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A lot of news came out that may impact the market. It’s surely not the time to rely only on technical analysis!
EUR/USD is aggressively moving upwards. It has broken through the key resistance of 1.2000 and approached the next barrier of 1.2100, which is a round number and also the peak of the 2017 year. If it manages to cross it, the way up to the 1.2150 will be clear. On the flip side, the move below the key support of 1.2000 will drive the pair to the 50-period moving average of 1.1925.
XAU/USD moved to the upside, but its growth was limited by the 50-period moving average of $1 815. If it manages to break through this resistance, it may jump to the 100-period moving average of $1 845. In case of falling, the pair will meet the strong support of the 200-day moving average at $1 800, and it’s likely to pull back from it. The breakout of this level will lead gold to the next support of $1 770.
The Australian dollar was underpinned by the better-than-expected GDP. If it breaks through Monday’s high of 0.7400 the way up to 0.7450 will be open. Support levels are at the recent lows of 0.7350 and 0.7325.
USD/CNH is moving back and forth inside of the horizontal corridor. Since it has touched the bottom and candlesticks have formed longer lower tails, we can expect the move up. On the way to the top of the range, it may meet the resistance of the 50-period moving average at 6.5700. Support levels are 6.5450 and 6.5350.
Follow the US ADP report at 15:15 MT time and the speech of Jerome Powell at 17:00 MT time.
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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