XAUUSD
Prediction: Decrease
Fundamental Analysis:
Gold price (XAU/USD) advances modestly on Friday on the back of the softer US dollar (USD) and lower US yields. Traders place higher bets that the Federal Reserve (Fed) will cut the interest rate this year after the recent weaker US GDP data. Furthermore, the geopolitical risks and conflicts in the Middle East might boost the precious metal as it is perceived as a traditional safe-haven asset.
Later on Friday, gold traders will keep an eye on the US April Core Personal Consumption Expenditures Price Index (Core PCE), the Fed’s preferred inflation measure. The Core PCE figure is projected to show an increase of 0.3% MoM and 2.8% YoY in April. In case of the hotter-than-expected inflation data, this might provide some support to the Greenback and cap the upside for gold price.
Technical Analysis:
Gold prices has been falling off rapidly ever since it hits its all the high level of $2450. As prices tried to bounce back on key support levels of 0.618, 0.5 and 0.382. It failed to gain ground and it has broken through all levels. While prices may retrace back to previous fib level. We can look the price test the 0 level at $2277.6.
USDJPY
Prediction: Increase
Fundamental Analysis:
We have the inflation data from Tokyo. The Tokyo CPI accelerated in May. The national level CPI data will come along in around three weeks and if it follows suit. It’ll keep the Bank of Japan pretty much on track to consider a further rate hike in the months ahead. Note that the BoJ do not seem to be in too big a rush for the next hike. The yen has steadily marched closer toward the 34-year trough of 160.245 from a month ago, a level which market players suspect triggered two rounds of dollar-selling intervention by Tokyo. Those suspicions may be confirmed when Japan's Ministry of Finance releases official figures on currency intervention in the Asian evening.
Technical Analysis:
USD/JPY dribbled down to lows around 156.60 after the data and Suzuki, but has since recovered to around the middle of its session range around 156.78. Expecting price to go above 158 to 160 before another intervention.
BTCUSD
Prediction: Increase
Fundamental Analysis:
The U.S. Securities and Exchange Commission (SEC) on Thursday approved applications from Nasdaq, CBOE and NYSE to list exchange-traded funds (ETFs) tied to the price of ether, potentially paving the way for the products to begin trading later this year.
While the ETF issuers also have to get the green light before the products can launch, Thursday's approval is a major surprise win for those firms and the cryptocurrency industry, which until Monday had expected the SEC to reject the filings.
Technical Analysis:
Bitcoin price extended its downside correction below the $68,000 level. BTC tested the $67,000 zone and recently started a recovery wave. The price traded as low as $67,099 before it climbed back above $68,000. There was a break above a key bearish trend line with resistance at $67,800 on the hourly chart of the BTC/USD pair. The pair climbed above the $68,500 and $69,000 levels. However, it faced resistance near the $69,500 level. A high was formed at $69,548 before the upside faded. There was a drop below the $69,000 level. The price declined below the 50% Fib retracement level of the upward move from the $67,099 swing low to the $69,548 high. However, the bulls were active near $68,000 and the 61.8% Fib retracement level of the upward move from the $67,099 swing low to the $69,548 high. Bitcoin is now trading above $68,000 and the 100 hourly Simple moving average.
HSI
Prediction: Increase
Fundamental Analysis:
Asian stocks rose on Friday and were poised for the fourth month of gains, while the dollar drifted lower, keeping the yen steady as investors await inflation readings from Europe and the U.S. that will likely dictate the path of interest rates globally.
A downward revision to consumer spending meant the U.S. economy grew more slowly than expected in the first quarter, data showed on Thursday, weighing on Treasury yields and the dollar.
Technical Analysis
Hang Seng Index has been on the rise and reacting accordingly to the fibonacci level for retracements.
The price has been retracing this week and we see the price is a perfect time for entry into the HSI. And look to test for $19820 level and ATH at $23000.
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