
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.
Well, let’s start with gold today! It has broken through the upper trend line and now it’s just below the $1875 resistance – the highs of late January. If it manages to break it, the way up to the psychological mark of $1900 will be open. However, the rally up was quite long, that’s why we might see some short sell-off, maybe pullback to $1850 – the 200-day moving average.
If EUR/USD crosses the recent highs of 1.2185, it may jump to the high of February 25 at 1.2250. Since the pair is trending up both in the long and the short term and the USD is weak today, it’s likely to do that. On the flip side, the move below the 100-day moving average of 1.2050 will press the pair down to the 1.2000 support.
XBR/USD (UK Brent oil) has approached the key resistance of $70.00. The breakout above this level will drive oil up to the high of March 8 at $71.00. Support levels are $67.80 and $65.60 at the 50-day moving average.
Tesla has reversed from $560.00 yesterday and recovered some losses, but today after Burry sold so many Tesla’s shares, we might expect the stock to drop to $550.00 and then maybe deeper to $500.00. Resistance levels are at the recent highs of $600.00 and $620.00.
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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