ONLINE FOREX BROKER
The day started with a fresh data from Australia. The Reserve Bank of Australia set a cash rate unchanged. Also, RBA’s governor Philip Lowe was quite optimistic about the future economic recovery. He said: “it is possible that the depth of the downturn will be less than earlier expected”. He noticed that restrictions had been eased and rate of infections reduced. The market sentiment immediately improved and pushed AUD up. We can see on the AUD/USD that it rebounded to its pre-crisis levels. The price broke through all moving averages. Now it’s headed towards the retracement level at 0.69. The next one will be at 0.7. Support levels are 0.675 and 0.665.
The oil prices are flat as markets wait for the OPEC+ decision. Russia and Saudi Arabia can agree to extend supply cuts in next three months. It will allow WTI oil prices to rebound to $40 a barrel at least. Petrol consumption is recovering, but it still well below pre-coronavirus levels. Speaking about airplanes, it’s hard to say when the industry will come back to normal. The WTI oil price slightly crossed the 100-day moving average and it’s headed to the new high at 37.5. Support levels are 31.5 and 27.
Violent protests in the USA have made the US dollar really weak. Investors start doubting about the future US recovery. The US economy hasn’t yet recovered from the coronavirus damage, when it met the new challenge. Donald Trump said that he would deploy the military troops if states don’t take measures. That led to S&P 500 contraction for a while. However, stocks are still trading at high levels as most economies are reopening.
On Saturday, SpaceX, founded and led by Elon Musk, sent two NASA astronauts to the International Space Station. The launch was successful and gave more confidence to investors in Musk and in Tesla. Let’s look at the chart, the price reached pre-crisis positions. The key psychological mark at 900 is really close. Support levels are 805 and 765.
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.
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.
The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
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.
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