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EUR/USD has been trading in a descending channel. It has broken through the 200-day moving average at 1.1850. Thus, the way down to the next support level at the lower line of Bollinger Bands at 1.1775 is open now. It’s unlikely to break it on the first try. But if it does, it may fall to the key psychological mark of 1.1700. On the flip side, if it breaks the resistance of 1.1850, the way up to the middle line of Bollinger Bands at 1.1930 will be open.
GBP/USD is moving down inside the descending channel. It’s approaching the 100-day moving average of 1.3600, which it’s unlikely to cross on the first try. If it manages to do so, the way down to the next support of 1.3500 will be open. If the sentiment changes during the day, GBP/USD may jump above 1.3750 which will open doors towards the 50-day MA at 1.3830.
The news about a ship getting stuck in the Suez Canal was negative for oil. Thus, now we can observe the increased volatility in all the crude oil assets. For instance, let’s look at UK Brent oil – XBR/USD. It has bounced off the 200-period moving average of $64.50, but the middle line of Bollinger Bands constrained the asset from further falling. If it breaks it, the oil may fall to the next support of $62.00. In the opposite scenario, the move above the 200-period MA at $64.50 will drive XBR/USD to $66.00.
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About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!
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