1st Jan 2020 - Forex Analysis & Market Watch
EUR/USD - 1.1222, loss of upward momentum would keep price below 1.1285 and needed correction early next week. On the downside 1.1144 would indicate a risk stronger retracement of aforesaid uptrend to 1.1109/10. News to watch:-
Manufacturing PMIs to be released today.
Pay attention to Germany and European Data Release.
GBP/USD trading around 1.3215, after Brexit risks starting out 2020 trades and fall from daily high of 1.3265. The next levels to watch out are of 1.3210 and 1.3135 respectively.News to watch:-
Manufacturing PMI data from the US and the UK will also be the key to follow.
Rate cuts from the Bank of england (BOE).
Holidays in Newzealand and Japan
WTI ended 2019 with a negative daily closing of $61.25. Focus to shift to Middle East. News to watch:-
US President Trump says Iran is orchestrating attack on US embassy in Iraq.Coming up:
API's weekly crude oil stock report.
Gold is trading at $1,519 and looks short term bullish. It may revisit support of $1,500. News and Price movement to watch:-
Gold showing signs of buyer exhaustion.
Gold may touch support of $1,500.
A close above $1,526 is needed to invalidate correction risks.
Disclosure: The author holds any FX trading account at the time of writing.
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