
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.
EUR/AUD has formed a symmetrical pattern. Thus, we should wait for the breakout. The upper line of the triangle coincides with the 50-day moving average of 1.5550, making it harder to break. If it manages to cross it, the way up to the recent highs of 1.5600 and 1.5660 will be open. In a more probable scenario, if it reverses and drops below the lower line of 1.5450, it may fall further to the recent lows of 1.5370 and 1.5260.
EUR/USD is moving down. It has failed to break the trend line so far at 1.1700, but if it does, the way down to November’s low of 1.1630 will be open. On the flip side, if it jumps above the high of March 26 at 1.1790, it may rise to the 200-period moving average of 1.1870.
USD/JPY is moving sideways just below 111.00. If it finally manages to break through this resistance level, the way up to the next round number of 111.50 will be clear. In the opposite scenario, if it drops below yesterday’s low of 110.50, it may fall to the next support of 110.25.
GBP/USD is trading inside the descending channel. If it manages to break the support level of 1.3750, it may fall to yesterday’s low of 1.3715. In the opposite scenario, the move above yesterday’s high of 1.3800 will push the pair higher to the 100-period moving average of 1.3840.
AUD/USD sharply dropped. If it crosses the lows of late December at 0.7510, the way down to the next support level of 0.7400 will be open. On the flip side, if it jumps above yesterday’s high of 0.7640, the way up to the high of March 22 at 0.7750 will be open.
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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