ONLINE FOREX BROKER
The market sentiment is mixed, but there are still interesting movements on the market.
EUR/USD is headed up after a huge slump. The move above the 38.2% Fibonacci retracement level of 1.1765 will push the price to the 200-period moving average of 1.1790, which coincides with the 50 moving average on the daily chart. On the flip side, the move below the 100-period moving average of 1.1730 will push the euro lower to the 23.6% Fibo level of 1.1705. Keep an eye on EU news as there will be today the EU summit meeting and a speech of ECB’s President Lagarde.
XAU/USD has been trading in an ascending channel since late September. Now gold is touching its bottom, that’s why we may expect the price to reverse from it and move upwards. If it closes above $1 900, the way towards the resistance of $1 920 will be open. Support levels are $1 890 and $1 875.
The stock index is sharply falling. It has just crossed the support of $3 470, clearing the way towards $3 445. The move below this level will open doors to the key psychological mark of $3 400, which S&P 500 has failed to break a few times in September. Resistance levels are $3 500 and $3 520.
The British pound is trading sideways around 1.3000. If it bounces off it, it may jump to the 50.0% Fibonacci level, where the pair may meet the strong resistance. On the flip side, the move below the area of 1.2980-1.3000 will push the price to the 100-period moving average of 1.2900.
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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