IC Markets

2023-01-10 10:13:26 Gold (XAU)

Key news events today

No major news events.

What can we expect from Gold today?

Following the high volatility move on Friday, Gold traded in a consolidation between the 1868 and 1880 price levels through the trading session yesterday. It is likely that Gold could continue to consolidate at this level in the interim. Look for the development of the price action to indicate further upside potential, especially if the price breaks above the 1880 price level to indicate a continuation of the uptrend, with the next key resistance level at 1900.

Next 24 Hours Bias

Weak Bullish Open / Comment

2023-01-10 10:12:12 The Dollar Index (DXY)

Key news events today

No major news events.

What can we expect from DXY today?

The DXY continued its slide lower with the price trading along the 102.70 price level at the end of the trading session. With no major news on the horizon for the US dollar, look for the DXY to consolidate along the current price level before possibly trading lower again. If the DXY breaks below the 102.70 price level, further downside can be expected, with the next key support levels at 102.50 and 102.00.

Central Bank Notes:

Federal Reserve hiked rates by 50bps taking interest rates to 4.50%

Next meeting is on 2 February 2023

Further rate increases are expected to slow

Next 24 Hours Bias

Weak Bearish Open / Comment

2023-01-10 10:09:45 What does it mean for the Asia Session?

Despite a lack of key news events during the Asia session, look for breakout potentials on the major currencies, with the DXY likely to drive the next directional move. Open / Comment

2023-01-10 10:09:08 What happened in the US session?

Most major currencies consolidated along the near-term highs following the strong moves at the end of the previous week. The S&P 500 closed slightly lower by 0.07% at the 3,892 price level. Open / Comment

2023-01-09 11:21:08 Monday 9th January 2023 : Technical Outlook and Review

https://www.icmarkets.com/blog/monday-9th-january-2023-technical-outlook-and-review/ Open / Comment

2023-01-09 11:19:59 The Japanese Yen (JPY)

Key news events today

No major news events.

What can we expect from JPY today?

The USDJPY reversed strongly after reaching the high of 134.80 to trade significantly lower, ending the trading week at the key support level and price area of 131.60. This downward move was due to the weakness of the DXY. If the DXY continues to weaken, look for the USDJPY to break below the 131.50 price level to signal a continuation of the downside potential, with the next key support level at the price area of 130.00.

Central Bank Notes:

Cash rate stands at -0.1%

Expands range for 10 year JGB yield fluctuations to 0.5%, rather than the current of 0.25%

Next meeting is on 18 January 2023

Next 24 Hours Bias

Weak Bullish Open / Comment

2023-01-09 11:19:00 The Kiwi Dollar (NZD)

Key news events today

No major news events.

What can we expect from NZD today?

The NZDUSD bounced strongly from the round number support level of 0.62 to trade beyond the key resistance level of 0.6350 on Friday. Currently trading at the 0.6380 price level, further upside is anticipated for the NZDUSD. Look for the price to break above the 0.64 price level to signal a continuation of the uptrend, with the next key resistance level at 0.6480.

Central Bank Notes:

Cash rate stands at 4.25%

Central bank is likely to continue with the current path of rate adjustment

Next meeting is on 21 February 2023

Next 24 Hours Bias

Weak Bullish Open / Comment

2023-01-09 11:18:00 The Australian Dollar (AUD)

Key news events today

No major news events.

What can we expect from AUD today?

As the DXY weakened, the AUDUSD traded higher to reach the key resistance level of 0.6890. The AUDUSD ended the trading week below the 0.69 round number level, but if the DXY continues to weaken, further upside could be expected for the AUDUSD. Look for the price to break above the 0.69 price level to signal a continuation of the upside, with the next key resistance level at 0.7130. Alternatively, if the AUDUSD fails to trade higher strongly, the price could retrace lower, back towards the 0.68 round number support level.

Central Bank Notes:

Cash rate stands at 3.10%

Future rate rises will be determined by data, the outlook for inflation, and the labour market.

Next meeting on 7 February 2023

Next 24 Hours Bias

Weak Bullish Open / Comment

2023-01-09 11:17:11 Gold (XAU)

Key news events today

No major news events.

What can we expect from Gold today?

Gold climbed strongly on Friday as the DXY weakened as the price broke out of the brief consolidation at the 1840 price level. Gold climbed toward the 1870 price level by the end of the trading week, with the current price action indicating the potential for further upside potential. Currently trading at the 1878 price, look for Gold to break above the 1880 price level to indicate a continuation of the uptrend, with the next key resistance level at 1900.

Next 24 Hours Bias

Weak Bullish Open / Comment

2023-01-09 11:16:27 The Dollar Index (DXY)

Key news events today

No major news events.

What can we expect from DXY today?

On Friday, the US employment data was released with the unemployment rate falling to 3.5% (Expected: 3.7%) and the non-farm employment change at 223k (Forecast: 200k). However, despite the positive employment data, the DXY failed to strengthen but instead weakened significantly. This was due to the reduced expectations for how high the Federal Reserve could hike interest rates in the future. Currently trading at the 103.31 price level, look for the DXY to break below the 103 price level to signal further downside potential, with the next key support level at 102.50.

Central Bank Notes:

Federal Reserve hiked rates by 50bps taking interest rates to 4.50%

Next meeting is on 2 February 2023

Further rate increases are expected to slow

Next 24 Hours Bias

Weak Bearish Open / Comment