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EUR/USD has reached low levels of late July, but then reversed to the upside. If it jumps above the high of September 25 at 1.1675, the way towards the key psychological mark of 1.1700 will be open. In the opposite scenario, the move below 1.1615 will drive the price to the next round number at 1.1600. The RSI indicator points that the pair isn’t oversold yet, therefore the further falling remains intact. The ECB’s statement will add fresh volatility this evening.
S&P 500 has been edging higher for the third day in a row. The stock index may be constrained by the 50-day moving average at 3 350. However, if it manages to break it, the way towards the high of September 15 at 3 400 will be open. Support levels are 3 250 and 3 200.
XAU/USD has failed to cross the support of $1 860 so far. If it manages to do it, it may fall to $1 840. Otherwise, the move above the key psychological mark of $1 900 will drive the pair upwards to the 50-day moving average at $1 940.
The British pound has started the week on the positive footing. GBP/USD has bounced off the key support on the intersection of 100- and 200-day moving averages at 1.2720. It approaches the significant resistance of 1.2800. If it manages to cross it, the way towards the 50-day moving average at 1.3000 will be clear.
Follow the ECB meeting at 16:45 MT time!
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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