Existing home sales surge
The US dollar went back and forth on Thursday against the Japanese yen, as we are continuing to figure out what to do longer term.
The Australian dollar did rally a bit during the trading session on Thursday but as you can see, we continue to struggle to get above.
Australias employment data was solid news. Its economy has now recovered 90% of the number of jobs lost during the pandemic.
The Bank of Japan kept monetary policy unchanged on Thursday while revising up its economic forecast for next fiscal year.
GBP/USD managed to settle above the resistance at 1.3665 and is trying to get above the next resistance level at 1.3710.
Supply declined in the latest week
The huge rally on Wednesday is impressive, but it may just be a reaction to the inauguration of President Biden.
Traders believe a surge in debt-funded spending would be a positive for the global economy, demand for crude oil and commodity prices in general.
The silver markets have reached towards the $26 level during the trading session on Wednesday, an area that has been resistance more than once.
Gold markets have rallied significantly on Wednesday to reach towards the 50 day EMA yet again. More importantly, we have broken above significant resistance.
A surge in U.S. debt-funded spending would be a positive for the global economy and commodity-linked currencies like the Aussie and Kiwi.
Theres still a shot at some decent demand next week, but not enough to wake up the bull.
Bidens $1.9 trillion stimulus package remains in focus.
AUD/USD is trying to settle above the nearest resistance level at 0.7740.
The Euro has rallied pretty significantly during the trading session on Tuesday, as the 50 day EMA seems to have offered support.
GBP/USD did not manage to settle below the 20 EMA and is moving towards the resistance at 1.3625.
AUD/USD managed to get below the 20 EMA and is trying to settle below the support at 0.7675.
GBP/USD managed to get below 1.3600 and is trying to settle below the 20 EMA.
Technically, the key support zone is $2.552 to $2.485. The major resistance zone is $2.794 to $2.918.
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