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EUR/USD has been moving inside the ascending channel in the short term, but in the long term, it is still inside the descending channel. If it manages to break its upper long-term trend line at 1.2130, the way up to the high of February 25 at 1.2175 will be open. On the flip side, if it breaks the 100-day moving average of 1.2050, it may fall to the key psychological mark of 1.2000.
USD/JPY tried to recover its recent losses, but the 50-period moving average and the upper trend line at 108.25 stopped it from further rising. Therefore, the reverse down is likely. If it falls, it may meet support levels at the psychological mark of 108.00 and the low of April 26 at 107.70. Resistance levels are April highs of 108.50 and 109.00.
GBP/USD is making efforts to break the 1.3900 resistance. If it manages to do so, it will open doors towards the high of April 19 at 1.4000. In the opposite scenario, the move below the low of April 23 at 1.3825 will drive the pair down to the low of April 9 at 1.3680.
Gold is rising inside the ascending channel. If it breaks the 100-day moving average of $1800, the way up to the high of February 23 at $1815 will be open. On the flip side, the move below the lower trend line of $1770 will press gold down to $1750.
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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