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OPEC members haven’t been able to agree on oil output yesterday. Saudi Arabia and Russia agreed initially to boost output 400,000 barrels a day from August, but the United Arab Emirates blocked a deal. The meeting will continue today. If OPEC+ can’t reach an agreement, it raises the possibility that crude will surge higher. Even if members agree on the output increase, the implementation of the agreement would depend on US-Iran nuclear talks. Brent oil went above $75.50, WTI oil passed $74.50.
XBR/USD (Brent oil) is at the highs unseen since 2018. If it breaks above $76.00, it will rally up further to yesterday’s high of $76.50. Support levels are at the psychological mark of $75.00 and the 50-period moving average of $74.70.
The US dollar jumped ahead of the NFP report today. Investors expect an increase of 700,000 jobs in June, above May's 559,000. The better the NFP outcome – the more chances the Federal Reserve might start tapering stimulus, which in turn will push the USD up.
EUR/USD has broken below the 1.1850 support and edging lower to the psychological mark of 1.1800. The RSI indicator is at the 30.00 level, signaling the euro is oversold, but if NFP beats estimates, EUR/USD will fall further. Resistance levels are at 1.1850 and 1.1900.
Gold has recovered some losses, but still moves without any clear direction. If it jumps above the upper line of Bollinger Bands and the RSI indicator moves above 65.00, consider selling. Gold has failed to cross the key resistance of $1790 several times already and thus XAU/USD is likely to reverse down from it again. Support levels are $1765.00 and $1755.00.
Speaking about stocks, Johnson & Johnson claimed its vaccine neutralizes the fast-spreading Delta virus variant. Check out the Johnson & Johnson stock when the stock market opens at 16:30 GMT+3.
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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