EUR/USD Begins Year by Weighing on Support

Forex

Summary:

EUR/USD, GBP/USD begin new year by revisiting key support zones as traders position themselves.

EUR/USD revisits the $1.0344-to-$1.0333 November and December lows whilst remaining below its early to mid-December lows and late December high at $1.0454-to-$1.0461.

Further minor resistance can be spotted at the mid-December $1.0534 high. Were a fall through the November low at $1.0333 to be seen, the 30 November 2022 low at $1.0223 would be next in line.

EUR/USD Begins Year by Weighing on Support_1

GBP/USD starts year by weighing on support

GBP/USD still hovers above its eight-month $1.2475 low with the early-to-mid-December lows and last week’s high at $1.2607-to-$1.2617 acting as technical resistance.A slide through $1.2475 would target the 9 May low at $1.2446 and the 16 April low at $1.2406 whereas a rise above $1.2617 would likely have the mid-December high at $1.2729 in its sights.

EUR/USD Begins Year by Weighing on Support_2

Source：IG

Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

Add to Favorites

Warren Takunda

Cryptocurrency

Bitcoin continued a rebound on Jan. 2 as $95,000 returned ahead of the first Wall Street open of 2025. Bitcoin Traders See 'Massive' $130K+ BTC Price Next as TradFi Returns_1

Bitcoin Traders See 'Massive' $130K+ BTC Price Next as TradFi Returns_1

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

$130,000 BTC price “feels inevitable”

Data from Cointelegraph Markets Pro and TradingView tracked BTC price gains of 1.5% on the day, taking BTC/USD to $95,880 on Bitstamp.

After revisiting monthly lows to start the week, Bitcoin BTC$96,107 showed strength as a long-expected deeper support retest failed to materialize.

“Christmas Range has swept both sides for liquidity now,” trader Daan Crypto Trades wrote in one of his most recent posts on X.

“Mid range at $95.8K has been acting as resistance on the most recent test.” Bitcoin Traders See 'Massive' $130K+ BTC Price Next as TradFi Returns_2

BTC/USDT perp 1-hour chart. Source: Daan Crypto Trades/X

An accompanying chart showed increased volume at the range lows, something that came as various market metrics began to turn in bulls’ favor.

“I’d recommend keeping track of when this range breaks out to either side. Should give a good idea of where this moves over the next 1-2 weeks,” Daan Crypto Trades added.

Continuing, fellow trader Jelle reiterated the similarities between BTC price action this new year and last, drawing comparisons to a chart fractal that ultimately resolved to the upside.

“The similarities are there, with or without another sweep of the lows,” he said in his own X post.

“Comfy in spot, the next leg higher is right around the corner.” Bitcoin Traders See 'Massive' $130K+ BTC Price Next as TradFi Returns_3

BTC/USD chart. Source: Jelle/X

Jelle subsequently predicted that a trip to between $130,000 and $150,000 would result from the breakout.

Other market participants held similar views, showing faith in the strength of the Bitcoin bull market despite the holiday lull.

Entrepreneur and investor Jason Williams was among them, calling for a similar new all-time high for BTC/USD this quarter.

“$BTC has re-entered the accumulation zone,” he told X followers on Dec. 30.

“In my view, a few weeks of consolidation could set the stage for a massive breakout. $131.5K+ by Q1 2025 feels inevitable. See you there.” Bitcoin Traders See 'Massive' $130K+ BTC Price Next as TradFi Returns_4

Bitcoin Traders See 'Massive' $130K+ BTC Price Next as TradFi Returns_4

BTC/USD 2-day chart. Source: Jason Williams/X

Williams’ chart took a longer-term view, likening the December range to that seen after old all-time highs hit in March last year. As Cointelegraph reported, the rangebound BTC price action that resulted ended up lasting more than seven months.

Bitcoin, crypto tipped for new year liquidity push

Equally bullish on the return of “TradFi” traders, meanwhile, Cole Kennelly, founder of crypto volatility index service Volmex, forecasts a broader bullish comeback for risk assets.

These suffered in the second half of December, in particular, on the back of a hawkish tone set by the US Federal Reserve after its latest interest rate cut.

“My gut tells me the market goes full risk on and a lot of money piles into crypto, now that end of year logistics / rebalancing / etc is over,” Kennelly wrote.

“Should be a big next two days.”

Source: Cointelegraph

Risk Warnings and Disclaimers

Add to Favorites

Warren Takunda

Stocks

Economic

An air of caution lingered over markets on Thursday as Donald Trump's impending return to the White House - and his plans for hefty import tariffs, tax cuts and immigration restrictions - set the tone for the new year.

With just over two weeks until the U.S. President-elect's Jan. 20 inauguration, investors were bracing for unpredictability in Trump's economic agenda and what that would mean for the global economy.

That uncertainty left shares in Asia vulnerable to a selloff on Thursday, though those in Europe looked set to fare better with futures pointing to a positive open.

Chinese stocks in particular fell heavily, as did the yuan which weakened to its lowest level against the U.S. dollar in almost 14 months.

Trump's talk of tariffs in excess of 60% on imports of Chinese goods has coincided with central government pledges of proactive policies to promote growth this year, muddying the outlook for an economy that has struggled for momentum.

China and other Asian factory powerhouses ended 2024 on a soft note, data on Thursday showed, as expectations for the new year were tainted by growing trade risk from a second Trump presidency and persistently weak Chinese demand.

Also plaguing investors was concern that Trump's administration would run the U.S. economy red hot again, with policies market watchers expect will stoke inflation and add to government debt, limiting the scope for the Federal Reserve to ease interest rates.

Markets now price in about 42 basis points worth of Fed cuts this year , which is likely to keep the dollar strongly supported well into 2025. Morning Bid: Markets Usher in 2025 With Trump Trepidation_1

Morning Bid: Markets Usher in 2025 With Trump Trepidation_1

A line chart showing the midpoint of the targeted midpoint for the federal funds rate and the implied rate of futures contracts.

In Europe, market focus will likely be on energy shares after Russian gas exports via Soviet-era pipelines running through Ukraine stopped on New Year's Day, ending decades of Russian dominance over European energy markets.

Still, the impact is likely to be muted given the long-scheduled stoppage will have limited influence on prices in the European Union - unlike in 2022, when falling Russian supplies sent prices to record highs, worsened a cost-of-living crisis and hit the bloc's competitiveness.

Key developments that could influence markets on Thursday:

- UK nationwide house prices (December)

- France, Germany HCOB manufacturing PMI (December)

- U.S. weekly jobless claims

Source: Reuters

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

Add to Favorites

Stocks

FTSE 100 looks short-term bid at beginning of new year

The FTSE 100's recovery from its November and December 7,995 low is taking it towards the 55- and 200-day simple moving averages (SMA) at 8,208-to-8,212. Around these the advance may struggle, though.Potential slips may find support around the 27 December high at 8,159. It was made within the 8,183-to-8,196 late September and early October lows.Further minor support sits at the 31 December 8,086 low.

FTSE 100, DAX 40 Begin New Year on Slightly Positive Footing_1

DAX 40 begins new year on slightly positive footing

The German DAX 40 index is seen bouncing off Monday’s 19,748 low towards minor resistance sitting between the psychological 20,000 mark and the late December high at 20,024.Support below Monday’s 19,748 low can be spotted between the October highs at 19,683-to-19,643, the 20 December low at 19,635 and the 55-day SMA at 19,643.

FTSE 100, DAX 40 Begin New Year on Slightly Positive Footing_2

Source：IG

Risk Warnings and Disclaimers

Add to Favorites

Commodity

Spot gold price rises

The spot gold price's late December recovery from the June-to-December uptrend line and Monday's $2,596.00 per troy ounce low is taking it towards its late December $2,639.00 high. Resistance above this level comes in along the 55-day simple moving average (SMA) at $2,663.00.The June-to-December uptrend at $2,602.00 may offer support ahead of Monday's $2,596.00 low. Below it sits at the December low at $2,584.00. While it holds, further range trading is at hand but failure there would probably put the November low at $2,537.00 on the map.

Gold, WTI Crude Oil Prices Begin New Year on a Positive Footing_1

WTI crude oil price probes key resistance area

The price of WTI front month crude oil futures contract probes the 71.03-to-72.59 key resistance zone following lower crude oil inventories. This technical resistance zone, which encompasses the August lows and September-to-December highs, may cap once more, though.Were a rise and daily chart close above the 72.59 November high to be seen, though, the 200-day SMA at 75.17 might be back in the frame.Slips may find support between the 71.28 August low and the 71.03 mid-December high. Further down meanders the 55-day simple moving average (SMA) at 69.57.

Gold, WTI Crude Oil Prices Begin New Year on a Positive Footing_2

Source:IG

Risk Warnings and Disclaimers

Add to Favorites

FOREX.com

Economic

Stocks

The month’s significance stems from two major developments. First, key US non-farm payrolls and inflation data are on the radar, likely determining whether Fed will pause its policy easing cycle later this month. Following the Fed’s hawkish December rate cut, markets expect a significantly slower pace of reductions for 2025.

Adding to market uncertainties (or maybe clarities) is Donald Trump’s inauguration on January 20. The incoming administration is expected to issue at least 25 executive orders immediately, targeting areas such as immigration, energy policy, and cryptocurrency regulation. Trump’s previously stated plans to impose tariffs on imports from China, Mexico, and Canada could introduce inflationary pressures by raising costs for companies and consumers. Markets will be on high alert for details of the policies and their implications for global trade outlook.

The crypto markets’ reaction in the coming days could give a sneak peak on how underlying risk sentiment is flaring back from holiday. Bitcoin’s pull back from 108368 has started to slow after hitting 55 D EMA (now at 92441). Strong bounce from current level, followed by break of 99866 resistance will argue that Bitcoin has completed the correction, and larger record run up trend is ready to resume. However, sustained trading below the EMA will likely pave the way back to 38.2% retracement of 49008 to 108368 at 85962, or even below, as correction deepens first.

Markets Poised for High-Stakes January Amid Fed and Trump Policy Shifts_1

In Asia, Japan was on holiday. Hong Kong HSI is down -2.40%. China Shanghai SSE is down -3.05%. Singapore Strait Times up 0.14%.

Happy new year, and wish you a prosperous and healthy 2025!

China’s Caixin PMI manufacturing falls back to 50.5 as downward pressures persist

China’s Caixin Manufacturing PMI dropped to 50.5 in December, down from 51.5 and below market expectations of 51.6, signaling a moderation in the sector’s growth.

While supply and demand expanded modestly, external demand remained a significant drag, according to Wang Zhe, Senior Economist at Caixin Insight Group.

Zhe highlighted several challenges, noting that external demand was “sluggish”, while job market suffered a “notable contraction.” Additionally, sales prices were weak, and market optimism continued to decline.

The survey pointed to “prominent downward pressures”, stemming from subdued domestic demand and challenging external conditions, which have squeezed profit margins and dented confidence.

The report also suggested that the impact of previous policy stimulus measures has yet to yield consistent results, with more time needed to gauge their effectiveness.

Looking ahead

Swiss PMI manufacturing, Eurozone PMI manufacturing final and M3 money supply, and UK PMI manufacturing final will be released in European session. Later in the day, US will release jobless claims, PMI manufacturing final, and construction spending.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.4354; (P) 1.4394; (R1) 1.4442;

Intraday bias in USD/CAD remains neutral as consolidations continue below 1.4466. Deeper pullback cannot be ruled out, but outlook will stay bullish as long as 1.4177 resistance turned support holds. On the upside, break of 1.4466 and sustained trading above 1.4391 will pave the way to retest 1.4667/89 long term resistance zone.

Markets Poised for High-Stakes January Amid Fed and Trump Policy Shifts_2

In the bigger picture, up trend from 1.2005 (2021) is in progress and met 61.8% projection of 1.2401 to 1.3976 from 1.3418 at 1.4391 already. Sustained trading above there will pave the way to 1.4667/89 key resistance zone (2020/2015 highs). Medium term outlook will remain bullish as long as 1.3976 resistance turned holds, even in case of deep pullback.

Source: Actionforex

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

Add to Favorites

Warren Takunda

Stocks

Asian shares mostly slipped Thursday, led by losses of more than 2% in Chinese benchmarks, as the region’s main stock market in Tokyo stayed closed for New Year holidays.

U.S. futures advanced and oil prices also gained.

Investors remain cautious over what U.S. President-elect Donald Trump might do once he takes office, including raising tariffs on imports from China and other Asian countries.

The Shanghai Composite index dropped 2.9% to 3,256.26 and the Hang Seng, in Hong Kong, fell 2.2% to 19,620.78.

Upbeat talk by Chinese leader Xi Jinping in a New Year’s address did little to raise optimism among market players who are hoping for more aggressive action to support the economy and boost share prices.

“We have proactively responded to the impacts of the changing environment at home and abroad. We have adopted a full range of policies to make solid gains in pursuing high-quality development. China’s economy has rebounded and is on an upward trajectory,” Xi said in a New Year message according to the official Xinhua News Agency.

Elsewhere in the Asia-Pacific, Australia’s S&P/ASX 200 rose 0.5% to 8,201.20 and South Korea’s Kospi was flat at 2,398.91.

On Wednesday, markets were closed on Wall Street for the New Year’s Day holiday, as were nearly all other world markets.

Investors will get an updated snapshot of U.S. construction spending for November on Thursday, while U.S. manufacturing numbers for December will be released Friday.

U.S. stock indexes closed mostly lower Tuesday as the market delivered a downbeat finish on the final day of another milestone-shattering year on Wall Street.

The S&P 500 gave up an early gain to finish down 0.4%. The benchmark index, which set 57 record highs in 2024, racked up a 23.3% gain in 2024. This was its second straight year with a gain of more than 20%. The last time the index had as big a back-to-back annual gain was 1998.

The Dow Jones Industrial Average slipped 0.1%, and the Nasdaq composite lost 0.9%.

Big Tech stocks had led last year’s rally, pushing the Nasdaq to a yearly gain of 28.6%. The Dow, which is far less heavily weighted with tech, rose 12.9%.

The U.S. markets’ stellar run was driven by a growing economy, solid consumer spending and a strong jobs market.

Skyrocketing prices for companies in the artificial-intelligence business, such as Nvidia and Super Micro Computer, helped lift the market to new heights.

After three interest rate cuts in 2024, the Fed has signaled a more cautious approach heading into 2025 with inflation remaining sticky as the country prepares for Trump’s transition into the White House. Trump’s threats to hike tariffs on imported goods have raised anxiety that inflation could be reignited as companies pass along the cost of tariffs.

In other dealings early Thursday, benchmark U.S. crude oil rose 14 cents to $71.86 a barrel. Brent crude, the international standard, added 12 cents to $74.76 a barrel.

The U.S. dollar slipped to 156.80 Japanese yen from 157.40 yen. The euro cost $1.0365, up from $1.0359.

Source: AP

Risk Warnings and Disclaimers

Add to Favorites

Recent Searches

Top Searches

Markets

News

Analysis

User

24/7

Economic Calendar

Education

Data

EUR/USD Begins Year by Weighing on Support

GBP/USD starts year by weighing on support

Source：IG

Bitcoin Traders See 'Massive' $130K+ BTC Price Next as TradFi Returns

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

$130,000 BTC price “feels inevitable”

BTC/USDT perp 1-hour chart. Source: Daan Crypto Trades/X

BTC/USD chart. Source: Jelle/X

BTC/USD 2-day chart. Source: Jason Williams/X

Bitcoin, crypto tipped for new year liquidity push

Source: Cointelegraph

Morning Bid: Markets Usher in 2025 With Trump Trepidation

A line chart showing the midpoint of the targeted midpoint for the federal funds rate and the implied rate of futures contracts.

Source: Reuters

FTSE 100, DAX 40 Begin New Year on Slightly Positive Footing

FTSE 100 looks short-term bid at beginning of new year

DAX 40 begins new year on slightly positive footing

Source：IG

Gold, WTI Crude Oil Prices Begin New Year on a Positive Footing

Spot gold price rises

WTI crude oil price probes key resistance area

Source:IG

Markets Poised for High-Stakes January Amid Fed and Trump Policy Shifts

China’s Caixin PMI manufacturing falls back to 50.5 as downward pressures persist

Looking ahead

USD/CAD Daily Outlook

Source: Actionforex

Stock Market Today: Asian Shares Mixed After New Year Holiday; Chinese Shares Sink

Source: AP

Risk Disclosure

Recent Searches

Top Searches

Markets

News

Analysis

User

24/7

Economic Calendar

Education

Data

​EUR/USD Begins Year by Weighing on Support

GBP/USD starts year by weighing on support

Source：IG

Bitcoin Traders See 'Massive' $130K+ BTC Price Next as TradFi Returns

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

$130,000 BTC price “feels inevitable”

BTC/USDT perp 1-hour chart. Source: Daan Crypto Trades/X

BTC/USD chart. Source: Jelle/X

BTC/USD 2-day chart. Source: Jason Williams/X

Bitcoin, crypto tipped for new year liquidity push

Source: Cointelegraph

Morning Bid: Markets Usher in 2025 With Trump Trepidation

A line chart showing the midpoint of the targeted midpoint for the federal funds rate and the implied rate of futures contracts.

Source: Reuters

FTSE 100, DAX 40 Begin New Year on Slightly Positive Footing​​​

​​​FTSE 100 looks short-term bid at beginning of new year​

​DAX 40 begins new year on slightly positive footing​

Source：IG

Gold, WTI Crude Oil Prices Begin New Year on a Positive Footing​

Spot gold price rises

WTI crude oil price probes key resistance area

Source:IG

Markets Poised for High-Stakes January Amid Fed and Trump Policy Shifts

China’s Caixin PMI manufacturing falls back to 50.5 as downward pressures persist

Looking ahead

USD/CAD Daily Outlook

Source: Actionforex

Stock Market Today: Asian Shares Mixed After New Year Holiday; Chinese Shares Sink

Source: AP

Risk Disclosure

EUR/USD Begins Year by Weighing on Support

FTSE 100, DAX 40 Begin New Year on Slightly Positive Footing

FTSE 100 looks short-term bid at beginning of new year

DAX 40 begins new year on slightly positive footing

Gold, WTI Crude Oil Prices Begin New Year on a Positive Footing