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During the previous trading session, the rate traded between the 62.20% Fibo and the weekly PP as it was expected! On Tuesday, the currency exchange rate was resisted to 1.2860 by the upper boundary of the dominant pattern line at the 1.2916 mark.

Today is a critical day for the United Kingdom history due to the Parliament Brexit Vote which will occur at any time during the day. Note that the Brexit Vote results cannot be predictable!

However, the Dukascopy Analytical Department thinks, that the British Pound might depreciate against the US Dollar to pass through most of the technical indicators to trade below the monthly pivot point at the 1.2650 level.

During the previous trading session, the currency exchange rate traded sideways to stay near the monthly S1 at 108.17 as it was predicted! On Tuesday morning, the US Dollar appreciated against the Japanese Yen to the 108.57 mark.

In regards to the near-term future, most likely, the currency exchange rate will trade upwards to break the resistance of the descending dominant pattern line at 108.70. It is expected that the rate might reach the 108.00 level during the trading session on Tuesday.

On the other hand, the US dollar could depreciate against the Japanese Yen to pass through the support levels of the most technical indicators to trade at 108.20.

During Tuesday's morning hours, the yellow metal passed the support levels of the simple moving averages to trade at the 1,288.83 mark.

In regards to the near-term future, most likely, the gold will be depreciated against the US Dollar due to the resistance of the simple moving averages. Moreover, the yellow metal might trade at 1,284.00 level during the day.

However, the gold could appreciate against the US Dollar to the 1,292.00 level during today's US PPI and Core PPI data releases at 13:30 GMT.

The Eurozone single began today's session with a bullish momentum against the Japanese Yen. As a result, a breakout occurred through the upper boundary of a descending channel pattern at 124.60.

However, after the breakout occurred, the currency pair began to decline. By the middle of the day, the exchange rate has depreciated about 81 base points.

By and large, it is likely that the currency exchange rate will aim at a swing low of 123.80 within this session.

On the other hand, the pair could reverse from current price level and target a resistance cluster at 124.33.

The Australian Dollar depreciated about 40 base points against the US Dollar on Monday. The currency pair tested the lower boundary of an ascending channel at 0.7192 during yesterday's trading session.

A breakout occurred through the lower boundary of the channel pattern during the European trading session on Tuesday.

Most likely, it is possible that the currency exchange rate targets a support cluster formed by the weekly S1 and the 200-hour SMA at 0.7138 today.

However, a support level set by the 100-hour simple moving average at 0.7192 could hinder such movement

The US Dollar traded sideways against the Canadian Dollar on Monday. The currency pair was moving within a trading range of 1.3287 and 1.3254 during the previous session.

Everything being equal, it is likely the currency pair will edge lower within this trading session. The potential downside target will be near a swing low of 1.3180.

However, the currency exchange rate needs to break a support level formed by the 100-hour simple moving average at 1.3244 before such movement occurs.

The New Zealand Dollar appreciated about 44 base points against the US Dollar on Monday. The currency pair breached Friday's swing high of 0.6843 during yesterday's trading session.

As for the near future, it is likely that the currency pair will re-tests a support cluster formed by the combination of the weekly and the monthly pivot points at 0.6795.

If the support level holds, bullish traders will try to retake control of the market within this session.

EUR/USD

Current level - 1.1457

The outlook remains bearish, for a break through 1.1410 area, towards 1.1260. Initial intraday resistance  lies at 1.1500 and crucial on the upside is 1.1540.

USD/JPY

Current level - 108.65

The violation of 108.50 resistance has neutralized the bearish bias and my outlook here is neutral.

GBP/USD

Current level - 1.2866

The bias remains positive above 1.2800 support area and crucial on the downside is 1.2710. Only a violation of the latter will signal a completion of the whole rise since 1.2420 low.

The EUR/USD has made a spike towards upper 1.1560 levels and now a hug head and shoulders pattern is playing out.

The EUR/USD is showing a type 2 bearish pattern so we might see another rejection from POC zone or lower. 1.1455-65 or 1.1480-90 could reject the price on a retest. Targets are 1.1428, 1.1415 and 1.1398. The price is very bearish now but due to BREXIT vote later, be prepared for a possible higher than normal volatility. If heavy profit taking takes place, the EUR/USD might drop even further. Only above 1.1512 the pair is bullish.

The EUR/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.14581
Open: 1.14675
% chg. over the last day: +0.11
Day's range: 1.14718 – 1.14828
52 wk range: 1.1214 – 1.2557

EUR/USD is showing an ambiguous technical picture. The trading instrument is in a sideways trend. Yesterday the EU published some weak economic reports. The volume of the industrial production lowered in Novermber by 1.7% while the investors expected the fall by 1.5%. The trading instrument is consolidating in the 1.14600-1.14900 range. You should open positions from the key levels.

The Economic News Feed for 15.01.2019:

Trading Balance Volume Reports (US) – 15:30 (GMT+2:00);

Manufacturer`s Price Index (US) – 15:30 (GMT+2:00).

The indicators do not provide precise signals, the price is being traded between 50 MA and 200 MA.

The MACD histogram is close to 0. There are no signals.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which points toward a bearish mood.

Trading recommendations

Support levels: 1.14600, 1.14250, 1.13800
Resistance levels: 1.14900, 1.15300, 1.15700

If the price fixes below the local support level of 1.14600 consider selling EUR/USD. The movement will tend toward 1.14000.

Alternatively the currency pair can grow toward 1.15300-1.15500.

The GBP/USD currency pair

Technical indicators of the currency pair:

Prev Open: 1.28538
Open: 1.28560
% chg. over the last day: +0.21
Day's range: 1.28800 – 1.29105
52 wk range: 1.2438 – 1.4378

GBP/USD is showing a variety of trends. The investors are waiting for the Brexit vote which is set for tonight. The key levels are 1.28600 and 1.29100. Positions should be opened from these levels. Tonight GBP/USD may be highly volatile so consider setting the StopLoss and TakeProfit parameters.

The Economic News Feed for 15.01.2019:

The Brexit Vote – 21:00 (GMT+2:00);

Indicators point toward the power of the buyers, the price fixed above 50 MA and 200 MA.

The MACD histogram is in the positve zone but below the signal line, which gives a weak signal o buy GBP/USD.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line which points toward a bearish mood.

Trading recommendations

Support levels: 1.28600, 1.28100, 1.27700
Resistance levels: 1.29100, 1.29500

If the price fixes below the mirror support of 1.28600, expect the quotes to fall toward 1.28100-1.27900.

Alternatively the quotes can grow toward 1.29500-1.29700.

The USD/CAD currency pair

Technical indicators of the currency pair:

Prev Open: 1.32572
Open: 1.32817
% chg. over the last day: +0.04
Day's range: 1.32444 – 1.32582
52 wk range: 1.2248 – 1.3664

USD/CAD is showing an ambiguous technical picture. The quotes are moving in a flat. The investors are waiting for additional drivers. You should keep an eye on the US news feed. Right now the key interest range is 1.32400 and 1.32800 respectively. You should open positions from the key levels.

The Economic News Feed for 15.01.2019 is calm.

The indicators do not provide precise signals, the price is testing 50 MA.

The MACD histogram is close to 0.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line which gives a signal to sell USD/CAD.

Trading recommendations

Support levels: 1.32400, 1.32000, 1.31700
Resistance levels: 1.32800, 1.33150, 1.33600

If the price fixes below 1.32800 expect the quotes to grow toward 1.33150-1.33400.

Altenatively the quotes can descend toward 1.32000-1.31700.

The USD/JPY currency pair

Technical indicators of the currency pair:

Prev Open: 108.512
Open: 108.154
% chg. over the last day: -0.20
Day's range: 108.632 – 108.697
52 wk range: 104.56 – 114.56

Yesterday the USD/JPY have slightly lowered. Right now the currency pair is in a bullish mood. The key levels are 108.500 and 108.800. You should open positions from the key levels. The quotes can grow further.

The Economic News Feed for 15.01.2019 is calm.

The price has fixed above 50 MA and 200 MA which shows the power of the buyers.

The MACD histogram is in the positive zone which gives a signal to buy USD/JPY.

The Stochastic Oscillator is in the neutral zone, the %K line is below the %D line, which points toward a bearish mood.

Trading recommendations

Support levels: 108.500, 108.200, 108.000
Resistance levels: 108.800, 109.100

If the price fixes above 108.800 expect further growth toward 109.100-109.300.

Alternatively the quotes can fall toward 108.200-108.000