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EUR/USD has bounced off the lower trend line. It has even managed to break the psychological mark of 1.1900 but stopped ahead of the next round number of 1.1950. If it crosses it finally, the way up to the 200-day moving average of 1.2000 will be open. Support levels are Monday’s low of 1.1840 and early April low of 1.1750.
XAU/USD has reversed up from the 61.8% Fibonacci retracement level of $1770. If it manages to break the resistance level of $1800 at the 50% Fibo level and the 100-day MA, gold may surge to $1825. On the flip side, the move below the $1770 support will press the metal down to early April lows of $1735.
XBR/USD (Brent oil) is rallying up. If the bullish momentum sustains, crude oil may reach the psychological mark of $75. Support levels are at the recent lows of $72.00 and $71.00.
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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