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In the Zone
- EURUSD
- AUDUSD
- NZDUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- Merkel is keen on resolving the tariff debacle through dialogue if possible.
Market Insight Commentary – Indices
Market Recap
The dollar ended the week trading even higher than what it did on Thursday, there was some better than expected US data on Friday. The fact that the bulk of the move came against the commodity currencies suggests to me that the market is starting to price in diverging interest rate policies for this year and so the FOMC meeting on Wednesday becomes even more important.
The AUDUSD is closing around 0.7709 after trading higher to the higher earlier last week at 0.7920, the previous low came back just before Christmas and we are now in a scenario where price action is back below the 200 day MA. The bears will have to stay below this area to keep the initiative, but I am looking for the buyers to start building bids at around 0.7680 this morning.
The EURUSD too traded high early last week, but it then stalled at a previous top of a channel, before the price traded lower to 1.2250. This level is now trading at 61.8% fib and I will be keen to watch current levels for some divergence, current levels will definitely be a defining bullish/bearish level this week.
Important Economic Data Due Today
All Day All G20 Meetings
Consensus: None
Effect: Could affect the cryptocurrencies this week
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