
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.
The market sentiment switched to risk-off after the Fed’s Powell statement. The USD edged higher, while risker assets started falling after reaching quite high levels. Let’s have a closer look.
The most traded pair almost reached the 61.8% Fibonacci level at 1.8200, but then reversed. Now it’s moving down towards the support at 1.1745. If the price breaks it down, it may fall even deeper to the low of July 28 at 1.1715.
XAU/USD is approaching the support level at $1 950. If gold crosses it, it may tumble to the next one at $1 930, which it has touched several times already. Otherwise, the move above the recent high at $1 970 will drive the price to the all-time high.
The stock index has started falling today. There is the support line ahead at 3 210. If it breaks this level down, it will open doors towards the next support at 3 190, which it has touched few times. Resistance levels are at the high of July 22 at 3 270 and at 3 325.
The pair has frozen near the 105.00 level for several days. Now it’s really close to escape it. If it breaks it through, it will clear the way upwards to 105.58 and then to 106.15. Support levels are at the yesterday low at 104.89 and at the low of March 11 at 104.42.
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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