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DAILY TECHNICAL ANALYSIS FOR JANUARY 05, 2022

EUR/USD

Current level – 1.1281

The sentiment remained unchanged and, during the early hours of today`s trading, the currency pair continued to trade close to the support zone at 1.1359. If the bears gain enough momentum and manage to breach the mentioned zone, then a test of the next target at 1.1236 would be the most probable scenario and would strengthen the negative expectations for the future path of the EUR/USD. However, if the bearish pressure fades and the bulls prevail, then they will most likely test the resistance zone at 1.1359. А successful violation of the aforementioned level could easily lead to a rally towards the levels from November 2021 – more specifically, the zone at around 1.1440. Event-wise, today volatility can be expected to pick up after the announcement of the ADP non-farm employment change for the U.S. (13:15 GMT) and the release of the FOMC meeting minutes (20:00 GMT).

USD/JPY

Current level –  115.98

After the rally was limited to the level at 116.32, the dollar lost some ground against the yen and, at the time of writing the analysis, the bulls seem to have lost some of their momentum. For the time being, the current declining move can be considered a corrective one and it is likely that it will later on extend to the support at 115.51. If the bulls start buying again, then a new attack on and a breach of the high at 116.32 could easily lead to future gains and could head the pair towards the levels at around 117.00.

GBP/USD

Current level – 1.3528

The British pound recovered some of its recent losses against the dollar and the currency pair violated the resistance zone at 1.3503. A confirmation of the breach will strengthen the positive expectations for the future path of the Cable and could easily continue the rally towards the level at 1.3600. The first target for the bears is the zone at 1.3503, followed by the main lower support at 1.3454.

Gold price resumes the rise

Gold price recovers well after leaning on 1800.00 barrier, getting good support by the EMA50, waiting for more rise in the upcoming sessions to test 1825.15 mainly, which breaching it represents the key to rally towards 1860.00.

In general, we will continue to suggest the bullish trend on the intraday basis unless breaking 1797.00 and holding below it.

The expected trading range for today is between 1800.00 support and 1830.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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