Global data deluge meets Davos diplomacy: Investors watch for hints on Fed, growth, and dollar path. Important releases from Germany, UK, Canada, China, Australia, and US to add to the mix.
Cryptocurrencies:
- Bitcoin: Likely to rise further, with potential targets at 47,400, 47,800, and 48,437. Support levels are at 46,000 and 45,000. Trading plan: Buy at 46138.52, take profit at 51378.00.
- Ripple: May fall to 0.485. Trading plan: Sell at 0.591, take profit at 0.485.
- Ethereum: Expected to rise to 2725.57. Trading plan: Buy at 2587.61, take profit at 2725.57.
Forex:
- GBP/USD: Upward trajectory, eyeing a five-month high. Could rise further with potential targets at 1.2778, 1.2819, and 1.2823. Support levels are at 1.2739 and 1.2712. Buy when it reaches 1.2778 and take profit at 1.2819 if US inflation data shows low price pressure. Sell when it reaches 1.2752 and take profit at 1.2717 if US inflation data shows strong price pressure.
- EUR/USD: May decline if US inflation data shows strong price growth. Potential targets are 1.0963, 1.0914, and 1.0879. Support levels are at 1.0995 and 1.0956. Buy when it hits 1.0995 and take profit at 1.1043 if US inflation data shows soft inflation. Sell when it reaches 1.0963 and take profit at 1.0914 if US inflation data shows strong price pressure.
- AUD/USD: AUD/USD down 0.7% after surprise 3.4% US inflation. Fed delay on rate cuts likely, pushing greenback higher. Resistance at 0.6732, support at 0.6625. Watch for potential bounces at 0.6625 and 0.6533.
- USD/JPY: Likely to remain stable unless US inflation data shows strong price growth, in which case it could fall to 144.72. Buy when the price hits 145.63 and take profit at 146.35 if US inflation data shows high price pressure. Sell when the price reaches 145.33 and take profit at 144.72 if US inflation data shows low price pressure.
Other Assets:
- Brent crude oil: Evolving within a consolidation range around 77.65 without any pronounced trend. May rise to 79.24 and 83.00. Growth link to 79.24 might shape up today, potentially extending to 83.00 and 84.00 if that level breaks.
- Gold: Could rise to 2051.65 and 2131.78.
- S&P 500: Potential targets are 4795.0, 4805.0, and 4900.0. Support levels are at 4725.0 and 4700.0.
Important factors to watch:
- US inflation data release later today.
- COT report showing increased demand for GBP.
Categories: Market News
