The ECB Monetary Policy Meeting Accounts will be released at 14:30 MT on January 16
Market updates on December 2
Key events ahead:
German Markit Manufacturing PMI Final – 10:55 MT time (08:55 GMT)
American ISM Manufacturing PMI – 17:00 MT time (15:00 GMT)
- EUR has started the day with a passive sideways movement. On the H4 chart of EURUSD, the Bollinger’s bands are pinched together. That means most probably the market is gathering power to start a more active movement soon. The MACD is slowly rising and preparing to cross the zero-line bottom-up. Once it is done, that would confirm the market’s intention to make a bullish move. For this scenario, the resistance may be placed at 1.1024 and 1.1029. The supports may be located at 1.1003 and 1.0990.
- USDJPY made a rise to the level of 109.70 this morning and bounced down. On the H4 chart of USDJPY, the Stochastic is preparing to enter the overbought zone, while the MACD is within the peak level. These indications mean that the price is likely to keep rising or move sideways for a while, before dropping. Once the Stochastic’s fast line crosses the slow one upside-down above the 80% level and the MACD rises above the signal line, that would be a signal that the market is overbought and it is time to open shorts. In this case, the support may be placed in the range of 109.45 – 109.41. The resistance may be kept at 109.70.
- USD is in an indecisive mode against the CAD so far. On the H4 chart of USDCAD, the price is continuing the sideways movement that has been in place since last Wednesday. The Bollinger’s compressed bands and the MACD’s low magnitude movement right at the zero-line show that the market is consolidating before making a stronger move in either direction. The support may be located within the range of 1.3271 – 1.3262. The resistance levels may be placed at 1.3297, 1.3308 and 1.3324.
We expect the US-China phase one trade deal to be signed on Wednesday and multiple important indicators for the USD. Plus, it is the first week of the earnings reports
The British yearly CPI will be released at 11:30 MT on January 15
The Bank of Canada (BOC) will release its rate statement alongside the monetary policy report during its meeting on January 22 at 17:00 MT time.
Events in Libya pushed the oil price up. So what's the strategy to benefit from it?
This week will bring us central bank statements and important economic indicators related to the main currency pairs. Read on to see which ones will be affected.