
The British monthly GDP is announced on Friday at 09:00 MT time.
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 British monthly GDP is announced on Friday at 09:00 MT time.
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
The US unemployment claims are out on Thursday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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