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· The prices for crude oil jumped to its highest levels since the end of May due to the escalation of tensions in the Middle East. Yesterday, Trump approved military strikes against Iran, but then pulled back.
· On H4, the price for WTI has tested the resistance at $57.35 (200-period SMA). If this level is broken, the next resistance for bulls in focus will lie at $58.85-59.45. If bears take over the market, they will try to pull the price for crude to the support at $56.73. If it’s broken, the next support will lie at $56.
· Brent oil successfully stuck above the 100-period SMA on H4 yesterday. Now, it is moving towards the resistance at $65.95. After the break of $64.97 level, the next key level for bulls will lie at $65.95 and $66.64 (200-period SMA). From the downside, the levels are $64.51 and $63.41.
· Gold has failed to reach the old resistance at $1,423 and bounced from the $1,404 level to $1,387. If this level is broken, the yellow metal will fall as far as the level at $1,366 will be reached. Otherwise, bulls will try to retest the highs above the $1,404 level.
· The weak USD sent USD/JPY pair lower. The flow into the safe-haven yen moved the pair to the old support at 107.12. If the pair continues to fall, we may see it reaching the 106.86 level. From the upside, we can see the resistance levels at 107.47, 107.79 and 108.33.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.
We are now past the middle of January, and this means that the largest US companies will report their earnings for the fourth quarter and many of them will provide the results of the entire 2020.
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