
Last week was full of surprises! The US dollar plunged despite a better-than-expected retail sales report…
EUR/USD has broken through the lower trend line at 1.1750 but has failed to cross the psychological mark of 1.1700 so far. If it manages to do so, the way down to November’s low of 1.1630 will be open. On the flip side, if the sentiment changes and the euro gets a stimulus to rise, it may return to the resistance of 1.1750. If it crosses it, the doors to the high of March 26 at 1.1800 will be open.
GBP/USD has been falling inside the descending channel. If it manages to break the 50-period moving average of 1.3780, the way up to the 100-period MA of 1.3840 will be open. On the flip side, the move below the intraday low of 1.3720 will press the pound to the low of March 25 at 1.3680.
USD/JPY was rallying up for six days in a row. Today it has bounced off the resistance of 111.00 as the RSI indicator went above 70.00, indicating the pair is overbought. If it finally manages to break through 111.00, the way up to the next round number of 111.50 will be open. In the opposite scenario, if bears keep momentum and the pair drops below 110.30, it may fall to the key psychological mark of 110.00.
Finally, let’s discuss gold. After the sharp drop, it has reversed from the support of $1680. If it manages to break above yesterday’s high of $1715, the way up to the high of March 26 will be open. On the flip side, if it drops below $1680, it will fall to the 100-weekly moving average of $1660 (switch to the weekly chart to see it).
Last week was full of surprises! The US dollar plunged despite a better-than-expected retail sales report…
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The volatility that the markets experienced last week promises the second tidal wave! What should your favorite assets anticipate during the first week of February?
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.
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