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: upper 'Window' acted as resistance again
2019-11-11 • Updated
There're bearish patterns such an 'Engulfing' and a 'Tower', which both have been confirmed. Therefore, the market is likely going to test the nearest support at 1.1327 shortly. If a pullback from this level happens next, there'll be time for a bullish correction towards 1.1385.
The upper 'Window' has acted as resistance once again, but there's a 'Doji' on the Moving Averages. In this case, it's likely that the pair is going to achieve the closest resistance at 1.1377 soon. The subsequent pullback from this level could lead to a decline to 1.1327.
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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.