Dollar stretches gains on the session

Dollar stretches gains on the session

2021-01-18 • Updated

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Ichimoku Kinko Hyo

USD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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Fibonacci Levels

XAU/USD: weakness for gold is gaining momentum with sellers to keep price below 23.6% retracement area.

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US Market View

Global stocks were mostly lower on Monday, following the weakness on Wall Street on Friday that stemmed from the weaker-than-expected retail sales report for December. President-elect Joe Biden will issue a flurry of executive orders in his first days as president with the explicit aim of reversing as much as possible of his predecessor’s agenda. Crude oil prices fell but industrial metals rose as China’s GDP data painted a picture of robust near-term demand.

USA Key Point

  • EU reportedly to seek extension to ratify Brexit trade deal
  • Gold remains in a precarious spot to start the new week
  • Pound retreats as EUR/GBP rebounds from key technical support level

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