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DAILY TECHNICAL ANALYSIS FOR JANUARY 06, 2023

EUR/USD

Current level – 1.0530

Over the past day, the dollar gained against the euro, with one of the main reasons being data from ADP Nonfarm Employment Change, which indicated that the U.S. labour market remained strong, signalling that the Federal Reserve may continue to aggressively raise interest rates. At the time of writing the analysis, the pair is sitting just below the support at 1.0519. If the bulls fail to hold off the bear attack, it could take the price to the next support level at 1.0458. A day full of macroeconomic news is ahead, which will lead to high volatility. Traders can turn their attention to Preliminary CPI (10:00 GMT) for the Eurozone, with a previous value of 10.1%, with an expected decline to 9.7%, U.S. Nonfarm Payrolls Change (13:30 GMT) with a previous value of 263K, with a forecast of 200K, U.S. Unemployment Rate (13:30 GMT) with a previous value of 3.7% and is expected to remain the same, U.S. ISM Non-Manufacturing Index (15:00 GMT) with a previous value of 56.5 and a forecast of 55.0.

USD/JPY

Current level – 133.69

Today’s Ninja trading session begins with another bull attack, with the pair currently sitting at the 133.16 resistance. If buyers continue to dominate the market, it is possible that the price could reach the next resistance level at 134.55. Otherwise, if the bears stop the bulls’ attack, the pair may head towards the nearest support level at 131.48. A spike in volatility can be expected when the U.S. economic news mentioned in the EUR/USD analysis is announced.

GBP/USD

Current level – 1.1910

The day for the Cable started with the bulls trying to stop the previous day’s bear attack. The dollar gained against the pound on the back of U.S. macroeconomic news and is currently just above the support level at 1.1893. If the bears continue their attack, this support level could be breached. Otherwise, if the bulls enter the market, it is possible for the pair to head towards the resistance level at 1.2115. For the day, there is important macroeconomic news for United Kingdom PMI Construction (9:30 GMT), with a previous reading of 50.4, expected to drop to 49.6.

Gold price gets a positive signal

Gold price continued to decline to reach the bullish channel’s support line, noticing that the price begins to rebound bullishly now, motivated by stochastic positivity that appears clearly now, to keep our overall bullish overview, which its next main target located at 1900.00.

The EMA50 continues to support the price from below, reinforcing the expectations of continuing the bullish trend, noting that breaking 1826.00 will stop the expected rise and press on the price to start correctional bearish wave.

The expected trading range for today is between 1825.00 support and 1865.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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