Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
EUR/USD: pair consolidating along Moving Averages
2019-11-11 • Updated
Bulls faced with resistance at 1.1720, so the pair is consolidating. Even so, the price is likely going to reach the next resistance at 1.1744 - 1.1777. A pullback from this area could be a starting point for a decline towards the nearest support at 1.1673 - 1.1652.
The last 'Pennant' led to a new local high. Meanwhile, we're likely going to have a downward correction in the coming hours. So, we should keep an eye on the closest support at 1.1679 - 1.1661 as an intraday target. If a pullback from these levels happens next, there'll be a moment for another bullish rally.
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Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.