
As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
2019-11-11 • Updated
Recommendations:
SELL 123,6 SL 124,15 TP1 122,25 TP2 120,8,
BUY 124,3 SL 123,75 TP1 125,2 TP2 128.
On the EUR/JPY daily chart, bears are preparing for the counterattack to stop the rally towards 161.8% target in the Crab pattern. If they succeed, the quotes will probably roll back towards the 23.6%, 38.2% and 50% levels of the CD wave.
On the EUR/JPY hourly chart, the expanding wedge pattern was formed. A return of quotes towards the level of 23.6% of the 4-5 wave will allow us to open short positions. In contrast, the euro upsurge towards 124.3 might lead to the uptrend restoration.
As you must already know, the direction of Gold is mainly dependent on the Price action of DXY (US Dollar index). So first, we take a look at the US Dollar index.
On January 12, the Bureau of Statistics will publish the Consumer Price Index (CPI) figures, a key index for determining interest rates. While we await the release, experts forecast a decline in the CPI data, a hint at weaker Dollar values in the global markets.
Later today Tiff Macklem, the governor of the BoC (Bank of Canada) is expected to speak at the Riksbank's International Symposium as part of a discussion panel on 'Central Bank Independence'.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
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