Forex forecasts and market outlooks

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29.01.2020

CAD/CHF: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, both lines are directed upwards. Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument is trading around lower border of the cloud. The closest support level is Tenkan-sen line (0.7368). The closest resistance level is the upper border of the cloud (0.7402).

AUD/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. Tenkan-sen and Kijun-sen lines have become support (73.64) and resistance (74.39) levels respectively

Consumer Price Index. Australia, 02:30 (GMT+2)

At 02:30 (GMT+2), Australian Q4 data on the consumer price index will be released. It is the main indicator of inflation in the country, which determines the change in the level of retail prices for a certain “basket” of goods and services: food, transportation, utilities, health care and so on. It has a significant impact on monetary policy decisions. It is expected that the consumer price index on an annualized basis will remain at the same level of 1.7%, and on a monthly basis will grow from 0.5% to 0.6%. Realization of the forecast may support the Australian dollar.

28.01.2020

API Weekly Crude Oil Stock. USA, 23:30 (GMT+2)

A weekly report on the volume of oil reserves in the USA from API is due at 23:30 (GMT+2). The figure shows how much oil and refined products are available in storage. The reduction in reserves traditionally leads to an increase in oil quotes, and an increase in the indicator leads to a decrease in prices for “black gold”. Last week, US oil inventories rose by 1,600 million barrels. If this trend persists, it may put pressure on oil prices.

CAD/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the blue line is directed downwards, while the red one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (82.62). The closest resistance level is Kijun-sen line (83.35).

EUR/NZD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (1.6840). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.6912).

GBP/CAD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is the upper border of the cloud (1.7098). The closest resistance level is Kijun-sen line (1.7204).

Key Releases

Today, the US currency has an ambiguous dynamics with the yen and is strengthening against the euro and the pound. Investors continue to monitor the situation with coronavirus in China. Due to the increase in the number of diseased, the authorities urged US citizens to cancel trips to China, and President Donald Trump offered to provide the PRC with any necessary assistance.

Conference Board Consumer Confidence. USA, 17:00 (GMT+2)

January Consumer Confidence index by Conference Board will be released in the USA at 17:00 (GMT+2). It is based on a survey of 5000 American households and takes into account their vision of the current and future economic situation. This is a leading indicator that predicts consumer spending that is part of economic activity. High rates indicate consumer optimism. The index is expected to grow from 126.5 to 128.0 points. If the forecast proves to be true, this may render support to the US currency.

Durable Goods Orders. USA, 15:30 (GMT+2)

December data on Durable Goods Orders in the US are due at 15:30 (GMT+2). Durable goods are those whose service life is more than three years. It is a leading indicator of industrial activity. It is expected that the total volume of orders will increase by 0.5% after a decrease of 2.1% a month earlier. Core Durable Goods Orders (excluding transportation items) can grow by 0.2% after a decrease of 0.1% in November. If the forecast proves to be true, this may render support to USD.