Weaker Dollar Continues to Push EUR/USD Higher

After hitting a high of $1.1910 and a low of $1.1866, the EUR/USD currency pair was ended at $1.1882. On Friday, the currency pair EUR/USD maintained its winning run for the sixth consecutive session, owing to falling dollar prices and increased risk-on market sentiment. The U.S. Dollar Index (DXY) fell on Friday, hitting a one-month low of 91.95 after the country's jobs data disappointed investors. The highly anticipated U.S. NFP data, which plummeted to a seven-month low of 235,000 in August, compared to an expected 720,000, turned the tables on the tapering schedule. The jobs statistic was three times lower than expected, putting pressure on the U.S. dollar, which led to further increases in the EUR/USD currency pair.

Due to the prospect of more stable inflation and a reduction in the European Central Bank's stimulus support, the currency pair EUR/USD was already high onboard. The prospect of the ECB starting tapering earlier than expected pushed the single currency Euro higher versus rivals such as the U.S. dollar, pushing EUR/USD to $1.1910, its highest level since July 30th. However, after the publication of European economic data, the currency pair EUR/USD was unable to maintain its multi-month high and reversed direction during European trading hours. Due to the strong spread of the Delta strain of the coronavirus, the PMI figures for the service sector of the economy indicated negative growth in activity, weighing hard on the single currency Euro, which lost most of its earlier gains for the day.

On the data front, the French Government Budget Balance for July revealed a deficit of -166.6 billion euros, compared to the preceding -131.3 billion euros. At 12:15 GMT, the Spanish Services PMI fell to 60.1 in August, vs. a forecast of 61.4, weighing on the Euro and capping advances in EUR/USD. For August, the Italian Services PMI fell to 58.0 from 58.4 expected at 12:45 GMT, weighing on the Euro and keeping the EUR/USD under pressure. The French Final Services PMI stayed unchanged at 12:50 GMT, with forecasts of 56.3. The German Final Services PMI fell to 60.8 from 61.5 expected at 12:55 GMT, weighing on the Euro and limiting further rising momentum in EUR/USD.

In August, the Final Services PMI for the entire bloc fell to 59.0 against the expected 59.7 at 13:00 GMT, weighing on the Euro and limiting EUR/USD advances. The Retail Sales from Europe fell to -2.3 percent at 14:00 GMT, compared to the projected 0.0 percent, weighing on the Euro and capping further upward movement in EUR/USD.

At 17:30 GMT, the Average Hourly Earnings for August jumped to 0.6 percent, vs. a forecast of 0.3 percent, bolstering the U.S. dollar, which capped further advances in EUR/USD. The Non-Farm Employment Change decreased to 235K from an expected 720K, weighing on the U.S. dollar and adding to EUR/gains. USD's The unemployment rate remained unchanged in August, against forecasts of 5.2 percent. The Final Services PMI, which came in at 55.1 at 18:45 GMT, was similarly aligned with expectations. The ISM Services PMI was again unchanged from the forecasted 61.7 at 19:00 GMT.

EUR/USD Intraday Technical Levels

Support Resistance

1.1881 1.1889

1.1876 1.1892

1.1874 1.1897

Pivot Point: 1.1884

EUR/USD - Technical Outlook

The EUR/USD is trading slightly bearish below a pivot point resistance level of 1.1838 level. On the hourly timeframe, an upward channel is supporting the gold price at the 1.1865 level. A breakout of this support level exposes the pair to the next level of 1.1840 and 1.1815.

Alternatively, the chances of a bullish bounce-off remain high above the 1.1860 support level. A bounce-off in EUR/USD exposes its price towards 1.1885 and 1.1902 resistance levels. Further on the higher side, the breakout of 1.1902 exposes the pair towards the 1.1927 and 1.1935 regions. The RSI is holding in a selling zone.

However, it’s testing the oversold region. It means the sellers may soon get exhausted, and bulls can take the lead. An upward channel on the hourly timeframe is supporting a bullish trend in the EUR/USD pair. All the best.

Upward Channel Support Bullish Trend

The BTC/USD reached a top of $51,900.0 and a low of $49,500.0 before closing at $51,762.0. BTC/USD rose for the sixth straight session, reaching its highest level since May 9th. Despite the recent positive climate around the cryptocurrency market, BTC/USD continued to move in a bullish trend, rising for the 7th successive week and reaching near $52,000 over the weekend.

Mike McGlone, a senior commodity strategist at Bloomberg, stated that the dominant bitcoin was well on its way to becoming a worldwide reserve asset to rival the US dollar. The path of least resistance for BTC and ETH, according to Bloomberg's Crytpo Outlook for September, will be levels of $100,000 and $5,000, respectively. The two assets have weathered a more than 50% correction during the summer. Bloomberg's forecast for the market's two most famous coins added to the surge of BTC/USD and enhanced the overall market sentiment.

After Twitter unveiled a new Tip Jar feature, which is currently in development, the leading cryptocurrencies were already high. Tip Jar will use the Lightning Network to collect bitcoin payments. Users will be able to collect tips in BTC and ETH as well. They will also be able to post their separate addresses for the tips on their Twitter profiles.

Meanwhile, news of a small Crypto Asset Recovery business in New Hampshire aided the rise in BTC/USD prices over the weekend. A father-and-son pair of computer programmers have turned their hobby into a business by assisting those who have forgotten their crypto wallet passwords. According to Chris and Charlie Brooks, after completing a survey, they estimated that about 68,110 to 92,855 BTC lost due to forgotten passwords may be recovered.

They want to figure out how their clients' minds work to help them recover lost bitcoin wallet passwords. They anticipate that by collecting these bitcoins, they will reclaim $4.7 billion in stranded funds in locked wallets. The industry of recovering crypto-assets has been dubbed "online treasure hunting" by Charlie Brooks, a 20-year-old computer programmer. If they are successful in recovering that large quantity of BTC, or even a small portion of it, that might benefit the industry.

The weakening of the US dollar was another factor in Bitcoin's price rise. The greenback had been under intense pressure for the preceding six days due to investors' cautious conduct as they awaited any clues from the Federal Reserve about tapering. However, the US Dollar Index, which measures the dollar's value against a basket of six major currencies, fell to a one-month low of 91.95 on Friday, pushing BTC/USD higher over the weekend over $52,000.

BTC/USD Intraday Technical Levels

Support Resistance

48494.4 50226.4

47697.7 51161.7

46762.4 51958.4

Pivot Point: 49429.7

BTC/USD - Technical Outlook

On Monday, the leading cryptocurrency BTC/USD is trading with a bullish bias at 51,642 level, gaining an immediate support at 51,300 level. On the downside, the pair is facing another support at the 49,790 level. However, the 49,790 support level breakout exposes the BTC/USD pair to 48,579 and 47,062.4 support zones.

Conversely, the breakout of the 51,850 resistance level exposes the Bitcoin towards the 52,513 and 54,025 levels. The RSI and 50 EMA support a bullish bias in Bitcoin. Thus, the focus should remain on 51,850 as the selling bias remains dominant below this level and vice versa. All the best!

Eyes on US NFP Figures

Gold prices reached a high of $1819.55 and a low of $1806.75 before closing at $1811.45. Despite the continued decline in the value of the US dollar, gold prices began to decrease on Thursday after being flat across the trading session. The US Dollar Index, which gauges the dollar's value against a bundle of six major currencies, declined for the fifth straight session on Thursday, reaching 92.21, its lowest level in a month. On Thursday, the yield on the benchmark 10-year note in the United States fell to 1.28 percent. This contributed to the dollar's depreciation.

On Thursday, the precious metal was under pressure as investors overlooked a weaker dollar and squared positions, with the focus remaining on Friday's non-farm payrolls data, which might influence the Federal Reserve's tapering policy. The gold market appeared to be waiting for the jobs report and uninterested in anything else that was causing it to consolidate.

Although the US dollar was down across the board on Thursday, bullion ignored it and continued to slide. Gold often gains value as the dollar weakens, making gold more affordable to holders of other currencies. However, amid rising coronavirus cases, some market participants took note of statistics showing that fewer Americans filed jobless claims last week.

On the statistical front, the Challenger Job Cuts for the year fell to 86.4 percent in August from 92.8 percent the previous month at 16:30 GMT. Unemployment Claims from the previous week fell to 340K against a prediction of 342K at 17:30 GMT, supporting the US dollar. Gold suffered yet another setback as a result of this. The Revised Nonfarm Productivity for the quarter also fell to 2.1 percent, vs. a forecast of 2.4 percent, which boosted the dollar and drove yellow metal lower.

The quarter's Revised Unit Labor Costs jumped to 1.3 percent in August, beating expectations of 1.0 percent, bolstering the US currency, and putting more downward pressure on gold. The July Trade Balance remained unchanged at -70.1 billion dollars, as expected. Factory Orders for July were unchanged at 19:00 GMT, matching the expected 0.4 percent.

Meanwhile, White House coronavirus response coordinator Jeff Zients announced that the US would invest $3 billion in the vaccine supply chain in the coming weeks. According to the official, immunization was necessary because the delta variation spread and instances grew, even among children. He went on to say that the investment will help fulfill President Joe Biden's promise to be the world's "arsenal of vaccines."

GOLD Intraday Technical Level

Support Resistance

1806.65 1824.75

1796.15 1832.35

1788.55 1842.85

Pivot Point: 1814.25

GOLD - Technical Outlook

The precious metal continues to consolidate in a narrow trading range of 1,815 – 1,808 levels. Gold is trading with a neutral bias at the 1,812 level. However, the metal entered the oversold zone, and now it's experiencing a bearish correction below 1,814 resistance levels. On the lower side, gold's immediate support prevails at 1,807, and 1,795 levels. Furthermore, the bearish breakout of the 1,795 level exposes gold prices towards the 1,785 level.

On the higher side, the breakout of the 1,814 level can expose the metal towards 1,821, 1,829 and 1,841 levels. On the hourly timeframe, the RSI level is holding in a selling zone. Thus, the odds of a selling bias remain strong until the 1,807 level. The bearish bias remains strong below the 1,814 level and vice versa. All the best.

Brace for US NFP data

After hitting a high of $3840.00 and a low of $3384.89, the ETH/USD pair was closed at $3835.96. For the second session in a row, ETH/USD increased its gains, reaching its highest level since the beginning of May near $3500. After the demand for NFTs and DeFi apps increased significantly in recent months, Ethereum, the native token of the most-used blockchain, soared over 36% in August and started the new month with tremendous gains.

Braintrust, a decentralized talent network, has published its BTRST token on the Ethereum main net to expand its services' acceptance. Since its inception in June 2020, the project has generated around $31 million in gross services revenue. The startup has tripled in size and listed Goldman Sachs, American Eagle Outfitters, Atlassian, Porsche, Under Armour, and Wayfair among its clients. The average monetary worth of a project listed on its network has climbed to $57,000, with some projects reaching $300,000.

According to the firm, the new currency will have a limited amount of 250 million tokens, and its distribution has given over 50,000 people direct ownership of the network. The value of ETH/USD increased as a result of this announcement, as the Ethereum blockchain for the development of such projects was fast expanding.

Another factor contributing to the rise in ETH/USD pricing is the recent ETH upgrade London hard fork, which has begun burning a portion of its gas fees. The implementation of EIP-1559 has reduced over 156,986 ETH worth $555 million from the supply, making the ETH currency deflationary over time while also increasing the value of ETH/USD.

Furthermore, despite its increased costs, the rising demand for Ethereum blockchain for NFTs and DeFi apps, despite the supply pressure caused by EIP-1559, contributes to further improvements in the value of ETH/USD. There are almost 200,000 ERC tokens on Ethereum, some of which are among the top 100 cryptocurrencies. According to reports, the total value of the Ethereum-backed DeFi protocol has surpassed $100 billion.

Furthermore, the ETH/USD surge was aided by the falling value of the US dollar. The dollar has been under severe pressure since August's ADP job creation statistics fell short of expectations. The poor jobs report weighed on the dollar, which was already weakening due to Jerome Powell's dovish statements at the Jackson Hole symposium. Because both have a negative connection, the US Dollar Index, which measures the greenback's value against a basket of six major currencies, declined to 92.5, helping ETH/USD gain for the day.

ETH/USD Intraday Technical Levels

Support Resistance

3533.90 3989.01

3231.84 4142.06

3078.79 4444.12

Pivot Point: 3686.95

ETH/USD - Technical Outlook

The ETH/USD pair is trading sideways at 3,786 level, facing immediate resistance at 3,836 level. Overall, the pair is maintaining a broad trading range of 3,836 – 3,710 levels. A breakout of this range will determine further trends in the ETH/USD pair.

On the downside, the breakout of 3,736 support levels exposes the pair to 3,669 and 3,619 levels. Alternatively, the breakout of the 3,836 level exposes the ETH/USD pair until the 3,903 mark. The major focus will remain on the US NFP data as this can drive additional trends in the ETH/USD pair today. All the best!

Major Resistance at 50,300

The BTC/USD pair ended the day at $49,291.0, with a high of $50,365.0 and a low of $48,633.0. Bitcoin continued to rise, crossing the $50,000 mark for the first time since August 23rd. The BTC/USD surge source was difficult to determine since, unlike equities, which are led by fundamentals, cryptos are solely driven by market forces. The forthcoming debut of Bitcoin Law in El Salvador was the most important among several market variables, investor attitudes, and pieces of news to trigger a surge.

The news that El Salvador planned to use Bitcoin as its national currency starting next week fueled many investors' confidence. In addition to the broader cryptocurrency market boom, other variables had a role in the BTC/USD rally. The success of other significant digital currencies, particularly Cardano's ADA and Ethereum's ETH, were also driving the market trend upward, perhaps quickening the gains of the broader cryptocurrency market.

Another factor driving the cryptocurrency market up is the realization that the Federal Reserve of the United States and other central banks worldwide have no plans to cut down their asset-buying programs. Institutions acknowledge the necessity for security in non-dollar assets, and Bitcoin was created specifically for this purpose.

According to some observers, the current uptick in overall cryptocurrency sentiment could be due to favorable market developments. Investors were shifting their positions in favor of cryptocurrencies, and this bullish posture propelled BTC/USD back to $50,000. Despite the crackdown in China, the whole crypto market seems to be focusing on the positive news of organizations adopting cryptocurrencies. The recent NFT and DeFi market surge has pushed the values of ETH, ADA, Solana, and other digital currencies, as well as the enabling platform, higher.

On Thursday, Marathon Digital Holdings, a Bitcoin minor, unveiled a new dimension of its relationship with institutional bitcoin services provider NYDIG. All members of Marathon's bitcoin mining pool, MaraPool, will have access to NYDIG's goods and services targeted for miners as a result of the expanded collaboration.

BTC/USD Intraday Technical Levels

Support Resistance

48494.4 50226.4

47697.7 51161.7

46762.4 51958.4

Pivot Point: 49429.7

BTC/USD - Technical Outlook

On Friday, the leading cryptocurrency BTC/USD is trading with a neutral bias at 49,342 level, gaining an immediate support at 49,342 level. On the downside, the pair is facing another support at the 48,490 level. However, the 48,490 support level breakout exposes the BTC/USD pair to 47697.7 and 46762.4 support zones.

Moreover, an additional breakout of 46,762 levels exposes the BTC towards 46,762 support levels. Conversely, the breakout of the 50,226 resistance level exposes the Bitcoin towards the 51,161.7 and 51,958.4 levels. The RSI and 50 EMA support a bullish bias. Therefore, the focus should remain on 49,340 as the selling bias remains dominant below this level and vice versa. All the best!

Symmetrical Triangle Pattern

After reaching a high of $1822.60 and a low of $1810.65, gold prices settled at $1815.55. The price of gold remained unchanged throughout the trading session on Wednesday. Investors remained cautious about placing large trades as they prepared for critical U.S. jobs data that could impact the Federal Reserve's tapering policy.

On Wednesday, the U.S. Dollar Index, which gauges the dollar's value against a range of six major currencies, maintained its bearish trend and fell for the fourth straight session. The DXY plummeted to 92.3, its lowest level in almost a month, before recovering some of its losses and closing the day at 92.5. Meanwhile, gold prices should have increased due to DXY's bearish trend, but the precious metal stayed under pressure and remained flat throughout the session.

On a 10-year Treasury note, the yield also declined on Wednesday, settling at 1.29 percent, after the U.S.'s main jobs statistics fell short of forecasts. According to the ADP National Employment Report, private firms in the United States employed many fewer people in August than expected. On the other hand, the greenback gained strength due to an increase in manufacturing activity in the United States.

The dollar's value affects gold prices because it makes bullion cheaper or more expensive for individuals who hold foreign currencies. Gold had little choice but to remain flat throughout Wednesday's trading session due to mixed macroeconomic data from the United States.

On the statistics front, the ADP Non-Farm Employment Change fell to 374K in August, versus an anticipated 640K, weighing on the U.S. dollar and supporting gold prices at 17:15 GMT. The Final Manufacturing PMI for August was unchanged at 18:45 GMT, with predictions of 61.1.

The ISM Manufacturing PMI for August rose to 59.9 from 58.5 expected at 19:00 GMT, bolstering the U.S. dollar, which was weighing on the yellow metal. Construction spending was constant at 0.3 percent, as forecast. The ISM Manufacturing Prices fell to 79.4 in August, down from an expected 84.1, putting pressure on the currency and supporting gold.

After receiving a boost from the Fed last week following Chair Jerome Powell's speech, the precious metal likewise remained flat during the day. Despite the possibility of tapering starting this year, he stated that the central bank would be cautious when raising interest rates. He began to slip away from the predictions for a substantial amount of NFP jobs data, which is due on Friday.

Investors were also perplexed about making major purchases in precious metals due to the mixed two-important data about ADP job creation and the ISM Manufacturing PMI, which left gold with flat momentum.

GOLD Intraday Technical Level

Support Resistance

1809.94 1821.89

1804.32 1828.22

1797.99 1833.84

Pivot Point: 1816.27

GOLD - Technical Outlook

On Thursday, the precious metal continues to consolidate in a narrow trading range of 1,815 – 1,808 level. Gold is trading with a neutral bias at the 1,812 level. However, the metal entered the oversold zone, and now it's experiencing a bearish correction below 1,814 resistance levels. On the lower side, gold's immediate support prevails at 1,807, and 1,795 levels. Furthermore, the bearish breakout of the 1,795 level exposes gold prices towards the 1,785 level.

On the higher side, the breakout of the 1,814 level can expose the metal towards 1,821, 1,829 and 1,841 levels. On the hourly timeframe, the RSI level is holding in a selling zone. Thus, the odds of a selling bias remain strong until the 1,807 level. The bearish bias remains strong below the 1,814 level and vice versa. All the best.

Weaker Dollar Continues to Push EUR/USD Higher

After hitting a top of $1.1858 and a low of $1.1793, the EUR/USD currency pair was settled at $1.1837. Despite the current weakening in the U.S. dollar, the currency pair EUR/USD resumed its bullish streak for the fourth straight day. On Wednesday, the U.S. Dollar Index (DXY), which measures the dollar's value against a basket of six major currencies, declined for the fourth consecutive session, settling at 92.5. On Wednesday, U.S. Treasury yields on the benchmark 10-year note fell to 1.29 percent, adding to the dollar's weakness and pushing the EUR/USD currency pair higher on the board.

On Wednesday, U.S. Treasury yields on the benchmark 10-year note fell to 1.29 percent, adding to the dollar's weakness and pushing the EUR/USD currency pair higher on the board. The weakening of the U.S. dollar on Wednesday was fueled by the poor job creation by private firms in August.

Over the past several days, the dollar has been under pressure after Federal Reserve Chairman Jerome Powell struggled to provide a firm schedule for tapering and stated that the Fed would proceed with caution while raising interest rates. Investors were hoping for some signs from him about decreasing economic support, but no indication of when it may begin dashed their hopes, dragging on the U.S. dollar.

Furthermore, Bundesbank President Jens Weidmann warned on Wednesday that Eurozone inflation could exceed the ECB's forecasts since the transient variables that caused the recent rise could sink into underlying price growth. He warned that if temporary causes lead to increased inflation expectations and faster wage growth, inflation could rise considerably in the long run.

Weidmann's statements raised optimism that the ECB will be forced to stop its $2.19 trillion PEPP economic stimulus program. These forecasts boosted the single currency Euro's strength versus the U.S. dollar, pushing EUR/USD higher on the board.

On the data front, German Retail Sales in July fell to -5.1 percent, vs. a forecast of -0.9 percent, weighing on the Euro and capping any advances in EUR/USD at 11:00 GMT. The Spanish Manufacturing PMI rose to 59.5 in August, beating expectations of 58.9, boosting the Euro, and pushing the EUR/USD higher at 12:15 GMT.

At 12:45 GMT, the Italian Manufacturing PMI increased to 60.9 from 60.1 previously, pushing the Euro higher and adding to the EUR/USD gains. The French Final Manufacturing PMI remained unchanged at 57.5 at 12:50 GMT. The German Final Manufacturing PMI remained constant at 12:55 GMT from the projected 62.7 in August. The August Final Manufacturing PMI from the entire bloc came in at 61.5, as expected, at 13:00 GMT.

The Italian unemployment rate fell to 9.3 percent in July, compared to an estimate of 9.6 percent, which boosted the Euro and pushed the EUR/USD pair higher. At 14:00 GMT, the unemployment rate for the entire E.U. remained unchanged from July, at 7.6%.

At 17:15 GMT, the ADP Non-Farm Employment Change fell to 374K in August, vs. a forecast of 640K, weighing on the U.S. dollar, which led to further advances in the EUR/USD pair. The August Final Manufacturing PMI stayed unchanged at 18:45 GMT, with expectations of 61.1. For August, the ISM Manufacturing PMI rose to 59.9 from 58.5 expected at 19:00 GMT, bolstering the U.S. dollar and capping further advances in EUR/USD. Construction spending was constant at 0.3 percent, as forecast.

The ISM Manufacturing Prices decreased in August to 79.4 from 84.1 expected, weighing on the U.S. dollar and adding an upward trend to the EUR/USD pair. The macroeconomic statistics from Europe favored the single currency Euro, which continued to underpin the EUR/USD currency pair's upward trend.

Apart from the Euro's strength and the dollar's weakness, the EUR/USD pair's gains and upward momentum can also be linked to the current risk-on market mentality, fueled by growing immunization rates worldwide. Despite the spread of the Delta variety and discovering a new mutant form in South Africa, the market remained upbeat as fully vaccinated people were allowed to cross international borders. The market's risk sentiment strengthened as chances for a quick economic rebound grew, and riskier assets such as the EUR/USD remained popular.

EUR/USD Intraday Technical Levels

Support Resistance

1.1800 1.1865

1.1764 1.1894

1.1736 1.1930

Pivot Point: 1.1829

EUR/USD - Technical Outlook

The EUR/USD is trading with a bullish bias at the 1.1838 level and consolidating in between a tight trading range of 1.1857 – 1.1830 level. The breakout of the 1.1857 level exposes the pair towards the next resistance levels of 1.1866 and 1.1893 levels. Alternatively, a bearish breakout of the 1.1830 support level exposes the pair towards the 1.1802 and 1.1766 support zones. The 50 SMA (simple moving average) supports the buying trend, along with the Stochastic, which also suggests an upward trend in the EUR/USD.

Investors seemed to hesitate about entering the market ahead of the US NFP data that’s due on Friday. Let’s keep an eye on 1.1830 as bullish bias seems to dominate above this, and vice versa. All the best.

Double Top Breakout at $49,350

After reaching a high of $49,102.0 and a low of $46,600.0, the BTC/USD pair closed at $48,844. On Wednesday, BTC/USD found some support and reversed its bearish trend, recouping some of its prior losses. Bitcoin prices have climbed closer to $50,000, owing to recent promising developments in the cryptocurrency market arena. Bitcoin prices have risen closer to $50,000, owing to recent encouraging results in the cryptocurrency market arena.

El Salvador's Legislative Assembly has passed legislation and established a $150 million Bitcoin Trust to help the country develop crypto infrastructure and services. On Tuesday, around 64 official voters voted in favor of the bill, while 14 voted against it. The Trust's mission is to convert Bitcoin into US dollars and fund the development of critical technology infrastructure to allow crypto assets to be widely adopted. The Development Bank of El Salvador will be in charge of the trust's activities.

This news came only a week before the contentious Bitcoin Law was supposed to take effect, giving BTC/USD a boost. El Salvador's Bitcoin Law will make BTC legal tender on September 7. Meanwhile, Twitter was said to be adding bitcoin as a payment option for content providers renewing their accounts on the platform. According to rumors, the corporation was using the lightning network to include a Bitcoin payment option for its new "Tip Jar" function.

The network's users will be directed through a Bitcoin lesson that will cover wallets and the Bitcoin lightning network in depth. The inclusion of Bitcoin tips was not surprising, given that Twitter CEO Jack Dorsey stated in July that bitcoin would play a significant role in the company's future. The debut date for this functionality has yet to be announced, but the news is that using the lightning network to include bitcoin as a payment mechanism for tips on Twitter gave BTC/USD a significant boost on Wednesday, with prices approaching $50,000.

The debut date for this functionality has yet to be announced, but the news is that using the lightning network to include bitcoin as a payment mechanism for tips on Twitter gave BTC/USD a significant boost on Wednesday, with prices approaching $50,000.

Furthermore, Belarus' President, Alexander Lukashenko, recently advised his compatriots to stay in Belarus and mine bitcoin rather than travel overseas for a low-paying job. He urged locals to work in their own country by mining bitcoin rather than traveling to Poland or Germany to fill farming positions. He offered mining as an alternative source of income, claiming that it could pay them more than being a farmer in Germany or Poland.

Bitcoin mining might be a viable enterprise in areas with inexpensive energy sources. Lukashenko advised his compatriots to take advantage of the opportunity to benefit from their own country's cheap energy supplies and earn more money while staying with their families. This announcement boosted the already-increasing value of BTC/USD.

The rising price of BTC/USD, on the other hand, could be related to the US dollar's current weakness. The dollar was weak on Wednesday, falling for the fourth straight session to 92.5 against the yen following the release of the ADP jobs report. In August, the US private sector added fewer jobs than predicted, severely impacting the currency.

Furthermore, the dollar was under pressure throughout the weekend due to waning hopes that the Fed Chair would make any signals regarding a tapering timeframe during the Jackson Hole symposium. The falling value of the US dollar boosted BTC/USD even more, as the two currencies have a negative connection.

BTC/USD Intraday Technical Levels

Support Resistance

47262.0 49764.0

45680.0 50684.0

44760.0 52266.0

Pivot Point: 48182.0

BTC/USD - Technical Outlook

The leading cryptocurrency BTC/USD is trading with a bullish bias at 49,356 level, having disrupted the resistance level of 49,071 level. This resistance level was yesterday's high, and since Bitcoin has already violated the previous high, it's exposed to place a new high on Thursday.

On the resistance side, the pair's immediate resistance stays at 50,476, and breakout of this exposes the pair towards 51,880 levels. At the same time, the support continues to hold around 49,071 levels. A bearish breakout of this level exposes the pair towards 47,960 level. The Stochastic is holding in a buying zone, supporting an upward trend in Bitcoin today. All the best!

Choppy Sessions in Play

Gold finished the day at $1817.15, with a top of $1821.85 and a low of $1803.75. On the strength of the day's weak U.S. dollar, gold went green on Tuesday, recouping some of its prior daily losses. The U.S. Dollar Index, which gauges the dollar's value against a basket of six major currencies, fell for the third straight session on Tuesday, reaching 92.40, its lowest level in 18 days. On the other hand, the yield on the benchmark 10-year note in the United States climbed to 1.316 percent on Tuesday.

The dollar came under pressure last week due to Fed Chairman Jerome Powell's dovish remarks at the Jackson Hole Symposium. Powell did not give any indication of when the central bank will begin tapering. The dollar was put under more pressure due to Powell's comments, and investors are now anticipating the release of the U.S. nonfarm payrolls data on Friday.

Investors feel that the NFP report will be crucial in the Federal Reserve's decision on whether or not to taper its stimulus programs. The market anticipates an increase of 728,000 jobs, a drop in the unemployment rate to 5.2 percent, and a 0.4 percent increase in average hourly earnings every month. If job creation meets or exceeds market estimates, it might be a game-changer, prompting the central bank to begin tapering faster than planned. However, if the data fall short of expectations, the dollar may suffer another bout of weakness, pushing the price of gold even higher towards $1900.

Gold gained 0.3 percent on the last trading day of August, and the fascinating thing was that the precious metal concluded the month with the same amount of gains. The good news is that gold managed to finish its monthly trading session above the $1800 barrier, indicating that it can cross the $1900 mark if the dollar's weakening continues. However, there was no evidence that these favorable stances were embraced in the market, and everyone's attention was drawn to the Fed's reduction of monetary assistance. Furthermore, the market's attention has switched this week to nonfarm payroll data.

On the data front, the Housing Price Index for June fell to 1.6 percent against a forecast of 1.9 percent at 18:00 GMT, weighing on the dollar and adding to gold's gains. The S&P/CS Composite-20 HPI for the year jumped to 19.1%, beating expectations of 18.7%, bolstering the U.S. dollar, and capping further advances in gold prices. For August, the Chicago PMI fell to 66.8 against a forecast of 68.0 at 18:45 GMT, weighing on the U.S. dollar and pushing yellow metal even higher. The C.B. Consumer Confidence Index fell to 113.8 from 122.9 expected at 19:00 GMT, weighing on the U.S. dollar and adding to yellow metal's gains in Tuesday's trading session.

GOLD Intraday Technical Level

Support Resistance

1806.65 1824.75

1796.15 1832.35

1788.55 1842.85

Pivot Point: 1814.25

GOLD - Technical Outlook

Gold is trading sideways, as its technical outlook hasn’t changed so far. Gold is trading with a neutral bias at the 1,815 level, heading north to retest the resistance level of 1,819. However, the metal entered the overbought zone, and now it's experiencing a bearish correction below 1,823 resistance levels. On the lower side, gold's immediate support prevails at 1,813, 1,807, and 1,795 levels. Furthermore, the bearish breakout of the 1,795 level exposes gold prices towards the 1,785 level.

On the higher side, the breakout of the 1,821 resistance level exposes the metal towards 1,829 and 1,841 levels. On the hourly timeframe, the RSI level is holding in a selling zone. Thus, the odds of a selling bias remain strong until the 1,807 level. The bullish bias remains strong above the 1,807 level and vice versa. All the best.

Euro Consolidates a Narrow Range

After hitting a high of $1.1848 and a low of $1.1795, the EUR/USD ended the day at $1.1807. On Tuesday, the EUR/USD rose to its highest level since August 5th, owing to the sustained weakness of the US dollar and improving risk sentiment in the market. The US Dollar Index fell for the third straight session on Tuesday, reaching 92.40, its lowest level in more than two weeks, supporting the EUR.USD currency pair's rising prices. After Fed Chair Jerome Powell's dovish statements regarding unwinding monetary stimulus at the Jackson Hole symposium, the greenback was already sluggish across the board. Investors' attention has now switched to the release of the NFP report on Friday this week.

Investors were looking forward to the August job creation data, which is revealed on Friday and is predicted to climb to 728,000. Any number above this level would strengthen the US dollar, while any figure below will add to the greenback's losses.

On the statistics front, the French Consumer Spending in July fell to -2.2 percent, down from 0.1 percent expected, weighing on the single currency Euro and capping any advances in EUR/USD at 11:45 GMT. The French Prelim CPI for August increased to 0.6 percent, compared to the projected 0.4 percent, boosting the Euro and adding to the EUR/USD currency pair's gains. The French preliminary GDP for the quarter increased to 1.1 percent, up from 0.9 percent expected, boosting the single currency Euro and pushing the EUR/USD pair higher. The German Unemployment Change fell to -53K at 12:55 GMT, versus a forecast of -40K, bolstering the single currency Euro and adding to the EUR/upward USD's trend.

At 14:00 GMT, the CPI Flash Estimate for the year jumped to 3.0 percent, beating expectations of 2.7 percent, boosting the Euro, and adding to the EUR/USD pair's gains. The Core CPI Flash Estimate also increased to 1.6 percent, up from 1.5 percent expected, bolstering the Euro and adding upward momentum to the EUR/USD pair. The Italian Prelim CPI for August increased to 0.5 percent, up from 0.4 percent predicted, boosting the single currency Euro and pushing the EUR/USD currency pair higher.

The US Housing Price Index for June fell to 1.6 percent, versus a forecast of 1.9 percent, at 18:00 GMT, weighing on the US dollar, which added to the EUR/USD pair's advances. The S&P/CS Composite-20 HPI for the year rose to 19.1 percent from 18.7 percent expected, bolstering the US dollar and capping further advances in the EUR/USD pair. For August, the Chicago PMI dipped to 66.8 against an estimate of 68.0 at 18:45 GMT, weighing on the US Dollar and pushing the EUR.USD currency pair higher. The CB Consumer Confidence Index fell to 113.8 from 122.9 expected at 19:00 GMT, weighing on the US dollar and adding to advances in the EUR.USD pair on Tuesday's trading session.

Due to better-than-expected macroeconomic data released on Tuesday, the single currency Euro was high onboard versus the greenback, pushing the EUR/USD to its highest level in four weeks. Meanwhile, as the global vaccination rate rose, the improved market risk sentiment helped to the upward momentum of the riskier currency pair EUR/USD. Despite the rapid transmission of the Delta variation and the revelation of a novel coronavirus variant in South Africa, the market's risk appetite remained high as vaccine injection accelerated worldwide. Europe has even begun administering vaccination shots to the general public in shopping malls and supermarkets. Many nations have opened their borders to fully vaccinated citizens, enhancing market risk sentiment by increasing economic recovery optimism.

EUR/USD Intraday Technical Levels

Support Resistance

1.1786 1.1839

1.1764 1.1870

1.1732 1.1893

Pivot Point: 1.1817

EUR/USD - Technical Outlook

On Wednesday, the EUR/USD pair was trading with a neutral bias as it consolidates in between a narrow trading range of 1.1816 – 1.1795 level. The breakout of the 1.1816 level exposes the pair towards the next resistance levels of 1.1840 and 1.1866 levels. Alternatively, a bearish breakout of the 1.1795 support level exposes the pair towards the 1.1765 and 1.1735 support zones. The 50 SMA (simple moving average) supports the selling trend, while the Stochastic also suggests a downward trend in the EUR/USD.

Investors seemed to hesitate about entering the market ahead of the US NFP data that’s due on Friday. Today, the major focus will remain on the ADP Non-farm payroll data from the US. All the best.