
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.
EUR/USD is trading sideways. The upper trend line of the channel has transformed from the resistance to the support level for the pair. If it breaks the recent high of 1.2175, the way up to the high of February 25 at 1.2250 will be open. However, if it drops below 1.2110, it may fall to the 100-day moving average of 1.2050.
Nasdaq (US 100) dropped and approached the lower trend line near 13,000. It’s unlikely to cross this support level as it has failed to do so several times this and last year. Since it’s trading inside the ascending channel since August 2020, we might expect the tech stock index to keep moving up. If it breaks above the 50-day moving average of 13,400, the way up to the recent high of 13,750 will be open and then after some time to 14,000. Such broad indices as Nasdaq or S&P 500 always go up in the long term.
The decisive moment for gold is on the chart! On the weekly chart, there is a 50-week moving average just above the current price that stops gold from further rising. On the daily chart, there are resistance levels at the 200-day moving average and the upper trend line at $1850. If it finally manages to break them, the way up to $1875 will be open. Gold is viewed as a hedge against inflation, that’s why if inflation hikes today, the metal may advance. Just in case, be aware of support levels at the recent lows of $1825 and $1813.
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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