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EUR/USD is recovering after the enormous slump on Monday. It has reversed up from the 50-day moving average of 1.2090 and keeps edging higher. It may rise to the 50-period moving average of 1.2150, but it’s unlikely to cross this resistance level on the first try. On the flip side, the move below the recent low of 1.2090 will push the pair to the next support level at 1.2060.
After the amazing May, gold is losing its value in June. It has reversed down. If it drops below the low of June 4 at $1855, it may fall to the 200-day moving average of $1840. In the opposite scenario, if it jumps above $1875, it may rise to the next round number of $1890.
USD/JPY is moving inside the ascending channel. It has pulled back after breaking the psychological mark of 110.00. It might be a natural sell-off ahead of the further rally up. The move above April highs of 110.25 will push the pair to the next resistance level of 110.65. Support levels are at the 50-period moving average of 109.65 and the 100-period MA of 109.5.
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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