Week Ahead: US CPI Inflation Takes Centre Stage
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- January 12, 2025
2025 is well and truly underway. Welcome to the first ‘week ahead’ edition! The December 2024 US employment situation report crowned last week’s busy economic data slate. Non-farm payrolls surprised to the upside, with the economy adding 256,000 new jobs from November’s downwardly revised reading of 212,000. December’s print comfortably surpassed the market’s median expectation
READ MOREYour weekly outlook of technical patterns and structure. The FP Markets Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: Dollar Index Testing Major Resistance Monthly Timeframe: According to the US Dollar Index, the US dollar (USD) has started 2025 reasonably strongly, up 0.6%. Following a rebound just north
READ MOREThe EUR/USD currency pair (euro versus the US dollar) is on track to engulf early January (2025) lows from US$1.0224 and test levels not seen since 2022. Price has exhibited an unmistakable downtrend since September 2024, establishing a series of lower lows and lower highs. Interestingly, traders have noticeably shorted rallies and used the space
READ MOREFollowing an all-time high of US$0.4671 in early December 2024, Dogecoin (DOG) had printed a correction versus the US dollar (USD) and rebounded from the Ichimoku Cloud Support area. This support zone was formed following the Ichimoku’s Leading Span A (light green at US$0.3576) crossing above the Leading Span B (light orange at US$0.2965) in
READ MOREYour weekly outlook of technical patterns and structure. The FP Markets Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: Dollar Index Refreshes Year-to-Date Peaks Monthly Timeframe: As expected, the US Federal Reserve (Fed) cut the funds rate by 25 basis points yesterday and echoed a strong hawkish bias
READ MOREThe AUD/JPY (Australian dollar versus the Japanese yen) has begun exhibiting bullish intent since printing a bottom at ¥95.52 earlier this month. However, while defined higher highs and higher lows are visible, a pennant pattern is forming. This demonstrates that although price action is establishing higher highs, upside momentum is slowing and technically suggests that
READ MORESince early October, sellers have largely taken control of the NZD/USD (New Zealand versus the US dollar) and sent price to lows not seen since late 2022, with limited pullbacks seen. Overall, the currency pair is down nearly 10% from October highs. Ichimoku Resistance Supporting Sell-On-Rally Setups What is technically important to recognise is that
READ MOREThe European Central Bank (ECB) reduced the Deposit Facility Rate by 25 basis points (bps) to 3.0% today amid easing inflationary pressures and faltering growth. The rate cut also marks the central bank’s fourth rate reduction this year, with the interest rate at its lowest since early 2023. This also followed the Swiss National Bank
READ MOREYour weekly outlook of technical patterns and structure. The FP Markets Research Team scans the financial markets for you, highlighting clear and actionable technical structures. Forex: Pennant Pattern Completion for the Dollar Index Daily Timeframe: Since October, the US Dollar Index has rallied nearly 6.0%, forming what many technical analysts will recognise as a Golden
READ MOREPrice action on the daily timeframe of AUD/JPY (Australian dollar versus the Japanese yen) traded strongly to the downside in the final week of November. This followed a slow and gradual pullback since August. Closing in on Resistance Recent price movement has seen the Ichimoku’s Conversion Line (blue at ¥97.37) cross beneath the Base Line
READ MOREBTC/USD (Bitcoin versus the US dollar) has made north of US$100,000 following a brief consolidation just beneath the number in the shape of a pennant pattern. Year to date, the major Crypto pair has risen by nearly 150%. Following Donald Trump’s US election victory, BTC has strongly outperformed and, over the last 24 hours, received
READ MOREFollowing an all-time high of US263.72 in November (up 45%), SOL/USD (Solana versus the US dollar) price action on the daily timeframe is in the process of drawing up a pennant pattern between the record high and a low of US$220.78. Pennant Pattern and Ichimoku Support Combination What is interesting here is that the pennant
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