Daily Forex News and Analysis — January 30th 2018

US stocks were lower after the close on Monday, as losses in the Oil & Gas, Telecoms, and Utilities sectors led shares lower. The Dow Jones fell by 0.67%, the S&P 500 by 0.67%, and the NASDAQ lost 0.52% from its value. The US dollar rebounded against a basket of other major currencies on Monday, but the greenback was still on track for a large monthly decline after last week. Today, CB Consumer Confidence is expected at 123.2 vs. 122.1 previously. Gold prices fell, closing at $1,335 an ounce. Crude Oil slipped on Tuesday, extending losses into a second session, as a strengthening dollar sapped demand for crude, while rising US output helped dampen prices.

The euro traded lower against the dollar. On the 1-hour chart, the EUR/USD pair is trading close to the mid-band of the Bollinger Bands indicator with the RSI below 50. As long as the pair maintains these conditions, a fall towards 1.20 can be expected. However, rising towards the upper band may change the momentum towards 1.26. Today, the German Prelim CPI is expected at -0.5% vs. 0.6% previously. The pound traded lower against the dollar. On the 4-hour chart, the GBP/USD pair is trading close to the lower band of the Bollinger Bands indicator with the RSI below 50. Maintaining these conditions, we might see a fall towards 1.45, while breaching the upper side may lead to a rise towards 1.35. Today, the Net Lending to Individiuals is expected at 4.8B vs. 4.9B previously.

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