
Russian-Ukrainian conflict is influencing every economic aspect…
USD/TRY had a huge swing up to 8.4500 but then slumped below 8.000. Societe Generale forecasts deeper losses for the Turkish lira as Erdogan leaves Turkey "beyond the point of no return". It may trigger a fresh record low in the lira and will drive USD/TRY above 8.0000 again. If it manages to break this resistance, the way up to the intraday high 8.4500 will be open.
EUR/USD is moving down. It has failed to cross the support level of 1.1870 so far. But if it breaks it, the way down to the low of March 9 at 1.1835 will be clear. On the flip side, the move above the key psychological mark of 1.1900 will open doors towards the 23.6% Fibonacci retracement level of 1.1930.
Let’s move on to gold. It has approached the 50-period moving average of $1730. If gold breaks this support, the way down to the 100-period moving average of $1722 will be clear. On the flip side, if it bounces off, the way up to the recent highs of $1745 and $1755 will be open.
USD/JPY has touched the upper line of the channel on the weekly chart. Thus, it’s more likely to move down further as the RSI indicator turns down, bouncing from the 70.0 level. If it breaks the psychological level of 108.00, it may fall to the next support of 107.00. Just in case, resistance levels are 109.00 and 109.50.
Follow the speech of Fed Chair Powell at 15:00 MT.
Russian-Ukrainian conflict is influencing every economic aspect…
Last week was full of surprises! The US dollar plunged despite a better-than-expected retail sales report…
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.
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