Forecast Jan. 4 – 8, 2021Uptrend scenario
The uptrend may be expected to continue in case the market rises above resistance level 1906, which will be followed by reaching resistance level 1950.
Downtrend scenario
A downtrend will start as soon, as the market drops below support level 1875, which will be followed by moving down to support level 1850 and if it keeps on moving down below that level, we may expect the market to reach support level 1819.
The Most Important News Of This Week
Monday
- EU – Manufacturing PMI
- US – Manufacturing PMI
Tuesday
Wednesday
- EU – Markit Composite PMI
- US – ADP Nonfarm Employment Change, Markit Composite PMI, FOMC Meeting Minutes
- Oil – Crude Oil Inventories
Thursday
- EU – Core CPI, ECB Monetary Policy Statement
- US – Initial Jobless Claims, ISM Non-Manufacturing PMI
- Gas – Natural Gas Storage
Friday
- EU – Unemployment Rate
- US – Nonfarm Payrolls
Fundamental Analysis
Conditions in currency and interest rates sectors showing fair price on the level 1750, but new covid wave and lockdown increase creating uptrend pressure.
Monthly Forecast, January 2021
Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 1857, which will be followed by reaching resistance level 1950.
Downtrend scenario
A downtrend will start as soon, as the market drops below support level 1957, which will be followed by moving down to support level 1780 and if it keeps on moving down below that level, we may expect the market to reach support level 1680.