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AUD/USD continues the downtrend
Information is not investment advice
AUD/USD formed a lower high within the overall long-term downtrend. The pair is currently supported by the 50% Fibo of the January recovery at 0.7020. This level is all that is left before the pair will slide to the lower levels of 0.6955 and 0.6860 in line with a “Head and Shoulders” pattern.
Positive dynamics will be once again possible if the pair returns above 0.7060, but even then the next resistance will be rather close, at 0.7085.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.