Markets Week Ahead: Markets Risk-On, BoE Decision, Gold, Nasdaq, Bitcoin

Markets Week Ahead: Markets Risk-On, BoE Decision, Gold, Nasdaq, Bitcoin

• Risk markets stay resilient, affirmative US net underpin the determination higher.
• US dollar sell-off station NFPs whitethorn not last.
• USD/JPY breaking lower, helped by ‘official’ Yen buying.
• Bitcoin pops 9% higher connected Friday for nary evident reason.

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A engaged week for a scope of markets with the US dollar buffeted by Wednesday’s FOMC gathering and Friday’s anemic NFP release, portion successful the US equity space, heavyweight net releases from Amazon, Block, Apple, and Coinbase kept traders busy. The world’s 2nd largest institution gave the marketplace a sizeable boost, announcing net bushed crossed the board, an improved dividend, and the largest ever firm buyback of $110 billion. Apple shares jumped astir 9% Thursday earlier giving backmost immoderate gains connected Friday.

The tech-heavy Nasdaq ended the week successful affirmative territory and astatine its highest level successful implicit 2 weeks. A bearish emblem enactment tin beryllium seen connected the charts but a interruption supra inclination absorption cannot beryllium ruled out.

Nasdaq Daily Price Chart

The economical information and events calendar is comparatively quiescent adjacent week. However, the latest Bank of England determination (see the British Pound study below) and a fistful of Fed speakers, volition support traders busy.

For each market-moving economical information and events, spot the DailyFX Calendar

The Japanese Yen moved sharply higher against the US dollar implicit the week, driven by beardown speech of authoritative intervention. After hitting a spike precocious conscionable supra 160.00, USD/JPY tested anterior enactment astatine 151.92 connected Friday. The Japanese Yen gained crossed the committee this week and is apt to proceed this inclination successful the coming weeks.

USD/JPY Daily Price Chart

Gold ended the week little but the precious metallic could not interruption a anterior level of enactment astir $2,280/oz. Lower US Treasury yields should beryllium boosting golden but this is not happening now. The CCI indicator suggests that golden is oversold.

Gold Daily Price Chart

Bitcoin made a crisp crook higher connected Friday connected the backmost of small news. The CCI indicator shows that BTC/USD was heavy oversold connected Wednesday and this coincided with Bitcoin’s determination higher. A interruption and unfastened supra the $65k level leaves $69k arsenic the adjacent target.

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Chart of the Week – Bitcoin

All Charts utilizing TradingView

Technical and Fundamental Forecasts – w/c May 6th

British Pound Weekly Forecast: BoE Policy Call Tops the Bill

The British Pound heads into a caller trading week adjacent to one-month highs against the United States Dollar, a communicative that’s overmuch much astir the erstwhile than the latter.

Euro Weekly Forecast: EUR/USD Gains May beryllium Limited, EUR/GBP Eyes BoE Decision

The US dollar turned sharply little aft the recent, weaker-than-expected US Jobs Report, boosting EUR/USD backmost supra 1.0800. A deficiency of meaningful EU information adjacent week volition permission the Euro exposed.

Gold Price Forecast: Bearish Correction May Extend Further Before Turnaround

This nonfiction explores the near-term cardinal and method outlook for gold, analysing imaginable scenarios taking into relationship existent marketplace dynamics and terms action.

US Dollar Forecast: Bearish Market Signals Emerge – Setups connected EUR/USD, GBP/USD

This nonfiction takes a thorough look astatine the cardinal and method outlook for the U.S. dollar, analyzing imaginable scenarios that could manifest successful the abbreviated run. Especial attraction is fixed to 2 cardinal pairs: EUR/USD and GBP/USD.