Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
Bearish Signal For The USD
Happy Thursday, dear traders! Today, markets will be volatile due to the US GDP and unemployment releases! Let's get ready with FBS!
- X (ex. Twitter) CEO says the company will become profitable at the beginning of next year.
- Oil rose above $95 per barrel on data on minimum fuel reserves in the United States.
- Americans are beginning to feel the pain from the Fed's rate hikes: the average family cannot afford to buy a home with a mortgage.
- Most Wall Street investors see SP500 growth in 2023 as a "bear rally" and expect a recession in 2024.
- XAUUSD fell below 1900 for the first time since March 2023.
US dollar index technical analysis
According to the RSI, the US dollar index reached the overbought area. Moreover, the price bounced off the upper border of the ascending channel.
Today, we expect the US dollar index to decline toward the lower channel's border, leading to EURUSD, GBPUSD and XAUUSD upside movement.
Have a great trading session!
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