EURUSD inflation worries increase
The pair flirts with the 1.0400 area as investors digest last week’s NFP data, with EURUSD inflation concerns remaining in focus. followed by Jerome Powell’s testimony, in which he is expected to give his view on the outlook of the economy. Retail sales at the end of the week could shake things up if the negative tone strikes back. The pair is testing the 1.0200 level as the immediate support. Should price action remain bullish, 1.0550 is the next target and resistance.
XAUUSD looking for another record
US job data did little to shrug off traders hoping for another rally in the yellow metal. Gold has seen the upside of a potential global trade war after Donald Trump’s pushback on Canada and Mexico for a month while markets look past the Chinese tariff war. A firm resistance at the previous spike towards 2900 is the next target. 2830 looks like it will be a firm support for now.
UKOIL feeling the pressure
Brent slid another 2% in as US tariffs on China look to be the main talking point for the foreseeable future. Any retaliation will raise concerns about a trade war, which could weigh in on Oil prices even further. As prices have sharply fallen away from the January high above 82.00, any chance of a rebound first needs a break of 77.00. Sellers will be looking at a 74.00 break to confirm a deeper correction.
Test your forex and CFD trading strategy with Orbex