ONLINE FOREX BROKER
The sentiment is indeed risk-on today! S&P 500 surged to the all-time high, and EUR/USD jumped to levels unseen since May of 2018. Let’s have a closer look.
The most traded pair has approached the resistance at 1.1950. If it breaks it through, it may surge to the next key psychological mark at 1.2000. Otherwise, if it falls below the 1.9000, it may fall even deeper to the low of August 17 at 1.1835.
XAU/USD has contracted after the move above the key psychological level of $2 000. It may be just a natural short sell-of ahead of the further rally up. If it crosses the resistance at $2 010, it may surge to the next one at the high of August 7 at $2 035. On the flip side, if it falls below the support at $1 965, it may fall even deeper to $1 940.
AUD/USD has reached the 200 moving average on the weekly chart. It’s quite a strong resistance, therefore it’s likely to bounce off. Nevertheless, if it manages to cross it, it will surge to 0.7300. In opposite, the move below 0.7130 may push the price even lower to the key support at 0.7000.
There is an important event for the oil market today: OPEC meeting. Follow it as it will add some volatility to the oil market. Let’s look at the WTI chart. If the price rises above the yesterday high at $42.85, it will open doors towards the high of August 5 at $43.20. On the contrary, if it breaks down the support at $42.25, it will fall to $41.90.
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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