
Reasons behind the USD's advance, the earnings season in the United States, the outlook for EUR, JPY, Apple, Amazon, and more in this video!
What opportunities the week will give us?
The first week of the new year won’t bring a lot of economic events. However, it still will be a chance to trade.
Please remember that markets will be closed on January 1.
On Thursday, January 3, US ISM Manufacturing PMI data will determine the direction of the USD.
The first Friday of the month, as usual, will be highlighted with the Non-Farm Payrolls data. Greater than anticipated figures will boost the USD and affect the direction of currencies paired with the US dollar.
Canadian jobs data will be out on Friday as well. Greater employment change and the weaker unemployment rate will support the Canadian dollar.
Also on Friday, traders will pay attention to the speech of the Fed Chairman Mr. Powell. The hawkish mood of Mr. Powell will encourage USD bulls, the cautious tone will pull the USD down.
Let’s have a look at the technical side.
Will EUR/USD leave the sideways channel in 2019? If you take a look at the weekly chart of EUR/USD, you will see that the pair had been trading in the horizontal channel since the end of October 2018. It seems like the pair has a chance to leave the channel. If the USD keeps suffering during the first week of the year, the pair will rise to 1.1610. A test of this level will strengthen the uptrend. If the USD is strong, the pair may break the channel but in the opposite direction, the next support is at 1.1120.
Will GBP/USD recover after the bad 2018?
The GBP/USD pair keeps suffering because of the Brexit uncertainties. On the weekly chart, the downtrend prevails. However, the pair has chances to rise. If there is positive news on the Brexit deal and the USD is not that strong, the pair will be able to break above the trendline. This breakthrough will signal the strength of the GBP. If the GBP is not supported, risks of the fall towards 1.2364 will increase.
How strong is the uptrend of USD/CAD?
The USD/CAD pair keeps rising. If the USD is strong during the first days of the year, the pair will keep rising. The first resistance is at 1.3769. However, technical indicators signal a soon reversal. As a result, the pair may weaken. The first support is at 1.3387.
Reasons behind the USD's advance, the earnings season in the United States, the outlook for EUR, JPY, Apple, Amazon, and more in this video!
This week we will see two CPIs, five PMIs, and a dozen statements from banks governors from all over the world. Why do you need to follow these releases? Because it is a perfect opportunity for markets to gain volatility and for you to earn on this volatility.
This week, we will continue monitoring the developments in the stock and commodity markets as tensions between Ukraine and Russia and Fed’s tightening cycle remain the main issues driving the markets.
Gold is about to break the most significant support. The US dollar index keeps gaining momentum. However, the situation might change this week, and we might see a tiny correction. Investors might return to risk-on and push the US stock market indices and cryptocurrencies to the upside. These and more trade ideas are in our new weekly video! Do not miss it!
This week is likely to be pivotal for many assets, including gold, USD, and several stocks. However, we need to be focused and react fast to the ever-changing environment to get the most from it.
This week, the majors will be affected by the interest rate decision by the Federal Reserve, NFP, the BOE Meeting, and more events.
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