
Last week was full of surprises! The US dollar plunged despite a better-than-expected retail sales report…
The market sentiment is mixed, and the US dollar is trading near the lowest levels for over two years. Let’s have a look at the main market movements today.
EUR/USD has been nicely supported by the 50-period moving average so far, so we can assume that the pair can bounce off it and jump higher to the 1.1890-1.1900 area, where we can await the pullback. If it manages to break it, the way to 1.2000 will be clear. In the opposite scenario, if it drops below the 50-period moving average of 1.1835, it may fall to the next support of 1.18000.
Fundamentals are positive for the pound, and GBP/USD is approaching the support of the 50-period moving average, so perhaps it should reverse and rally up. There is a strong resistance at the 1.3290-1.3300 zone. If it manages to break it, the way to the next round number of 1.3350 will be clear.
XAU/USD is trading near the strong support of $1 860, which it has failed to cross several times already. Therefore, gold may turn to the upside and rise till it reaches the resistance of $1 880. However, if it breaks through $1 860, it may fall to September’s dips of $1 850.
The S&P 500 has fallen below the 50-period moving average, and now it’s trying to regain its losses. If it jumps above the resistance of 3 590, the way up to 3 630 will be open. Support levels are 3 560 and 3 460.
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 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 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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