The Week Ahead – Continuing the Climb

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095218/The-Week-Ahead-Continuing-the-Climb.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="The-Week-Ahead-Continuing-the-Climb" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095218/The-Week-Ahead-Continuing-the-Climb.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095218/The-Week-Ahead-Continuing-the-Climb-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>EURUSD recession fears easing<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15094952/EURUSD-15-1.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-215631" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15094952/EURUSD-15-1.png" alt="EURUSD " width="1405" height="874" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15094952/EURUSD-15-1.png 1405w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15094952/EURUSD-15-1-300×187.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15094952/EURUSD-15-1-1024×637.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15094952/EURUSD-15-1-768×478.png 768w" sizes="(max-width: 1405px) 100vw, 1405px" /></a></h2>
<p>The euro steadies as the eurozone appears more resilient than expected. With retail sales not contracting as much as expected, this eased concerns that the bloc will also hit a softer landing much like America. On the dollar side, traders have shifted their focus to the terminal rate, as the Fed intends to begin cutting rates. The pair is testing mid 1.09 area with 1.0940 as the immediate support. Should price action remain in the bullish channel, 1.10 is the next target and resistance.</p>
<h2>XAUUSD breaks out of upper channel<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095023/XAUUSD-15-1.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-215632" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095023/XAUUSD-15-1.png" alt="XAUUSD " width="1405" height="874" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095023/XAUUSD-15-1.png 1405w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095023/XAUUSD-15-1-300×187.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095023/XAUUSD-15-1-1024×637.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095023/XAUUSD-15-1-768×478.png 768w" sizes="(max-width: 1405px) 100vw, 1405px" /></a></h2>
<p>Since the break of the descending channel, prices have been favourable above the 2040 level. As Gold has added over $50 of value, the important aspect is the move away from the 2000 support zone. With the growing confidence that the Fed will begin cutting rates sooner rather than later, the Fed’s next move will be the main catalyst for the path of the yellow metal. A firm resistance at the previous solid candle at 2050 has limited buys. 2030 looks like it will be a firm support for now.</p>
<h2>AUDUSD waiting for the next signal<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095044/AUDUSD-15-1.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-215633" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095044/AUDUSD-15-1.png" alt="AUDUSD " width="1405" height="874" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095044/AUDUSD-15-1.png 1405w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095044/AUDUSD-15-1-300×187.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095044/AUDUSD-15-1-1024×637.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095044/AUDUSD-15-1-768×478.png 768w" sizes="(max-width: 1405px) 100vw, 1405px" /></a></h2>
<p>The Australian dollar recovered over improved risk appetite. The new year kicked off on a risk-on note and an uptick in general sentiment set the bullish tone. As a proxy for the world’s second largest economy, the Aussie benefits from the optimism over China’s improving economy. The pair is heading into a symmetrical triangle which is looking to break away from 0.67. Another push to the upside needs a 0.6780 break before another test at monthly highs at 0.6860.</p>
<h2>UKOIL more demand needed<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095104/UKOIL-15-1.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-215634" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095104/UKOIL-15-1.png" alt="UKOIL " width="1405" height="874" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095104/UKOIL-15-1.png 1405w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095104/UKOIL-15-1-300×187.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095104/UKOIL-15-1-1024×637.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/15095104/UKOIL-15-1-768×478.png 768w" sizes="(max-width: 1405px) 100vw, 1405px" /></a></h2>
<p>Brent crude plunged over a gloomy demand outlook in recent sessions. With OPEC+ leading the way for signals for oil traders, a firm double bottom bounce at 75.00 has seen more of a bullish tone. The supply and demand imbalance could continue to keep prices choppy. However, rising tensions in the Red Sea could lead to a spike in the short term. Another test at December’s high above 81 first needs to clear the 79.50 hurdle.</p>
<p>The post <a href="https://www.orbex.com/blog/en/2024/01/the-week-ahead-continuing-the-climb">The Week Ahead – Continuing the Climb</a> appeared first on <a href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>