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EUR/USD has been moving in an ascending channel since late March. It has touched the lower trend line and also the golden cross occurs (the 50-period moving average has crossed the 100-period MA from bottom to top). Therefore, the pair should rise. If it manages to break the psychological mark of 1.1900, the way up to the high of April 8 at 1.1925 would be open. On the flip side, if it reverses and breaks the recent low of 1.1860, it may fall to the 100-period MA at 1.1800.
Gold has failed to cross the $1735 support and turned to the upside. If bulls keep momentum and the price jumps above the key level of $1760, it may rocket to the highs of mid-February at $1790. On the flip side, the move below $1735 will drive the pair to the recent lows of $1724.
GBP/USD has bounced off the support of 1.3680 and reversed up. If it breaks through 1.3750, the way up to the intersection of 50- and 100-period moving averages will be clear. On the flip side, if it drops below 1.3680, it will fall to 1.3620.
The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies.
Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
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