Dollar likely to push higher after FOMC and GDP

EURUSD Closes With A Doji

The euro currency continued its attempts to break out from the resistance area near 1.2177 and 1.2144.

However, price action closed somewhat flat, resulting in a Doji close on Friday. The Doji pattern in the resistance area could see a possible reversal.

However, the sentiment remains mixed for the moment. A strong bullish close could see the euro currency rising above 1.2177.

This will open the way forward for the EURUSD to retest the 6^th January highs of 1.2349. Alternately, a bearish close following the Doji could signal a possible move back toward the 1.2050 level of support.

There is also an ascending triangle pattern emerging near the resistance area. A successful upside breakout puts the near term target toward the 6^th January highs, if not closer.

The British pound sterling closed on Friday with losses, although price action remains firmly within the ascending price channel.

The support level near 1.3500, clearly remains the major line in the sand. Further upside is likely to continue upon establishing firm support near this level on a daily and weekly basis.

To the upside, a possible continuation may see the GBPUSD attempting to test the 16^th April 2018 highs near 1.4376.

Watch the minor rising trendline, which if breached could see the correction back to the 1.3500 handle.

But the Stochastics oscillator is likely to signal another short term momentum to the upside.

If the GBPUSD fails to break past the 21^st January highs of 1.3745, then we might see a possible pullback.

WTI Crude Oil Closes Flat On A Weekly Basis

The recent bull run in the oil markets is slowing down with the commodity posting a flat close for two consecutive weeks now.

On Friday, oil prices were testing the lower end of the sideways range between 53.77 and 51.87. This comes after the second minor rising trendline was breached.

While there was a small pullback into the weekly close, the overall bias remains mixed. This sideways range could continue especially if the current rebound off the floor could see prices attempting to rise back.

But in the event that oil prices break down below the 51.87 level, then we expect a correction toward the 49 – 50 region in the short term.

The confluence of the major rising trendline alongside the horizontal support could put a lid on the declines.

Gold Prices Steady In A Sideways Range

Price action in gold remains stuck within a sideways range with the 1818 level of support holding up for the moment. The overall trend remains flat after gold price touched a new all-time high on 7th August 2020.

This sideways shift could either see the trend beginning to change or a possible pause before the bullish run picking up pace.

The overall bias remains mixed within this sideways range of the 1950 and 1818 levels.

For the moment, price action has formed a lower high and is currently pushing lower. Therefore, a retest of the 1818 level is quite likely.

A break down below this support area could see a possible shift in the trend.

To the upside, unless the 1950 level gives way, prices might remain stuck in the range.