We have outlooked several promising Forex pairs and the result can surprise you!
XAU/USD aims higher
Information is not investment advice
Given the overall uncertainty about the global economic growth, concerns about the US-China trade war and the no-deal Brexit, there’s a fairly big chance that gold will continue strengthening. XAU/USD has already broken above the 50% Fibo of the 2011-2015 decline at 1,480 and the previous August high at 1,535. The natural bullish target is at 1,584 (61.8% Fibo). As a result, despite the technical bearish divergence on the D1, it’s possible to pursue more buying. The ADX shows that the uptrend is still rather strong. On the downside, the decline below 1,535 will open the way down to 1,500.
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.