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EUR/USD has surged above the psychological mark of 1.1600. The short retracement can occur back to this level after such an important breakout. The next resistance zone is actually quite close. It is at 1.1615-1.1620 – the 50-period moving average and the highs of October 26-27. The long-term trend is bearish. Thus, the pair is likely to reverse down soon: from the 50- or the 200-period moving average. Support levels are 1.1600, the lows of late October at 1.1590 and 1.1580.
Gold keeps moving inside the ascending channel. If it manages to break above the psychological mark of $1800, the way up to the October peak of $1810 will be open. Support levels are the 200-day moving average of $1792 and the 50-day moving average of $1780.
AUD/USD has reversed down from the 200-day moving average of 0.7550. It can drop to the low of October 22 at 0.7450. If it manages to close below it, the way down to the next support level at 0.7400 near the 100-day moving average will be open.
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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