Forex news has been making its presence known as the market’s going wild in anticipation for this week’s data.
With US inflation data eyed for the week, what’s the consensus for the forex market?
Without further adieu, let’s dive in!!
Dollar index
Dollar index is trading around 103.85.
Above 103.88… Buy it.
Upside Targets Looks 104.10 — 104.15
Stop loss below 103.74.
XAUUSD
( Friday We Recommended to Sell !! Below $2029)
( Made a Low $2025) target $2023
Sell below $2019
Downside Targets Looks $2014–$2010.
Stop-loss $2025.
XAGUSD
( Friday We Recommended to Sell !! Below $22.51)
( 1st Target Hit $22.36)
Buy Above $23…
Upside Targets Looks $23.35– $23.45.
Stop Loss $22.64.
COPPER
( Friday We Recommended to Sell !! Below $3.68)
( 1st Target Hit $3.66)
Buy Above $3.6935
Upside Targets Look $3.7090– $3.7210.
Stop Loss $3.6660.
CRUDE OIL (WTI)
( Friday We Recommended to Buy !! Above $76.70)
( Made a High $77.25) TARGET $77.36
Crude Oil is Trading Around $76.20.
Below $75.88… Sell it!!
Downside Target $75.18–$74.60.
Stop Loss $76.70.
NASDAQ
( Friday We Recommended to Buy!! Above 17950)
( Both Target Hit 17980–18010)
Buy Above 18070 Levels Only…!!
Upside Target Looks 18100-18120.
Stop-loss 18000.
S&P 500 E-Mini
( Friday We Recommended to Buy!! Above 5027)
(Made a High 5048) Target 5050-5060
S&P 500 Support 5040.
Buy Above 5050
Upside Target Looks 5060-5070.
TOP PICK- EURUSD
Sell Below 1.07682 Stop-loss 1.07799 Target 1.07472.
Forex News – Gold & Forex Going hand in hand?
The EUR/USD moves downtown below a week high and now all eyes are on the US CPI. As per the latest analysis, the ECB rate cut bets are undermining the shared currency and exerting pressure amid the USD demand that’s rising.
With US Inflation data on the horizon, the gold price has fallen sharply amid uncertainty. With the FED not giving a clear sign to the rate cuts, the US inflation is going to be in focus for gold enthusiasts.
That’s all for today folks.
Until next time, happy trading!!
Commodity Samachar
Learn and Trade with Ease
Also Read: Economic Data: Unpredictable Week Ahead with US and UK CPI? , Economic Data: Canadian Jobs and German Inflation In the Spotlight?
Recommended Read: Forex News Letter: Gold Ready To Shine In This Final Session?
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