Trade report of 17-1
CHFJPY: our rating system also has the following: Score +4, which consists of Cot Data 1 Retail sentiment 1 Seasonality -1 Trend reading 2 Economy 0 Inflation 2 Interest Rates -1 Labor Market 0. All this in favor of CHF. However, we notice a different trend. Our trading system has therefore also gone short.
AUDNZD: our trading system has gone long. This is due to a change in the trend, although this change is small. A bottom appears to have formed at 1,069. We are now checking whether there is room in the channel 1.069 - 1.075.
Analysis:
USDCAD
UC broke above a strong resistance level around a descending trendline. This could indicate that the trend has reversed for this pair. And if the Canadian CPI figure is reported lower than last month, we can likely expect more strength in this pair. The next resistance level appears to be around 1.36147.
GBPUSD
GU is dealing with a level of support in the 1D timeframe. If the price closes below the rising trendline, this could cause even more downside for the pair, although the price is also above a double bottom below support level. GBP expects a lower CPI tomorrow, which could lead to sterling weakness if expectations hold true. It appears that this is a reversal of the trend, or a new pullback to support. CPI can decide the next move.
News:
The US is "within a stone's throw" of the Fed's inflation target, central bank Governor Christopher Wallace said yesterday. Still, the US central bank must be cautious about cutting interest rates until it is certain that inflation will remain low for a longer period of time. Wallace's comments are at odds with market expectations that the Fed will start cutting rates as early as March. According to Wallace, the central bank must work 'methodically and carefully' and not make hasty decisions.
AUDNZD: our trading system has gone long. This is due to a change in the trend, although this change is small. A bottom appears to have formed at 1,069. We are now checking whether there is room in the channel 1.069 - 1.075.
Analysis:
USDCAD
UC broke above a strong resistance level around a descending trendline. This could indicate that the trend has reversed for this pair. And if the Canadian CPI figure is reported lower than last month, we can likely expect more strength in this pair. The next resistance level appears to be around 1.36147.
GBPUSD
GU is dealing with a level of support in the 1D timeframe. If the price closes below the rising trendline, this could cause even more downside for the pair, although the price is also above a double bottom below support level. GBP expects a lower CPI tomorrow, which could lead to sterling weakness if expectations hold true. It appears that this is a reversal of the trend, or a new pullback to support. CPI can decide the next move.
News:
The US is "within a stone's throw" of the Fed's inflation target, central bank Governor Christopher Wallace said yesterday. Still, the US central bank must be cautious about cutting interest rates until it is certain that inflation will remain low for a longer period of time. Wallace's comments are at odds with market expectations that the Fed will start cutting rates as early as March. According to Wallace, the central bank must work 'methodically and carefully' and not make hasty decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.