<p style=““ class=“text-align-justify“>The pair is little changed today and remains close to the notable resistance point at 0.6500 after its recent recovery when the dollar hit its latest peak last month. Since then, the greenback has very much consolidated gains against most major currencies and it is no different against the aussie.</p><p style=““ class=“text-align-justify“>As things stand right now, the pair is caught in a tussle between 0.6200 and 0.6500 as buyers and sellers are both awaiting firmer direction or some form of catalyst to drive a move on either side of the key technical levels above.</p><p style=““ class=“text-align-justify“>All signs seem to be pointing towards the US CPI data later this week as a potential mover but until we get there, just keep a look out on the technicals in case we do see any sudden moves in the run up to the key risk event.</p><p style=““ class=“text-align-justify“>US futures have tilted higher today, with S&P 500 futures now up 15 points, or 0.4%, and that might give the aussie a bit of a helping hand in contesting 0.6500 again later.</p>

This article was written by Justin Low at forexlive.com.

<p>Crypto
Market picture</p><p>
The
crypto market has lost over 5% in the last 24 hours, pushing capitalisation
back below $1 trillion. The steep fall in FTT affected Bitcoin and Ether and has
pulled a significant market spectrum.
Bitcoin is now trading at $19.8K, with the most substantial losses coming in
the Asian session, filled with algorithmic traders, pushing the price back to
$19.4K at one point. It is noteworthy that a sell-off did not follow the
sell-off in the first and second cryptocurrencies in the markets. </p><p>Once again,
we are forced to guess whether crypto reflects the internal risk attitude of
the financial markets or whether we have seen a short-term technical sell-off.
In the former case, market sentiment will worsen during the day. In the second,
BTCUSD will redeem during the day and further confirm the market’s reversal to
growth. </p><p class=“MsoNormal“>
According to CoinShares, investments in crypto funds declined last week after a
slight increase the previous week. Outflows amounted to $16m compared to
inflows of $6m a week earlier. Bitcoin investments fell by $13 million, and
Ethereum rose by $3 million. Investments in funds that allow shorts on bitcoin
fell by $7 million. Investors have shown a lack of enthusiasm over the past eight
weeks, CoinShares noted.

</p><p>News background</p><p>
Former
MicroStrategy head Michael Saylor called bitcoin a „hope“ for
Lebanon, whose national currency has fallen 96% against the dollar, and
inflation has reached triple digits. The Middle Eastern country has been in a
deep financial crisis since 2019.
</p><p>Twitter’s new owner, Elon Musk, plans to postpone temporarily or entirely shut
down the development of some of the projects announced by the previous
administration, including, reportedly, work on a cryptocurrency wallet. The
news has hurt Dogecoin, which has been growing in hopes of becoming the social
network’s digital currency.</p><p>
According to Reuters, UK bank Santander will block transactions on
cryptocurrency exchanges in 2023 to protect consumers from fraud.</p><p class=“MsoNormal“>
Mining companies are being forced to sell off cryptocurrency mining equipment
at a massive discount to cover losses from a falling market, The Wall Street
Journal reported.

</p><p>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ target=“_blank“>FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>

This article was written by FxPro FXPro at forexlive.com.

<p style=““ class=“text-align-justify“>So long as the policy divergence between the Fed and the BOJ continues to play out, it is tough to find argue for a change in momentum in USD/JPY in the bigger picture. The recent intervention play from Japan officials just above 150.00 is also a factor that has helped to stifle bulls temporarily but price remains elevated above 145.00 – which is arguably a resting point for buyers.</p><p style=““ class=“text-align-justify“>The above chart says it all. The pair has traded lockstep with the bond market this year as soaring Treasury yields on the back of a more hawkish Fed has underpinned price action. The recent retreat in bond yields has also helped but with inflation data coming up this Thursday, a hotter-than-expected reading could reignite the flames once again.</p><p style=““ class=“text-align-justify“>For now, price action is very much caught in between 145 and 150 as the bond rout stalls and as intervention play presents itself. However, if the selling in bonds starts to pick up again, there is still only one direction that USD/JPY will be headed towards – no matter if Japan wants to try and counteract that.</p><p style=““ class=“text-align-justify“>If there is to be a turning point, perhaps the inflation data later this week could provide a catalyst. If the numbers are soft, that might be reason enough for a correction back towards the 100-day moving average (red line) and 140.00 next.</p>

This article was written by Justin Low at forexlive.com.

<ul><li>Prior 92.1</li></ul><p style=““ class=“text-align-justify“>US small business sentiment falls in October as high inflation continues to weigh on sentiment with more businesses forecasting a deterioration in the economic outlook. Of note, 33% of owners reported that inflation was the single most important issue for their business – the highest share since Q4 1979.</p>

This article was written by Justin Low at forexlive.com.

<p style=““ class=“text-align-justify“>On the one hand, a more hawkish Fed and slightly more dovish BOE now makes for a clearer divergence in terms of central bank outlook for the pair. But this has been an ongoing factor for many months now, adding to the bleak outlook for the UK economy while the US economy is still keeping in a solid state.</p><p style=““ class=“text-align-justify“>However, all of the above are known unknowns and one can argue that it is in part what led to the plunge in cable towards 1.0400 – of course conditions were exacerbated by the gilts crisis amid the mini-budget fiasco.</p><p style=““ class=“text-align-justify“>But with that put aside now and the dollar also looking to hit a bit of a peak technically elsewhere, there is reason for cable buyers to be cautiously optimistic.</p><p style=““ class=“text-align-justify“>That said, looking at the chart above, price action is sort of caught in no man’s land for the most part.</p><p style=““ class=“text-align-justify“>The 100-day moving average (red line) at 1.1676 and key trendline resistance at around 1.1710 are the major resistance points to be mindful about while I would argue that any downside push would require a break of 1.1200 first before the next support level at 1.1000.</p><p style=““ class=“text-align-justify“>But for now, the near-term bias is siding with the buyers as price is holding above the 200-hour moving average:</p>

This article was written by Justin Low at forexlive.com.