Silver markets rallied a bit on Tuesday, bouncing from the 50 day EMA. at the end of the day the market looks as if it is simply waiting on the FOMC.
The direction of the EUR/USD into the close is likely to be determined by trader reaction to 1.2122.
Silver remains stuck in the range between the 50 EMA and the 20 EMA.
NatGasWeather called it “a messy” pattern this week as numerous weather systems track across the country with rain and snow.
Meanwhile, reports about a blast in Saudi Arabias capital Riyadh push WTI oil above the $53 level.
General Electric, Verizon and Johnson & Johnson are slated to report results before the bell, while tech giant Microsoft will announce after the bell.
USD/JPY looks ready for a bullish reversal after a long-term downtrend. Why？ Price action completed a bearish 5 wave pattern at the recent low (purple).
As of 3:30 PM EST, both gold and silver are trading lower on the day. A stronger U.S. dollar is a major component of todays decline in pricing.
Existing home sales surge
The US dollar has gone back and forth during the course of the week, as we continue to dance around the ¥104 level.
The British pound rallied during the course of the week after going back and forth rather violently as traders are trying to figure out where to go next.
EUR/USD did not manage to settle above the resistance at 1.2175.
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.
WikiFX | Exposure 2021/1/26 9:48:36
WikiFX | Industry 2021/1/26 8:36:02
WikiFX | Industry 2021/1/26 7:01:24
WikiFX | Industry 2021/1/26 7:41:42
WikiFX | News 2021/1/26 7:42:53
WikiFX | Industry 2021/1/26 5:41:18
WikiFX | Industry 2021/1/26 2:40:55
WikiFX | Industry 2021/1/26 1:15:01
WikiFX | Industry 2021/1/26 4:02:18
WikiFX | Industry 2021/1/26 5:58:51
The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.
Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.
Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.
Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.