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Technical Outlook


-S&P500 demonstrates robust upward momentum, suggesting favorable conditions for buy orders.

-EURCAD is facing a downturn after hitting the resistance level, indicating a selling opportunity.

Fed Interest Rate Decision

Federal Open Market Committee (FOMC) members vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.

A higher than expected rate is positive/bullish for the USD, while a lower than expected rate is negative/bearish for the USD.

The previous reading came out to be 5.50% which was in line with the expectations. The next report is due on January 31, 2024 at 19:00 GMT. Its forecast also stands at 5.50%.

S&P500 Technical Analysis:

The S&P 500 is currently exhibiting robust growth within an ascending trend channel, signaling a positive outlook for the medium to long term. This upward trend suggests a heightened interest in buying among traders, coupled with an absence of resistance in the price chart, hinting at potential for further upward movement.

The approach towards the 4900 level is garnering significant attention from traders. A breakthrough above this level could pave the way for the index to target the 5000 mark.

However, should the index face a downturn, it finds support at around 4590 points. A notable point of concern is the negative divergence observed in the Relative Strength Index (RSI) compared to the price, which could be indicative of a potential downward correction. Overall, the technical analysis positions the S&P 500 in a favorable light for medium to long-term prospects, but with a cautious eye on the identified risks.

Pivot Points: S&P500

  Support  Resistance
S14884.83  R14891.33  
S24880.58  R24893.58  
S34874.08  R34900.08  

Eurozone Consumer Price Index (CPI) YoY

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

The previous actual data was 2.9% – same as the forecast. The upcoming report is due on February 01, 2024 at 10:30 GMT and its forecast figure stands at 2.9%.

EURCAD Technical Analysis:

The EURCAD currency pair has recently experienced a downturn from the critical resistance level at 1.4720, marking the upper limit of the lateral trading range established since December. This resistance point is further reinforced by the upper daily Bollinger Band and the 38.2% Fibonacci retracement level, derived from the notable downward impulse observed in November.

Considering the robustness of the 1.4720 resistance level, it is reasonable to anticipate a further decline in EURCAD, potentially targeting the next support level at 1.4570. This level represents the lower boundary of the current trading range. The confluence of these technical indicators suggests a bearish outlook for the pair in the short term, with a focus on the 1.4570 level as a key area of interest for potential support.

Pivot Points: EURCAD

  Support  Resistance
S31.46006  R31.4643

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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