Fri, Jan 22, 2021 @ 22:50 GMT
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Technical Analysis

EUR/USD Tests Weekly R1

During Friday morning hours, the EUR/USD currency pair tested the resistance level—the weekly R1 at 1.2185. If the predetermined resistance level holds, it is likely that some downside potential could prevail in the market. Note that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as...

GBP/USD Continues To Trade Within Falling Wedge Pattern

Yesterday, the GBP/USD exchange rate bounced off the upper boundary of the rising wedge pattern. From a theoretical point of view, it is likely that the currency pair could re-test the lower pattern line located in the 1.3400/1.3600 area in the short run. If the given pattern holds, a reversal...

USD/JPY Tests 100-Hour SMA

During today's morning hours, the USD/JPY currency pair has been testing the 100-hour SMA near 103.70. If the predetermined resistance holds, it is likely that some downside potential could prevail in the market. In this case the exchange rate could target the psychological level at 103.30. In the meantime, note that...

XAU/USD Remains Below 1,875.00

As apparent on the chart, the XAU/USD exchange rate failed to surpass the 1,875.00 level. It is likely gold could gain support from the 100– and 200-hour moving averages near 1,850.00 and trade upwards in the short term. In this case the price for gold could target the psychological level...

GBP/USD Bearish Reversal Chart Patterns After Hitting 1.3750

GBP/USD made a new higher high that hit the 1.3750 target as expected in my EU-GU video. But the uptrend seems to be struggling due to the reversal chart patterns. On the 4 hour chart, price action did manage to break above the quadruple top. But the quick decline after...

The Analytical Overview Of The Main Currency Pairs

The EUR/USD currency pair Technical indicators of the currency pair: Prev Open: 1.2104 Prev Close: 1.2162 % chg. over the last day: +0.48% At the end of Thursday, EUR/USD demonstrated the presence of bullish strength, but the pair is still holding the position of a chasing one among the G10 currencies. Growth in German...

GBP/USD Outlook: Sterling Is At A Crossroads As Weak Data Hurt Bulls

Cable pulled back from new high in early European trading on Friday, pressured by weaker than expected UK data which showed weak recovery in retail sales in December after November’s plunge on lockdowns and downbeat PMI’s, as services sector was hit much more than expected and activity in manufacturing...

BTCUSD Still Bearish

Bitcoin has recovered above the psychological $30,000 level after taking a tumble under the $29,000 support level earlier this morning. The short-term trend in the BTCUSD pair remains bearish while the price trades below the $32,000 resistance level. Technical analysis highlights that traders are likely to continue selling any...

GBPUSD Takes A Tumble

The British pound has tumbled back under the 1.3700 support level against the US dollar after the UK posted weaker Retail Sales data and the government threatened to close its borders. Technical analysis highlights that the 1.3660 level is the key intraday pivot point to watch out for when...

NZDUSD Fluctuates Around MAs But Upside Risks Remain

NZDUSD’s slide back under the 100-period simple moving average (SMA) at 0.7196 seems to have cemented the price within the confines of 0.7082-0.7240, of a sideways move. The range bound demeanour, after the price retracted from the multi-year high of 0.7314, looks to be nourished by the impaired and...

GBPJPY Rests Near 4½-Month High, Remains In Bullish Channel

GBPJPY has been moving higher within an upward sloping channel over the last four months, remaining above the 20- and 40-day simple moving averages (SMAs). The price reached a four-and-a-half-month peak around 142.40, however, the technical indicators are mixed. The MACD is moving horizontally in the positive territory, while the...

USDCAD Calls For An Upside Reversal After New 33-Month Low

USDCAD stretched its March downtrend to a fresh 33-month low of 1.2588 on Thursday before completing the day with a bullish doji candle. The positive candle formation is an indication of a coming upside breakout, which the price is currently pushing to confirm, as it is recovering towards its 20-day...

EUR/USD Breakout To The Upside Possible

The EUR/USD is at an important level. It will be make it or break it for the pair. The price is set between important confluence points. Below 1.2151, the EUR/USD will go to 1.2120 and 1.2085. W L3 hasn’t been tested yet so generally I don’t expect it to happen...

EUR/JPY Breakout Occurs

The common European currency surged by 59 pips or 0.47% against the Japanese Yen on Thursday. A breakout occurred through the upper line of a descending channel pattern during yesterday's trading session. Given that a breakout has occurred, the EUR/JPY currency exchange rate is likely to continue to edge higher...

AUD/USD Decline Likely To Continue

The Australian Dollar declined by 28 pips or 0.36% against the US Dollar on Thursday. The currency pair reversed from the weekly R1 at 0.7780 during Thursday's trading session. All things being equal, the exchange rate could continue to edge lower during the following trading session. The possible target for...

USD/CAD Sets For Breakout

The US Dollar has surged by 70 pips or 0.55% against the Canadian Dollar since Thursday's trading session. The currency pair breached the 50– hour simple moving average at 1.2647 on Friday morning. Currently, the exchange rate is trading near the upper line of a descending channel pattern and could...

NZD/USD Two Scenarios Likely

During the first half of Thursday's trading session, the New Zealand Dollar declined by 40 pips or 0.54% against the US Dollar. However, the currency pair rebounded at the end of the day. Technical indicators suggest buying signals on the 4H time-frame chart. Most likely, bullish traders could pressure the...

Gold Prices Trade Flat As Investors Weight Stimulus Prospects

The precious metal is giving back some of the gains made on Wednesday, after rising to a nine-day high on an intraday basis, prices are pulling back. This comes as investors wait on further announcements from the new Biden administration. Speculation is high that the new Democrats government, which also...

WTI Crude Oil Settles Into A Sideways Range

Crude oil prices trade mixed as the developments on the ground unfold. With the new President Biden being quick to rejoin the Paris climate accord, speculators expect further changes on fossil fuel. President Biden was quick to announce new curbs on the US oil industry. The current sideways range in...

GBP/USD On Track To Settle Above 1.3700

The British pound sterling continues to keep a bullish hold. After failing to break out above 1.3700 level, prices managed to do so on Thursday. With intraday gains pushing the GBPUSD somewhat higher, we expect the 1.3700 level to hold for the moment. This will potentially open the way for the...

EUR/USD Gains On A Weaker Dollar And ECB Meeting

The euro currency made a rebound, led by a weaker greenback and the ECB meeting on Thursday. The central bank did not make any changes which saw the euro rising as a result. However, the gains were capped near the familiar resistance area between 1.2177 and 1.2144 levels. This has led...

Daily Technical Analysis

EUR/USD Current level - 1.2171 At the beginning of the week, the single European currency reached the local low at the support level of 1.2062, after which the bulls gained momentum and the rally resumed. At the time of writing, the rise in the price of the euro against the U.S....

BTCUSD Trend Change

Bitcoin remains under heavy downside pressure on the cryptocurrency market after sellers were able to break under the pivotal $33,000 support level. The BTCUSD pair has moved under its 200-period moving average on the four-time frame, meaning that the short-term trend is now bearish. This is significant because the...

EURUSD 1.2160 Still Key

The euro currency has a slight bullish bias against the US dollar after the European Central Bank struck a more hawkish tone than markets were expecting on Thursday. EURUSD bulls need to gain traction above the 1.2160 resistance level in order to attract buying interest for a test of...

LTCUSD $100.00 Possible

Litecoin is coming under pressure alongside a number of other top altcoins on Friday as traders continue to sell the BTCUSD pair. From a technical perspective, the LTCUSD looks bearish after posting a double-top price pattern, following the recent rejection from the $166.00. Technical analysis highlights the $100.00 and...

Elliott Wave View: Impulsive Rally In NZDUSD

Short Term Elliott Wave view in NZDUSD suggests the pair ended wave ((2)) pullback at 0.7093. This pullback ended correction of the cycle from September 24 low. Internal of wave ((2)) unfolded as a double three Elliott Wave structure. Wave (W) ended at 0.7144, wave (X) ended at 0.7239,...

Market Morning Briefing: Euro Is Headed Towards 1.22

STOCKS Dow, DAX and Nikkei remain stable at higher levels. While a sideways consolidation looks like a possibility, it will have to be seen if they can see an extended rise before a correction comes into play. Shanghai is hovering around its crucial resistance level of 3600 which has to...

USD/JPY Extends Losses, Recovery Could Face Hurdles

Key Highlights USD/JPY extended its decline below the 103.50 support. A major bearish trend line is forming with resistance near 103.80 on the 4-hours chart. The US Initial Jobless Claims in the week ending Jan 16, 2021 declined from 926K to 900K. The US Manufacturing PMI could decline from...

SARB Leaves Rates Unchanged Amid New Variant Of Coronavirus: USD/ZAR, GBP/ZAR

Little is discussed regarding the effect of the coronavirus (and its variant) on the South African economy. Earlier today, the South African Reserve Bank (SARB) left rates unchanged at 3.5%, a record low. The central bank had cut interest rates by 300 bps over the last year, however the...

USDCHF’s Bullish Pressures Pause around Vicinity of 200-MA

USDCHF has poked back underneath the 200- and 100-period simple moving averages (SMAs) at 0.8866 and 0.8857. Its recent attempts to decisively surpass the 200-period SMA have ended up consolidating the price around it, thus keeping hopes of the bear market alive. The flattening 100-period SMA and the falling...