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The US dollar keeps falling for the third day in a row, whereas riskier assets are rising. Let’s discuss the main market events and analyze the charts.
EUR/USD is trading in an ascending channel. It has just crossed the 38.2% Fibonacci retracement level of 1.1765. After some short selling, it should continue moving upwards. If it rises to the key psychological mark of 1.1800, it may jump to the 50.0% Fibo level of 1.1810. On the flip side, the move below the 1.1765 will drive the price to the next support of 1.1740.
S&P 500 is steadily moving up on hopes for a large-scale fiscal stimulus. If it manages to jump above the high of September 4 at 3 480, the way towards the all-time high of 3 580 will be open. In the opposite scenario, if it falls below the 200-day moving average of 3 390, it may fall deeper to the 100-day moving average of 3 330.
XAU/USD has just broken through the significant resistance of $1 900, clearing the way towards $1 920. However, it may struggle to cross the month trendline. If it manages to do so, the doors towards the next resistance of $1 960 will be open. Support levels are $1 900 and $1 875.
The aussie is driven upwards by the risk-on sentiment. If AUD/USD manages to break through October’s highs of 0.7195, the way to the 50.0% Fibo level of 0.7210 will be open. On the flip side, if the pair drops below the 38.2% Fibonacci level of 0.7160, it may fall deeper to yesterday’s low of 0.7130.
Follow up the Canadian unemployment rate at 15:30 MT time. Better-than-expected figures will push the CAD higher.
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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