FX market this week: Central Banks monetary policy meeting minutes (RBA and FOMC) among top-tier data/events to keep forex traders busy.
US dollar dipped versus most traded currencies on Friday amid continued signals on trade optimism. G10 currencies finished last week higher with Gold and equity indices through the current ranges.
In Asia, this morning G10 currencies led the way higher with NZD 0.50% followed by AUD and EUR 0.25% each. Besides, Gold trading at 1325.50$, on the verge of another key breakout at 1326.50$ Jan 2019 high.
In energy, Brent crude oil break higher and extend the gains this morning. The price just has been run through the target we forecast last week.
Well, the single currency surpasses the long-legged Doji reversal generated on Friday but shy at the key resistance at 1.1350.
In crypto space, Ripple leads with 5.00% and trading above 20MA. As we noted earlier, it spotted with a double bottom at 0.2427.
Besides, Bitcoin strengthens 3.5% and through the early February high of 3694$, currently trading at 3700$. The support has been moving higher from 3300$ to 3500$.
- Today the US is celebrating President’s Day holiday.
- Tue: The Reserve Bank of Australia will publish February 2019 meeting minutes, UK February labor market summary and German ZEW Economic Sentiment.
- Wed: Australia Q4 Wage price index and FOMC minutes.
- Thu: Australia January labor force summary, EA PMI surveys, and US core durable will be watched. On top of these, Bank of Canada Governor Poloz speaks at the chamber of commerce, and Reserve bank of Australia Governor Lowe speaks before the House of Representatives’ Standing Committee on Economics, Sydney.
- Fri: ECB President Draghi and few FOMC members speeches.
Chart of the Week: Gold
The price has been moving higher but overbought and negative RSI divergence could pause the rally sooner. Besides support has climbed higher to 1302$.
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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