
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.
The most traded pair is trading sideways without any clear direction. The FOMC meeting this evening will set a fresh vector. If the pair manages to break above the 200-period moving average at 1.2190, the way up to the next resistance level at 1.2220 will be open. On the flip side, the move below yesterday’s low of 1.2130 will drive the pair down to the low of January 20 at 1.2100.
The pound has approached the upper line of the Bollinger Bands indicator at 1.3740. Therefore, we can expect the pullback to the downside as the pair shouldn’t break 1.3740 on the first try. Support levels are at the recent lows of 1.3650 and 1.3600.
USD/JPY is trading inside a descending channel. Since the upside is limited by the 50-period moving average and the upper trend line, we should expect further falling. The breakout below the low of January 21 at 103.35 will drive the pair lower to the key psychological mark of 103.00.
Finally, let’s talk about the aussie. AUD/USD is trading inside the symmetrical triangle. Since the market sentiment is risk-off, the pair is going to dip in the near term. The move below the 100-period moving average of 0.7730 will drive the pair to the next support of 0.7710.
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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The RBA and the Bank of Canada will add volatility to the AUD and the CAD, while USD is expected to be boosted by the Non-farm payrolls.
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