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GBP/USD is edging higher inside the ascending channel. If the BOE reduces asset purchases, the pair may break above 1.4000, which will open the way up to the high of February 24 at 1.4150. In the opposite scenario, the move below the recent low of 1.3800 will press the pound down to the lows of early April at 1.37000.
The Bank of Canada has already cut its bond-buying recently. Just look how the Canadian dollar gained on that hawkish move. USD/CAD is going down and down. Besides, the CAD was supported by rising oil prices as Canada is one of the world’s largest exporters. CAD/USD is getting closer to the psychological support of 1.2200, where the falling may stop as the RSI indicator has almost gone below 30.00, signaling the asset is oversold. If it then reverses up and breaks through yesterday’s high of 1.2310, the way up to the 50-day moving average of 1.2520 will be open.
Gold is approaching the key psychological level of $1800 and it looks like it’s ready to break it. The move above it will drive the metal up to the high of February 23 at $1815. On the flip side, if XAU/USD falls below the level of the recent lows at $1770, it will fall to the next support of $1750.
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 volatility that the markets experienced last week promises the second tidal wave! What should your favorite assets anticipate during the first week of February?
The US will reveal Non-farm payrolls on January 7, Friday, at 15:30 GMT+2 (MetaTrader time).
The Federal Open Market Committee, a committee within the Federal Reserve, will reveal a detailed record of the central bank’s last meeting on July 6 at 21:00 MT.
The Reserve Bank of Australia will announce its cash rate and make a statement about future rate policy on Tuesday, July 5, at 07:30 MT.
The US Institute for Supply Management will release ISM manufacturing PMI on July 1, 17:00 GMT+3.
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