![\"support](\"https:\/\/shared.gighl.com\/Morning-Pictures-2020\/1-January-20\/29-01-2020\/AUDUSD%20H4%2001292020%20(002).PNG\")
<\/p>\nToday, during the American session (19:00, GMT), we get\u00a0FOMC\u2019s<\/b>\u00a0first\u00a0interest rate decision<\/b>\u00a0for 2020, with the new voting members as per the bank\u2019s rotating system for the Reserve Bank presidents. The bank is expected to\u00a0remain on hold<\/b>\u00a0at a range of +1.50%-+1.75% and\u00a0Feds Funds Futures<\/b>\u00a0imply currently, a probability of 87.7% for such a scenario. Since the Fed\u2019s last meeting in December, Fed officials have presented a nearly unified front supporting\u00a0current rates<\/b>, possibly for the rest of this year. Should the bank remain on hold as forecasted, we could see the market\u2019s attention turning to the\u00a0accompanying statement<\/b>\u00a0and the Fed\u2019s Chair\u00a0Jerome Powell<\/b>\u00a0which will be delivering a\u00a0press conference<\/b>\u00a0later on (19:30, GMT). We could see the bank maintaining a\u00a0neutral tone<\/b>, yet some optimistic hints given the\u00a0low unemployment rate<\/b>\u00a0and the expectations for the GDP growth rate to remain above 2% qoq, could be in the cards, while the inflation rate may be providing a shadow of a doubt for any tightening of the\u00a0monetary policy<\/b>. We expect that discussions may begin about the bank\u2019s \u201cQE Lite<\/b>\u201d program yet may require more meetings for a possible\u00a0tapering of the program<\/b>. Given the above we could see the USD getting some moderated support should a more optimistic tone be struck in the accompanying statement and Powell\u2019s press conference.\u00a0EUR\/USD<\/b>\u00a0continued to slip towards the 1.0990 (S1), albeit during the late American and Asian session, there were some\u00a0signs of stabilisation<\/b>. We tend to maintain an outlook for a\u00a0sideways movement<\/b>\u00a0for the pair, et today\u2019s FOMC interest rate decision, could affect the pair\u2019s direction. Should the pair come under the selling interest of the market, we could see it breaking the 1.0990 (S1) support line and aim for the 1.0940 (S2) support level. Should the pair\u2019s long positions be favoured by the market, we could see the pair rising, breaking the 1.1050 (R1) resistance line and aim for the 1.1105 (R2) resistance level.<\/p>\nAussie strengthens as markets reassesses coronavirus threat.<\/h3>\n
The\u00a0Aussie strengthened<\/b>\u00a0a touch yesterday against the USD, as the\u00a0markets seems to be reassessing<\/b>\u00a0the coronavirus threat. Chinese mainland markets are to remain closed while new virus cases are showing up in Europe and elsewhere and the\u00a0efforts for containment<\/b>\u00a0of the virus are\u00a0increased world-wide<\/b>. Analysts tend to note that the markets may be weighing whether we have reached the\u00a0peak of worries<\/b>\u00a0and peak fear making a pause. The first signs of stabilization remain fragile though as the news reeling in continue to be negative and could\u00a0increase worries<\/b>\u00a0once again. The Aussie also got some support as the\u00a0CPI rate for Q4<\/b>, outperformed market expectations by a bit, improving the overall outlook for the Aussie. Should there be no fundamentally negative news we could see\u00a0AUD strengthening further<\/b>, while\u00a0safe havens<\/b>\u00a0could remain stable if not weaken. AUD\/USD rose yesterday breaking the 0.6755 (S1) resistance line now turned to support. We maintain a bias for a\u00a0sideways movement (if not slightly bullish)<\/b>\u00a0for the pair, as the pair\u2019s downward trendline incepted since the 24th of January has been broken. Please note that the pair\u2019s direction seems to be quite fragile for the time being and more data may be required. Once again, the Fed\u2019s interest rate decision could affect the pair\u2019s direction substantially. Should the bulls maintain control over the pair\u2019s direction we could see it breaking the 0.6790 (R1) resistance line and aiming for higher grounds. Should the bears take over, we could see the pair breaking the 0.6755 (S1) support line and aim for the 0.6723 (S2) support barrier.<\/p>\nOther economic highlights today and early tomorrow<\/h3>\n
During the European session, we get from the UK the nationwide HPI rate for January as well as Germany\u2019s GfK consumer sentiment for January. In the American session, we get the US the trade balance figure, the pending home sales rate both for December and while later on we get the EIA crude oil inventories figure.<\/p>\n
AUD\/USD 4 Hour chart<\/b><\/p>\n
<\/p>\n
Support: 0.6755 (S1), 0.6723 (S2), 0.6680 (S3)
\nResistance: 0.6790 (R1), 0.6820 (R2), 0.6850 (R3)<\/b><\/p>\n
EUR\/USD 4 Hour chart<\/b><\/p>\n
![\"support](\"https:\/\/shared.gighl.com\/Morning-Pictures-2020\/1-January-20\/29-01-2020\/EURUSD%20H4%2001292020%20(002).PNG\")
<\/p>\n
Support: 1.0990 (S1), 1.0940 (S2), 1.0885 (S3)
\nResistance: 1.1050 (R1), 1.1105 (R2), 1.1170 (R3)<\/b><\/p>\n
![\"Benchmark\/29-01-2020\"](\"https:\/\/shared.gighl.com\/Morning-Pictures-2020\/1-January-20\/29-01-2020\/Benchmark.png\")
<\/p>\n
![\"Table\/29-01-2020\"](\"https:\/\/shared.gighl.com\/Morning-Pictures-2020\/1-January-20\/29-01-2020\/Table.png\")
<\/p>","protected":false},"excerpt":{"rendered":"
Today, during the American session (19:00, GMT), we get\u00a0FOMC\u2019s\u00a0first\u00a0interest rate decision\u00a0for 2020, with the new voting members as per the<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-14343","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"\n