GBP/USD Daily Forecast – U.S. Dollar Moves Higher Ahead Of Fed Interest Rate Decision

British Pound Is Losing Ground Against U.S. Dollar

GBP/USD continues its attempts to settle below the support at 1.3665 while the U.S. dollar is gaining some ground against a broad basket of currencies.

The U.S. Dollar Index is currently located in a tight range between 93.20 and 93.30. In case the U.S. Dollar Index gets above 93.30, it will move towards the resistance level at 93.40 which will be bearish for GBP/USD.

Today, foreign exchange market traders will have a chance to take a look at Existing Home Sales report for August. Analysts expect that Existing Home Sales declined by 1.3% month-over-month after growing by 2% in July.

This report will likely have minimal impact on currency dynamics as traders will focus on Fed Interest Rate Decision and the subsequent commentary. Fed Chair Jerome Powell will provide an update on Fed’s economic projections and reveal Fed’s thoughts on the reduction of the asset purchase program.

Fed’s commentary may have a major impact on markets today so trading will likely remain choppy until traders get the new information from Powell.

Technical Analysis

gbp usd september 22 2021

GBP/USD is testing the support level at 1.3665. In case this test is successful, GBP/USD will get to the test of the next support level which is located at 1.3635.

If GBP/USD manages to settle below the support at 1.3635, it will continue its downside move and head towards the support at August lows at 1.3600. A move below 1.3600 will push GBP/USD towards the next support which is located at July lows at 1.3575.

On the upside, GBP/USD needs to settle back above 1.3665 to have a chance to develop upside momentum in the near term. The next resistance level for GBP/USD is located at 1.3690.

In case GBP/USD settles above the resistance at 1.3690, it will move towards the next resistance level at 1.3710. A successful test of this level will open the way to the test of the next resistance at 1.3745.

For a look at all of today’s economic events, check out our economic calendar.

USD/CAD Daily Forecast – Canadian Dollar Remains Volatile

Canadian Dollar Gains Some Ground Against U.S. Dollar

USD/CAD is currently trying to settle back below the support at 1.2785 while the U.S. dollar is flat against a broad basket of currencies.

Trading is nervous today as traders wait for the results of the Fed meeting which will be released tomorrow, and the U.S. Dollar Index is stuck in the 93.10 – 93.40 range. If the U.S. Dollar Index manages to settle below 93.10, it will move towards the support at the 20 EMA at 92.80 which will be bearish for USD/CAD.

Today, foreign exchange market traders had a chance to take a look at Building Permits and Housing Starts reports from U.S. The reports indicated that Building Permits increased by 6% month-over-month in August while Housing Starts grew by 3.9%. Both reports exceeded analyst expectations.

In Canada, New Housing Price Index increased by 0.7% month-over-month in August compared to analyst consensus which called for growth of just 0.3%. On a year-over-year basis, New Housing Price Index grew by 12.2%.

Technical Analysis

usd cad september 21 2021

USD to CAD failed to settle above the resistance at 1.2850 and declined towards the support level at 1.2785. In case USD to CAD manages to settle below this level, it will move towards the next support which is located at 1.2760.

A successful test of the support at 1.2760 will open the way to the test of the support at 1.2730. If USD to CAD declines below 1.2730, it will continue its downside move and get to the test of the next support at 1.2710.

On the upside, the nearest resistance level for USD to CAD is located at 1.2830. If USD to CAD gets above this level, it will get to another test of the resistance level at 1.2850.

A move above the resistance at 1.2850 will push USD to CAD towards the resistance at 1.2865. In case USD to CAD settles above this level, it will head towards the resistance at 1.2900.

For a look at all of today’s economic events, check out our economic calendar.

Why Activision Blizzard Stock Is Under Pressure Today

Activision Blizzard Stock Falls As SEC Gets Interested In The Company’s Work Culture

Shares of Activision Blizzard continued to move lower after recent reports indicated that SEC had started an investigation of the company’s workplace culture. Earlier, a union filed a federal complaint regarding the company’s work culture while California sued the company for the same reasons.

Activision Blizzard stated that it was working with regulators to resolve the complains that it had received. The company has recently announced that Julie Hodges from Disney would become Chief People Officer, effective September 21, as Activision Blizzard tries to solve its problems with the workforce.

The stock has been under pressure in recent months as investors were worried about the company’s problems on the HR front. Activision Blizzard stock traded close to the $100 level at the beginning of June but found itself under strong pressure and moved below the $75 level.

What’s Next For Activision Blizzard Stock?

It is not surprising to see that Activision Blizzard stock is under pressure due to problems on the HR front as workforce is the key asset of any company that makes video games. Improving the situation may take time while the company may also face costs due to lawsuits.

Interestingly, analyst estimates have improved in recent weeks. Currently, analysts expect that Activision Blizzard will report earnings of $3.83 per share this year and $4.4 per share in the next year, so the stock is trading at roughly 17 forward P/E which is an attractive valuation level in the current market environment.

However, it remains to be seen whether value-oriented traders and investors will rush to buy Activision Blizzard shares as workplace changes take time while the stock has significant headline risks. In addition, there are plenty of stocks with a strong upside trend available at the marketplace right now, so Activision Blizzard stock will certainly need more positive catalysts to attract more investors and change the current downside trend.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Daily Forecast – Resistance At $22.60 Stays Strong

Silver Tries To Gain More Ground

Silver has recently made an attempt to settle above the resistance at $22.60 but lost momentum and pulled back closer to $22.30 while U.S. dollar was mostly unchanged against a broad basket of currencies.

The U.S. Dollar Index is currently stuck in the range between the support at 93.10 and the resistance at 93.40. It remains to be seen whether foreign exchange market traders are ready for big moves ahead of the Fed Interest Rate Decision which will be released on September 22. In case the U.S. Dollar Index gets above 93.40, it will head towards yearly highs near 93.75 which will be bearish for silver and gold price today.

Meanwhile, gold is testing the resistance at $1775. In case this test is successful, gold will gain additional upside momentum and head towards the next resistance level at $1800 which will be bullish for silver.

Gold/silver ratio received strong support near the 78 level and moved back above the 79 level. RSI is in the overbought territory, but there is enough room to gain additional upside momentum. If gold/silver ratio moves closer to the 80 level, silver will find itself under more pressure.

Technical Analysis

silver september 21 2021

Silver is trying to get above the resistance level at $22.60. If it manages to settle above this level, it will head towards the next resistance level which is located at $22.90.

A successful test of the resistance at $22.90 will open the way to the test of the next resistance level at $23.20.

On the support side, the nearest support level for silver is located at $22.30. In case silver declines below this level, it will move towards the support at $22.10. If silver settles below this level, it will head towards the next support at $21.90. A successful test of the support at $21.90 will push silver towards the support level which is located at $21.65.

For a look at all of today’s economic events, check out our economic calendar.

Stocks Rebound As Traders Rush To Buy The Dip

Traders Are Ready To Buy Stocks After Pullback

S&P 500 futures are moving higher in premarket trading as traders look ready to buy stocks after yesterday’s sell-off.

Yesterday, markets were worried about a potential default of China’s developer Evergrande. These fears have almost evaporated today as many analysts stated that the risk of financial contagion was low while traders focused on the opportunity to buy stocks at a discount.

It looks that many market participants were waiting for a 5% pullback so they were ready to push the “buy” button when this opportunity presented itself. Traders began to buy stocks in the last hour of yesterday’s trading session, and this positive momentum remains intact in today’s premarket trading.

Housing Starts Increased By 3.9% In August

U.S. has just released Building Permits and Housing Starts reports for August. Building Permits increased by 6% month-over-month in August compared to analyst consensus which called for a decline of 1.8%. Housing Starts grew by 3.9% compared to analyst consensus of 2%.

It remains to be seen whether these reports will have a material impact on the market as some traders look focused on buying the recent dip while others would prefer to wait for the results of the Fed meeting.

Precious Metals Rebound As Dollar Declines

Today, the U.S. dollar found itself under pressure against a broad basket of currencies while foreign exchange market remained nervous ahead of the Fed Interest Rate Decision and commentary which will be released tomorrow.

The U.S. Dollar Index, which measures the strength of the U.S. dollar against a broad basket of currencies, has moved away from yearly highs and is trying to settle below the support level at 93.10.

Weaker dollar provided material support to precious metals today which is good for gold mining stocks and silver mining stocks. Currently, gold is trying to settle above the resistance at $1775 while silver is testing resistance at $22.60.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Rebounds After Serious Sell-Off

Bitcoin Failed To Settle Below $40,000 And Gained Upside Momentum

Bitcoin is currently trying to settle back above $43,000 as the world’s leading cryptocurrency rebounds after the major sell-off which took it from $47,000 to $40,200 in less than two days.

Other cryptocurrencies are also moving higher. Ethereum has recently managed to get back above the $3,000 level and is trying to settle above the 20 EMA at $3,070. Dogecoin received support at $0.20 and is trying to get above $0.21 while XRP is trying to settle back above $0.95.

Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, has moved back below 42%. This is a typical move for a bullish day in crypto markets as altcoins rebound stronger than Bitcoin, In the longer-term, this a worrisome trend for Bitcoin bulls.

Technical Analysis

bitcoin september 21 2021

Bitcoin managed to get above the resistance level at $42,600 and continues to move higher. The nearest resistance level for Bitcoin is located at $44,000.

In case Bitcoin manages to settle above the resistance at $44,000, it will gain additional upside momentum and head towards the next resistance level which is located at the 50 EMA at $45,500. A successful test of this level will open the way to the test of the resistance at the 20 EMA at $46,600. If Bitcoin settles above the 20 EMA, it will head towards the next resistance at $47,300. A move above this level will push Bitcoin towards the resistance at $48,000.

On the support side, the previous resistance level at $42,600 will serve as the first support level for Bitcoin. If Bitcoin manages to get back below this level, it will move towards the next support at $41,300.

A successful test of the support at $41,300 will push Bitcoin towards the psychologically important support level at $40,000. If Bitcoin manages to settle below $40,000, it will gain additional downside momentum and head towards the next support which is located at $39,300.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Daily Forecast – U.S. Dollar Is Losing Some Ground Against Euro

Euro Moves Higher Against U.S. Dollar

EUR/USD has managed to get back above 1.1720 while the U.S. dollar remained flat against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle below the support at 93.10 but failed to develop sufficient downside momentum and rebounded towards 93.20. The nearest resistance level for the U.S. Dollar Index is located at 93.40. In case the U.S. Dollar Index manages to settle above this level, it will head towards the resistance at 93.75 which will be bearish for EUR/USD.

It’s a quiet day on the economic calendar, so foreign exchange market traders will try to prepare for the Fed Interest Rate Decision which will be released on September 22.

The key question is whether Fed Chair Jerome Powell is ready to announce the reduction of Fed’s asset purchase program. Powell has been consistently dovish during the pandemic, and it looks that he will use any opportunity to delay tapering.

Recent economic data was inconclusive while global markets found themselves under pressure on fears about the potential default of China’s developer Evergrande. In this environment, Powell will likely keep the current policies intact, but any surprises will cause significant volatility.

Technical Analysis

eur usd september 21 2021

EUR/USD has recently made an attempt to settle below the support at 1.1720 but failed to develop sufficient downside momentum. The nearest resistance level for EUR/USD is located at 1.1750.

In case EUR/USD manages to get back above 1.1750, it will head towards the next resistance level which is located near the 20 EMA at 1.1775. A successful test of this level will push EUR/USD towards the resistance at 1.1800.

On the support side, a move below 1.1720 will open the way to the test of the support at 1.1690. If EUR/USD declines below this level, it will move towards the support at 1.1660. A successful test of the support at 1.1660 will push EUR/USD towards the next support which is located at 1.1630.

For a look at all of today’s economic events, check out our economic calendar.

GBP/USD Daily Forecast – British Pound Tries To Gain Ground Against U.S. Dollar

U.S. Dollar Is Losing Ground Against British Pound

GBP/USD is currently trying to settle back above 1.3665 while the U.S. dollar is losing some ground against a broad basket of currencies.

The U.S. Dollar Index is moving towards the nearest support level at 93.10. In case the U.S. Dollar Index manages to settle back below this level, it will head towards the next support near the 50 EMA at 92.80 which will be bullish for GBP/USD.

Today, foreign exchange market traders will have a chance to take a look at Building Permits and Housing Starts reports from U.S. Analysts expect that Building Permits declined by 1.8% month-over-month in August after growing by 2.3% in July. Housing Starts are projected to increase by 2% on a month-over-month basis.

Trading may be choppy today as traders wait for the results of the Fed meeting which will be released tomorrow. Yesterday, global markets were under pressure on fears about a potential default of China’s developer Evergrande. However, U.S. dollar failed to gain more ground despite its safe-haven status as traders were not ready to make big moves ahead of the Fed meeting.

Technical Analysis

gbp usd september 21 2021

GBP/USD failed to settle below the support at 1.3635 and is trying to settle back above 1.3665. In case this attempt is successful, it will get to the test of the next support level at 1.3690.

A move above 1.3690 will open the way to the test of the resistance at 1.3710. If GBP/USD gets above this level, it will head towards the next resistance level at 1.3745. A successful test of the resistance at 1.3745 will push GBP/USD towards the resistance which is located at the 20 EMA at 1.3770.

On the support side, a move below 1.3665 will open the way to the test of the support at 1.3635. In case GBP/USD declines below this level, it will move towards the support at 1.3600. A successful test of the support at 1.3600 will push GBP/USD towards the support at 1.3575.

For a look at all of today’s economic events, check out our economic calendar.

USD/CAD Daily Forecast – Canadian Dollar Is Under Pressure At The Start Of The Week

U.S. Dollar Gains Ground Against Canadian Dollar

USD/CAD made an attempt to settle above the resistance at 1.2900 but lost momentum and declined towards 1.2830 while the U.S. dollar lost momentum against a broad basket of currencies.

The U.S. Dollar Index faced strong resistance at 93.40 and declined towards 93.20. The nearest support level for the U.S. Dollar Index is located at 93.10. In case the U.S. Dollar Index declines below this level, it will head towards the support at 92.80 which will be bearish for USD/CAD.

While it’s an Election Day in Canada, foreign exchange market traders focused on general market sentiment and dynamics of commodity markets which were under pressure on fears about financial problems of China’s Evergrande.

U.S. dollar was gaining ground against a broad basket of currencies as demand for safe-haven assets increased. However, traders were not ready to push the U.S. currency towards yearly highs as they remained cautious ahead of the Fed meeting.

Meanwhile, Canadian dollar was under pressure as WTI oil made an attempt to settle below the psychologically important $70 level. If WTI oil settles below this level, it will head towards the 50 EMA at 69.40 which will be bearish for commodity-related currencies, including Canadian dollar.

Technical Analysis

usd cad september 20 2021

USD to CAD is currently trying to settle back above 1.2830. RSI is close to the overbought territory, but there is enough room to gain upside momentum in case the right catalysts emerge.

In case USD to CAD manages to settle above 1.2830, it will head towards the next resistance level at 1.2850. A successful test of this level will open the way to the test of the resistance at 1.2865. If USD to CAD gets above 1.2865, it will head towards the next resistance at 1.2900.

On the support side, a move below 1.2830 will push USD to CAD towards the support at 1.2785. In case USD to CAD declines below 1.2785, it will head towards the support at 1.2760. A move below 1.2760 will open the way to the test of the support at 1.2730.

For a look at all of today’s economic events, check out our economic calendar.

Why Twitter Stock Is Under Pressure Today

Twitter Agrees To Pay $809.5 Million To Settle Class Action Lawsuit

Shares of Twitter found themselves under pressure after the company announced that it had entered into a binding agreement to settle class action securities lawsuit for $809.5 million. This lawsuit commenced back in 2016. The copmany stated that it settled the lawsuit “without any admission, concession or finding of any fault, liability or wrongdoing”.

According to the press release, Twitter intends to use cash on the balance sheet to pay $809.5 million. This amount is expected to be paid in the fourth quarter of 2021. Twitter finished the previous quarter with more than $4 billion of cash on the balance sheet, so the settlement will not have a serious impact on the company’s liquidity.

What’s Next For Twitter Stock?

With a market capitalization that is close to $50 billion and more than $4 billion of cash on the balance sheet, Twitter can easily deal with a $809.5 million hit. At this point, current valuation valuation levels and general market sentiment present bigger risks for Twitter stock.

Analysts expect that Twitter will report earnings of $0.9 per share in 2021 and $1.2 per share in 2021, so the stock is trading at roughly 50 forward P/E. Analyst estimates have started to move lower in recent weeks, which may serve as an additional bearish catalyst for Twitter.

It remains to be seen whether Twitter will be able to trade at 50 forward P/E in case general market pullback continues and investors start to pay more attention to valuation levels. In this environment, it may be hard to justify paying 50 times future earnings for an established company in the digital space. At the same time, many traders may be ready to buy stocks after notable pullbacks, and Twitter shares have already declined from the $73 level in July to $60.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Daily Forecast – Silver Tries To Rebound As Demand For Safe-Haven Assets Increases

Support At $22.10 Stays Strong

Silver is currently trying to settle back above $22.30 while U.S. dollar is gaining some ground against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle above the resistance at 93.40 but failed to develop sufficient upside momentum and pulled back towards 93.30. In case the U.S. Dollar Index gets above 93.40, it will head towards yearly highs near 93.75 which will be bearish for silver and gold price today.

Meanwhile, gold continues its attempts to settle back above $1750. Today, gold benefits from increased demand for safe-haven assets amid global market sell-off. Treasury yields have moved lower as traders rushed to buy U.S. government bonds, providing additional support to gold. In case gold manages to settle above $1750, it will move towards the resistance level at $1775 which will be bullish for silver.

Gold/silver ratio managed to settle above 78.50 and is moving towards the 79 level. Gold/silver ratio gained strong upside momentum, and RSI moved into the overbought territory. However, there is plenty of room to gain additional upside momentum in case the right catalysts emerge. If gold/silver ratio gets to the test of the 79 level, silver will find itself under more pressure.

Technical Analysis

silver september 20 2021

Silver tried to settle below the support level at $22.10 but lost momentum and moved back above $22.30. If silver settles above this level, it will move towards the resistance at $22.60.

A successful test of the resistance at $22.60 will push silver towards the next resistance level which is located at $22.90. If silver gets above $22.90, it will head towards the resistance at $23.20.

On the support side, silver needs to get back below $22.30 to have a chance to develop downside momentum in the near term. The next support level for silver is located near the recent lows at $22.10.

A move below $22.10 will open the way to the test of the support at $21.90. If silver manages to settle below this level, it will head towards the support at $21.65.

For a look at all of today’s economic events, check out our economic calendar.

Stocks Retreat Amid Global Sell-Off

All Eyes On China

S&P 500 futures are under significant pressure in premarket trading as traders focus on the potential collapse of China Evergrande Group, which has amassed more than $300 billion in liabilities.

Fears of another financial crisis coming out of Asia pushed global indices towards multi-week lows, but it remains to be seen whether the impact of a potential Evergrande default will have widespread consequences.

Traders are also nervous ahead of the Fed meeting, although Fed Chair Jerome Powell will likely try to calm markets and reiterate his usual dovish message on September 22.

Global Rush To Safety

The yield of 10-year Treasuries has moved away from recent highs and is trying to settle below 1.30% as traders buy U.S. government bonds to protect themselves from the potential correction in riskier markets.

The U.S. dollar is also moving higher due to its safe-haven status. The U.S. Dollar Index, which measures the strength of the U.S. dollar against a broad basket of currencies, is trying to settle above the resistance at 93.40. In case this attempt is successful, it will move towards yearly highs near 93.75 which may put more pressure on stocks.

Interestingly, gold is gaining ground despite strong dollar as falling yields and demand for safe-haven assets have provided sufficient support. In this environment, gold mining stocks may rebound from yearly lows.

WTI Oil Tries To Settle Below The $70 Level

WTI oil is currently trying to settle below the support at the psychologically important $70 level as traders fear that Evergrande’s financial problems may have a notable negative impact on China’s economy and cut demand for oil.

Most other commodities are also under pressure, and the market mood is very bearish today. Premarket trading indicates that oil-related stocks will find themselves under huge pressure at the beginning of today’s trading session so traders should be prepared for fast moves.

For a look at all of today’s economic events, check out our economic calendar.

Dogecoin Tests Support At $0.2190 While Bitcoin Slips Below $45,000

Crypto Markets Are Moving Lower

Dogecoin managed to settle below the support at $0.2255 and is trying to settle below the next support at $0.2190 while Bitcoin is moving towards the important support level at $44,000.

The world’s leading cryptocurrency found itself under strong pressure at the start of the week which was bearish for altcoins. Ethereum is moving towards the 50 EMA at $3,070. XRP is trying to settle below the major support at $0.95, while Shiba Inu tests its 50 EMA at $0.00000735.

In case Bitcoin manages to settle below the support at $44,000, it will gain additional downside momentum and move towards the support which is located near September lows at $42,600, which will be bearish for the whole crypto market and may put significant pressure on Dogecoin.

It should be noted that Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, is currently trying to settle above 42.5%. This move shows that pressure on altcoins is growing, which is bearish for Dogecoin.

Technical Analysis

dogecoin september 20 2021

Dogecoin is currently testing the support level at $0.2190. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

In case Dogecoin manages to settle below $0.2190, it will head towards the next support level which is located at September lows at $0.2130. A successful test of this level will open the way to the test of the support at $0.2050. If Dogecoin declines below $0.2050, it will move towards the psychologically important support level at $0.20.

On the upside, Dogecoin needs to settle back above $0.2190 to have a chance to develop upside momentum in the near term. The next resistance level is located at $0.2255. A move above this level will push Dogecoin towards the resistance at $0.23. If Dogecoin settles above the resistance at $0.23, it will head towards the next resistance level which is located at $0.2350.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Daily Forecast – Euro Remains Under Pressure Against U.S. Dollar

Euro Is Weak At The Start Of The Week

EUR/USD is currently trying to settle below the support at 1.1720 while the U.S. dollar is moving higher against a broad basket of currencies.

The U.S. Dollar Index gained strong upside momentum and is testing the resistance level at 93.40. In case this test is successful, the U.S. Dollar Index will move towards yearly highs near 93.75 which will be bearish for EUR/USD.

The economic calendar is empty today so foreign exchange market traders will focus on general market sentiment. Global markets are losing ground, and there are several reasons for this move.

First, markets are worried about the fate of China’s Evergrande, whose financial problems may have broader impact. Second, traders remain cautious ahead of the Fed Interest Rate Decision which will be released on September 22. It remains to be seen whether Fed is ready to announce the reduction of its asset purchase program, but markets look very nervous ahead of the important meeting.

Technical Analysis

eur usd september 20 2021

EUR/USD settled below the support at 1.1750 and is trying to settle below the next support level at 1.1720. In case this attempt is successful, EUR/USD will move towards the support at 1.1690.

A successful test of the support at 1.1690 will open the way to the test of the next support level which is located near yearly lows at 1.1660. In case EUR/USD declines below this level, it will head towards the support at 1.1630. A move below this level will push EUR/USD towards the next support at 1.1615.

On the upside, EUR/USD needs to get back above 1.1720 to have a chance to develop upside momentum in the near term. The next resistance level for EUR/USD is located at 1.1750.

If EUR/USD gets above 1.1750, it will move towards the next resistance at 1.1775. A successful test of this level will open the way to the test of the resistance which is located at the 20 EMA at 1.1785.

For a look at all of today’s economic events, check out our economic calendar.

GBP/USD Daily Forecast – U.S. Dollar Stays Strong At The Start Of The Week

British Pound Is Under Pressure

GBP/USD is currently trying to settle below the support at 1.3690 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index managed to settle above the resistance at 93.10 and is moving towards the next resistance level which is located at 93.40. In case the U.S. Dollar Index gets to the test of this level, GBP/USD will find itself under more pressure.

There are no important economic reports scheduled to be released in the U.S. and UK today so foreign exchange market traders will focus on general market sentiment and continue to wait for the Fed Interest Rate Decision which will be released on September 22.

Traders will also keep an eye on the developments in China as Evergrande’s problems have already put pressure on markets. The U.S. dollar may benefit from rush to safety due to its safe-haven status.

Technical Analysis

gbp usd september 20 2021

GBP/USD managed to get below the support at 1.3710 and is trying to settle below the next support level at 1.3690. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

In case GBP/USD declines below the support at 1.3690, it will head towards the next support level at 1.3665. A successful test of this level will open the way to the test of the next support at 1.3635. If GBP/USD gets below 1.3635, it will continue its downside move and head towards the next support at 1.3600.

On the upside, the previous support level at 1.3710 will serve as the first resistance level for GBP/USD. A move above this level will push GBP/USD towards the next resistance at 1.3745. In case GBP/USD gets above 1.3745, it will head towards the resistance level near the 20 EMA at 1.3780. A successful test of this level will open the way to the test of the next resistance which is located near the 50 EMA at 1.3800.

For a look at all of today’s economic events, check out our economic calendar.

USD/CAD Daily Forecast – Test Of Resistance At 1.2760

Canadian Dollar Is Losing Ground Against U.S. Dollar

USD/CAD is currently trying to settle above the resistance at 1.2760 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index is testing the resistance level at 93.10. In case this test is successful, the U.S. Dollar Index will move towards the next resistance level at 93.40 which will be bullish for USD/CAD.

Today, U.S. released Michigan Consumer Sentiment report which indicated that Consumer Sentiment improved from 70.3 in August to 71 in September compared to analyst consensus of 72.

WTI oil managed to get below the $72 level and made an attempt to settle below $71.50 which was bearish for commodity-related currencies, including Canadian dollar.

Foreign exchange market traders also focused on the developments in U.S. government bond markets. The yield of 10-year Treasuries is currently trying to settle above monthly highs near 1.38%. A move above this level will push it towards the resistance at 1.42% which will be bullish for the American currency.

Technical Analysis

usd cad september 17 2021

USD to CAD settled above the resistance level at 1.2730 and is trying to settle above the next resistance at 1.2760. In case this attempt is successful, USD to CAD will move towards the resistance at 1.2785.

A successful test of the resistance at 1.2785 will open the way to the test of the next resistance level which is located at 1.2810. If USD to CAD gets above the resistance at 1.2810, it will continue its upside move and head towards the next resistance level at 1.2830.

On the support side, the previous resistance at 1.2730 will serve as the first support level for USD to CAD. In case USD to CAD manages to settle below this level, it will head towards the next support at 1.2710.

A successful test of the support at 1.2710 will push USD to CAD towards the next support at 1.2685. If USD to CAD declines below this level, it will move towards the support at the 20 EMA at 1.2650.

For a look at all of today’s economic events, check out our economic calendar.

Why Gold Mining Stocks Are Trading At Yearly Lows Today

Gold Mining Stocks Retreat On Strong Dollar And Rising Treasury Yields

Gold mining stocks are trying to settle below the lows that were reached in late February while gold is testing the support level at $1750. Gold mining stocks have also made an attempt to settle below these levels in late July but failed to develop sufficient downside momentum.

Stronger dollar and rising Treasury yields have served as main bearish catalysts for gold mining stocks. The U.S. Dollar Index, which measures the strength of the U.S. dollar against a broad basket of currencies, is currently trying to settle above the resistance at 93.10 which is not far away from yearly highs at 93.56.

Meanwhile, the yield of 10-year Treasuries is testing the resistance at 1.38% which served as a major obstacle on the way up in August and September.

What’s Next For Gold Mining Stocks?

This is an important moment for gold mining stocks like Barrick, Newmont or Kinross as the sector is trying to settle below the important support level. In case this attempt is successful, gold mining stocks may gain significant downside momentum.

Rising Treasury yields may present a big problem for the gold market. Gold pays no interest while its safe-haven status has not provided much support in recent months as traders focused on the upcoming reduction of Fed’s asset purchase program.

At this point, the setup is bearish for gold mining stocks as Treasury yields and U.S. dollar are moving higher. However, the situation may change quickly in case the Fed is more dovish than expected. In this scenario, gold will move higher while traders will rush to buy gold mining stocks near yearly lows.

All in all, traders should be prepared for increased volatility in the upcoming trading sessions as the market will likely remain nervous until the Fed announces its Interest Rate Decision and provides commentary on September 22.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Daily Forecast – Test Of Support At $22.30

Silver Remains Under Strong Pressure

Silver is currently trying to settle below the support level at $22.30 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index is currently trying to get above the 93 level. A move above this level will open the way to the test of the resistance at 93.10 which will be bearish for silver and gold price today.

It should be noted that the yield of 10-year Treasuries has moved back to multi-week highs which is bearish for precious metals. In case the yield of 10-year Treasuries settles above 1.38%, it will head towards the resistance at 1.42%, which will put additional pressure on silver.

Meanwhile, gold is trying to settle below the support level at $1750. In case this attempt is successful, gold will move towards the next support at $1720 which will be bearish for silver.

Gold/silver ratio is testing the resistance at August highs near 77.65. If gold/silver ratio settles above this level, it will head towards the 78 level which will be bearish for silver.

Technical Analysis

silver september 17 2021

Silver managed to settle below the support at $22.60 and is trying to get below the next support level at $22.30. RSI is close to the oversold territory but there is enough room to gain additional downside momentum in case the right catalysts emerge.

If silver manages to settle below the support at $22.30, it will head towards the next support level which is located at August lows at $22.10. A successful test of this level will open the way to the test of the support at $21.90. In case silver declines below this level, it will head towards the next support at $21.65.

On the upside, the previous support at $22.60 will serve as the first resistance level for silver. A move above this level will push silver towards the resistance at $22.90. In case silver settles above $22.90, it will head towards the resistance level at $23.20.

For a look at all of today’s economic events, check out our economic calendar.

Stocks Remain Under Pressure Ahead Of The Weekend

Stocks Set To Open Lower

S&P 500 futures are losing ground in premarket trading as traders remain cautious ahead of Fed Interest Rate Decision which will be released on September 22.

Yesterday, Retail Sales and Continuing Jobless Claims reports exceeded analyst expectations and raised worries that Fed will soon announce the reduction of its asset purchase program.

Today, traders will have a chance to take a look at Michigan Consumer Sentiment report for September. Analysts expect that Consumer Sentiment increased from 70.3 in August to 72 in September.

Gold Tries To Rebound After Yesterday’s Sell-Off

Gold failed to settle below the support level at $1750 and is trying to rebound while the U.S. dollar is losing some ground against a broad basket of currencies.

Yesterday, gold gained strong downside momentum after it managed to get below the support at $1775. Not surprisingly, gold mining stocks found themselves under strong pressure and moved closer to yearly lows.

It remains to be seen whether traders will be ready to buy gold mining stocks today as the current rebound in the gold market is not strong, and gold may lose momentum in case U.S. dollar gains some ground or Treasury yields move closer to recent highs.

WTI Oil Failed To Settle Below The $72 Level

WTI oil has recently made another attempt to settle below the $72 level but failed to develop sufficient downside momentum. Oil found itself under pressure after the recent rally, but it looks that many traders were ready to buy oil on pullback.

The number of new daily coronavirus cases in the world is trending down which is bullish for oil. In addition, U.S. domestic oil production has not fully recovered from hurricane-related damage. Recent spikes in natural gas prices in Europe have also boosted traders’ enthusiasm. In this environment, WTI oil has good chances to get back to recent highs.

For a look at all of today’s economic events, check out our economic calendar.

Shiba Inu Rallies After Coinbase Listing

Shiba Inu Tries To Gain Additional Upside Momentum

Shiba Inu continues its attempts to settle above the resistance at $0.000009 as traders react to Coinbase listing. Such listing provides many traders with an opportunity to buy Shiba Inu, which is bullish for the cryptocurrency.

Meanwhile, Bitcoin remains stuck near the $48,000 level. In case Bitcoin manages to settle above this resistance level, it will gain additional upside momentum which will be bullish for the whole crypto market, including Shiba Inu.

Other cryptocurrencies are mostly moving higher. Ethereum has recently made an attempt to settle above the resistance at $3,600. XRP is trading near $1.09 while Dogecoin is testing the resistance level at $0.2570.

Technical Analysis

shiba inu september 17 2021

Shiba Inu has recently made an attempt to settle above the resistance level at $0.0000095 but failed to develop sufficient upside momentum and pulled back. RSI remains in the moderate territory despite the recent rally so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

Currently, Shiba Inu needs to settle back above $0.000009 to have a chance to develop upside momentum in the near term. In case Shiba Inu gets above $0.000009, it will head towards the next resistance level which is located at the recent highs at $0.0000095.

A successful test of this level will open the way to the test of the psychologically important resistance at $0.000010. If Shiba Inu manages to settle above $0.000010, it will move towards the resistance at $0.0000105.

On the support side, the nearest support level for Shiba Inu is located at $0.0000085. In case Shiba Inu declines below this level, it will head towards the support at $0.000008.

A move below $0.000008 will open the way to the test of the support at $0.0000077. If Shiba Inu manages to settle below this level, it will head towards the next support which is located at $0.00000745.

For a look at all of today’s economic events, check out our economic calendar.