The ECB Monetary Policy Meeting Accounts will be released at 14:30 MT on January 16
Market updates on November 14
Key event ahead
Fed Chair Powell Testimony – 17:00 MT time (15:00 GMT)
- On the H1 chart of the EURUSD, the price has started the day with a drop to 1.0993. After that, it bounced back up and reached 1.1009 making a 16 pips rise. It is a relatively strong push in the upward direction shown only once during the last two weeks. It may be a signal of a strong bullish intention to break an overall falling trend dominant since the beginning of November. The resistance levels may be located at 1.1009 and 1.1015. The bears may watch the support of 1.0993, which is a 4-weeks low so far.
- The US dollar has been mostly dropping against the Japanese yen since last Thursday. On the H4 chart of USDJPY, the 108.57 low reached on November 4 may be a support level for the bears to watch as it is being tested. The next support may be located at 108.14. The bulls may place the resistance levels at 108.85 and 109.09.
- The New Zealand dollar is on a steady rise after Wednesday’s skyrocketing due to the interest rate by the Reserve Bank of New Zealand being higher than the forecast. On the H1 chart of NZDCAD, the price trades above the new support levels of 0.8472 and 0.8463. If it continues rising, it may have the resistance levels at 0.8488 and 0.8500 on its way.
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
You are still in doubt whether it makes sense to trade stocks? Watch this.
The recent Chinese figures bring optimism
On Thursday, January 16 two central banks: the Reserve bank of South Africa and the Turkish Central Bank will make their interest rate decisions.