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Don’t waste your time – keep track of how NFP affects the US dollar!
EUR/USD was trading inside the ascending channel since mid-summer and Fed’s comments pressed the pair down and as a result, it broke through the lower line of the channel at 1.2000. It has approached the next support of 1.1950. The move below it will drive EUR/USD to the next round number of 1.19000. Resistance levels are 1.2000 and 1.2050.
GBP/USD dipped as well. It is getting closer to the support of 1.3860. If it manages to break it, the way down to the psychological mark of 1.3800 will be clear. On the flip side, the move above the high of March 2 at 1.3950 will drive the pair to the next resistance of 1.4000.
USD/JPY has broken through the key psychological mark of 108.00, the high unseen since June of 2020. The move above 108.50 will drive the pair up to the 200-weekly moving average of 109.00. Support levels are the round number of 108.00 and the 100-weekly MA of 107.20.
Finally, let’s discuss WTI oil. It has approached the resistance of $65.00. If it manages to break it, the way up to the psychological mark of $70.00 will be clear. Support levels are $59.00 and 55.00. If you want to trade WTI, you need to choose WTI-21J, which expires on March 19.
Follow one of the most important events for the Forex market – NFP at 15:30 MT time!
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 United States will publish Core PCE Price Index on Thursday at 15:30 GMT+2.
Canada will post Retail Sales and Core Retail Sales on December 21, at 15:30 GMT+2.
The Bank of England will announce its policy statement on December 16, Thursday, at 14:00 GMT+2 (MetaTrader time). It will affect all the pairs with the British pound.
Australia will release employment change and the unemployment rate on Thursday, at 02:30 MT time.
The Federal Open Market Committee (the part of the Federal Reserve) will publish its Meeting Minutes on February 16, at 21:00 MT time.
The United States will publish the producer price index (PPI) on February 15, at 15:30 MT time.