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Fundamentals
EUR/USD keeps rallying up driven by the weak US dollar. If it manages to break above the psychological mark of 1.2150, the way up to 1.2200 will be clear. In the opposite scenario, if it falls below yesterday’s low of 1.2055, it may drop back to the support of 1.2000. Be cautious as the price is more likely to pull back from support levels to the upside rather than break through to the downside.
XAU/USD is approaching the 38.2% Fibonacci retracement level of $1 840. Some selling pressure is expected near this area. If it finally manages to break through it, the doors towards the 50% Fibonacci retracement level of $1 865 will be open. On the flip side, the move below yesterday’s low of $1 810 will drive gold lower to the key psychological mark of $1 800.
EUR/GBP has finally escaped the descending channel it had been trading since September. If it jumps above yesterday’s high of 0.9068, the way up to October’s high of 0.9130 will be clear. In the opposite scenario, if it drops below the 200-period moving average of 0.9000, the way down to Tuesday’s low of 0.8945 will be clear.
WTI oil is edging higher ahead of the OPEC+ meeting, where the crucial decision will be made. The main topic is the oil output cuts. The move above yesterday’s high of $45.65 will drive oil to $46.00. Support levels are $45.00 and $44.65. Follow the OPEC+ decision as it will have a huge impact on oil. If they decide to prolong output cuts, oil prices will surge. Otherwise – drop. To trade WTI oil, you need WTI-21F.
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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