59,000 on Thursday after the U.S. Consumer Price Index (CPI) report numbers came out lower than expected. However, BTCUSD then lost gains and finished the day down by 0.1%. 👉 Possible effects for traders U.S. annual inflation rate slowed towards 3% in June, fuelling hopes for an interest rate cut by the Federal Reserve (Fed) in September. The initial reaction in BTC was positive, as lower interest rates tend to make alternative investment assets, such as crypto, more attractive to long-term investors. However, BTCUSD failed to hold above the 59,000 mark. ‘When a market continues to sell off at a specific level, it has less to do with events, narratives, or fundamentals. Instead, a large seller perceives prices to be overvalued at that level’, said Markus Thielen, founder of 10x Research. Another reason why BTC has failed to rise on the soft CPI report may be related to the fact that U.S. technology stocks have outperformed the main cryptocurrency. Indeed, NASDAQ rose by some 5% over the past month, while BTC price was down by 18% over the same period. Investors may have been slowly moving their holding away from crypto into U.S. stocks. BTCUSD continued to fall during the Asian and early European trading sessions. Two U.S. releases—the U.S. Producer Price Index (PPI) report at 12:30 p.m. UTC and the Michigan Consumer Sentiment data at 3:00 p.m. UTC—may increase volatility in all USD pairs but are unlikely to change the general trend. Fundamentally, Bitcoin has been under considerable pressure, specifically due to a flood of supply from the sale of government holdings and the bankruptcy of the Mt. Gox exchange. Only a rise and a close above $59,000 will invalidate the underlying bearish technical trend. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

AUDUSD, 15-minute timeframe chart AUDUSD formed a bearish Evening Star pattern 👉Level explanation AUDUSD has been trading in a sideways market for the last couple of hours. Now, the price displays a bearish Evening Star pattern. The price is ready to drop. 👉Possible scenario The best way to use this opportunity is to place a Sell order at 0.67680. Set your stop loss at 0.67830 above the previous high ($1.50 loss for 0.01 lot) and take profit at 0.67530 ($1.50 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. The upcoming news will not influence your orders within the mentioned period. Some traders may close their positions on Friday, which can add more pressure to the market. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

XAUUSD, 15-minute timeframe chart XAUUSD formed a bullish Engulfing pattern 👉Level explanation XAUUSD has been under selling pressure within the last couple of hours. Now, the price displays a bullish Engulfing pattern. The price is ready to rise. 👉Possible scenario The best way to use this opportunity is to place a Buy order at 2,404.00. Set your stop loss at 2,396.00 below the previous low ($8.00 loss for 0.01 lot) and take profit at 2,416.00 ($12.00 profit for 0.01 lot). The risk-reward ratio for this order is 1:1.5. The upcoming news will not influence your orders within the mentioned period. Some traders may close their positions on Friday, which can add more pressure to the market. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

📊 Gold rocketed due to soft U.S. inflation data The gold (XAU) price rose by 1.85% yesterday, the largest daily increase since 1 March. Overall, XAUUSD continues to rise for the third consecutive week. 👉 Possible effects for traders The U.S. Consumer Price Index (CPI) report released on Thursday showed that U.S. consumer prices declined in June. The forecast for the CPI was at 3.1%, but the actual data showed 3%, which became a strong driver for XAUUSD growth. The annual increase in consumer prices was the smallest in a year. Gold has already reached $2,400, and as we approach lower interest rates, XAUUSD may set new record highs in the near future. Investors are now waiting for U.S. Producer Price Index (PPI) data today at 12:30 p.m. UTC. The PPI report may push the gold price further, above 2,400. As reported by Reuters, ‘San Francisco Fed Bank President Mary Daly on Thursday said that she expects further easing in both price pressures and the labour market to warrant interest rate cuts, while Chicago Fed Bank President Austan Goolsbee said the U.S. economy looks like it is back on track to 2% inflation’. According to the CME FedWatch Tool, the market now prices in a 93% possibility of a rate cut in September, compared to a 70% chance before the data was released. Gold fell slightly in the Asian and early European trading sessions as some investors began to take profits after the XAUUSD growth. Today's key data is the PPI report at 12:30 p.m. UTC, which can affect the pair. If the numbers are lower than expected, XAUUSD may rise further and reach 2,440. Otherwise, the price may return below 2,400. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

📊 The euro rose on soft U.S. CPI report EURUSD gained 0.35% on Thursday, breaking above the 1.08500 resistance level and briefly reaching the key 1.09000 level, following lower-than-expected U.S. Consumer Price Index (CPI) report data. 👉 Possible effects for traders U.S. inflation data released on Thursday indicated that U.S. consumer prices fell unexpectedly, with the lowest annual increase in a year. This development brings the Federal Reserve (Fed) one step closer to considering an interest rate reduction. The annual core inflation rate for U.S. consumer prices, excluding volatile items such as food and energy, continued to decline towards a three-year low of 3.3% in June 2024. The data was lower than the forecast of 3.4%, declining from a 3.4% rate in May. Monthly core consumer prices increased by 0.1% in June 2024 compared to the previous month, indicating a moderation from the 0.2% increase in May. The numbers were below market expectations of a 0.2% increase, marking the softest monthly increase in core prices since February 2021. San Francisco Fed President Mary Daly stated on Thursday that she anticipates further reduction in price pressures and softening of the labour market, which would justify interest rate cuts. Meanwhile, Chicago Fed Bank President Austen Goolsbee stated that the U.S. economy appears to be returning to a path towards 2% inflation. According to the CME FedWatch Tool, the chances of a rate cut in September increased towards 92.6%, compared to a 73.3% probability before the release of the CPI data. The U.S. Dollar Index (DXY) finished Thursday's trading session with a 0.46% decline. On Friday, EURUSD continued to move upwards during the Asian and early European trading sessions. The U.S. Producer Price Index (PPI) report will be released today at 12:30 p.m. UTC. A reading higher than expected would be bearish for EURUSD, while a lower-than-expected number would be positive for the currency pair. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

XAUUSD, 30-minute timeframe chart XAUUSD broke the resistance level of 2,369.50 👉General outlook XAUUSD has been under buying pressure within the last couple of hours. 👉Possible scenario The best way to use this opportunity is to place a Buy order at 2,371.50. Set your stop loss at 2,364.00 below the previous low ($7.50 loss for 0.01 lot) and take profit at 2,379.00 ($7.50 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. The upcoming news will not influence your orders within the mentioned period. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

📊 EUR weakens ahead of Powell's testimony EURUSD lost 0.09% on Tuesday, fluctuating between 1.08050 and 1.08300 in anticipation of Federal Reserve (Fed) Chairman Jerome Powell's testimony and possible clues on rate cuts. 👉 Possible effects for traders In his testimony yesterday, Powell refrained from providing a specific timeline for potential interest rate reductions, which investors anticipate may commence in September. However, he emphasised the indications of a cooling labour market following the nonfarm payroll (NFP) data on 5 July that revealed a third consecutive month of rising unemployment. ‘Elevated inflation is not the only risk we face’, Powell told the Senate Banking Committee. ‘The latest data show that labour-market conditions have now cooled considerably from where they were two years ago—and I wouldn’t have said that until the last couple of readings’, he later added. According to Powell, officials are becoming increasingly concerned about potential risks to the labour market from high borrowing costs as they seek further evidence that inflation is slowing. Fed Chair pointed out that cutting rates too early or too much could halt or reverse progress in reducing inflation, which has fallen from 7.1% in June 2022 to 2.6% in May 2024. ‘More good data would strengthen our confidence that inflation is moving sustainably toward 2%’, he said. The euro weakened after Monday's significant fluctuations as investors adjusted to a stalemate in the French parliament, indicating a potential impasse in political negotiations. Still, fiscal concerns arising from outright victories by far-right or far-left parties have reduced. French political leaders from the left-leaning bloc, which won most seats in Sunday's legislative elections, stated their intention to govern based on their taxation and spending plans. Meanwhile, centrist parties claimed a role due to the lack of a majority for the left. The European Central Bank (ECB) can continue to gradually lower interest rates without compromising the current decline in inflation, according to Fabio Panetta, a governing council member. The ECB reduced rates for the first time in June but hasn't explicitly committed to further monetary policy actions. The euro has been trading bullish today during Asian and early European trading sessions and has reached a 1.08200 resistance level, recovering from Tuesday's decline. Jerome Powell will continue to give a speech on U.S. monetary policy to Congress today at 2:00 p.m. UTC. Also, several other Fed officials will deliver their comments throughout the day, potentially impacting EURUSD. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

📊 CAD struggles to hold gains as BoC rate cut expectations rise The Canadian dollar (CAD) rose above 1.36400 against the U.S. dollar (USD) on Tuesday but failed to hold above the level and lost most gains by the end of the day. 👉 Possible effects for traders USDCAD has been moving in a bearish trend since mid-June. Still, the strong bullish impulse from last Friday remains intact, suggesting that the pair may continue rising in the short term. However, the latest Canadian macroeconomic statistics don't support the national currency. Concerns about a possible economic recession in Canada have risen after last week's data revealed a sharp rise in domestic unemployment. Meanwhile, the trade deficit has expanded to almost 2 billion Canadian dollars in May, much faster than the market expected. Investors now expect the Bank of Canada (BoC) to cut its base rate by 25 basis points (bps) in September. There is even a 50% chance that the central bank may deliver a rate cut at its July 24 meeting. Meanwhile, Federal Reserve (Fed) Chairman Jerome Powell appeared to have sounded less dovish than the market expected. In his remarks to the U.S. Senate Banking Committee, Powell said that a rate cut is not appropriate until the Fed gains ‘greater confidence’ that inflation moves toward the 2% inflation target. However, he pointed out that the U.S. is ‘no longer an overheated economy’, suggesting that rate hikes are not being discussed. Still, the market slightly lowered the probability of the rate cut in September, pulling the U.S. Dollar Index (DXY) and U.S. Treasury yields higher. USDCAD was essentially unchanged during the Asian and early European trading sessions. Jerome Powell will continue his monetary policy testimony before the Senate Banking Committee today at 2:00 p.m. UTC. Traders should pay close attention to his remarks as they might provide clues on future changes in U.S. monetary policy. However, the key event for the USDCAD is tomorrow's monthly U.S. Consumer Price Index (CPI) report. If inflation figures are lower than expected, it will fuel rate cut hopes, pushing USDCAD lower—probably towards 1.36000. Conversely, higher-than-expected results will have a strong bullish impact on the pair, possibly pulling it above 1.36800. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH

📊 Traders buy XAUUSD after a Monday's drop On Tuesday, XAUUSD rose by 0.18% as investors cautiously bought gold after a sharp drop on Monday. 👉 Possible effects for traders Federal Reserve (Fed) Chairman Jerome Powell, speaking before the Senate, stated that inflation has improved in recent months and that "better data will strengthen" the case for easing monetary policy. However, he told lawmakers that he did not want to "send any signals about the timing of any future actions" on rates’, reported Reuters. The market is now focusing on the Consumer Price Index (CPI) data for June, which is due on Thursday. Analysts forecast that headline prices will show a 0.1% month-over-month increase while core prices will gain 0.2%. This would result in the annual CPI of 3.1% and 3.4%, respectively. The market expects to see a decline in inflation, so if the data aligns with the forecast, a strong reaction is unlikely. If U.S. data on Friday is strong, it may exert a bearish pressure on XAUUSD, pushing the price down towards 2,340 and then further towards the support of 2,300. Meanwhile, the rising demand for gold-backed exchange-traded funds (ETFs), which have shown inflows for the second consecutive month in June, could support the rise in the gold price. Traders are eagerly awaiting key U.S. inflation data, which could provide more clarity on the trajectory of interest rate changes. Today, the market will probably be relatively calm. XAUUSD may continue moving within the 2,380–2,360 range. However, Jerome Powell and other officials' speeches today may give more clarity on the path of U.S. monetary policy, which may affect the pair. 📲 More trading opportunities in our app If the link doesn’t work, try a special one for your country: 🇮🇩ID 🇮🇳IN 🇵🇰PK 🇹🇭TH