DAILY TECHNICAL ANALYSIS FOR JANUARY 12, 2022petar skakalov
Current level – 1.1371
During yesterday’s trading session, the currency pair breached the resistance level of 1.1359 and the expectations are for the common European currency to continue to appreciate against the dollar. The first target for the bulls would be the psychological level of 1.1400 and the next one would be the resistance level of 1.1440. A breach of these levels would let the bulls attack 1.1510, at which point more sellers would likely be tempted to enter the market. In the negative direction, the first support is found at 1.1272. Today, volatility can be expected to pick up after the announcement of the U.S. core CPI data (13:30 GMT).
Current level – 115.29
The Ninja did not manage to breach the resistance level of 115.63 and is now headed towards the support at 114.99. In case the second test of 114.99 proves to be successful, then the dollar will most likely further depreciate against the yen and the next target for the pair would be 114.28. In the positive direction, the mentioned level of 115.63 is the first resistance for the pair.
Current level – 1.3637
The British pound continues to appreciate against the dollar as, yesterday, the Cable breached the resistance level of 1.3596. The forecast is for the pair to continue rising and to head towards the resistance zone at 1.3700, which is coming from the higher time frames. The aforementioned resistance level of 1.3596 is now acting as a first support for the pair.
Gold price reaches the target – Analysis
Gold price reached few pips away from our waited target at 1825.15, and shows some slight bearish bias now, affected by stochastic negativity, while the EMA50 provides positive support to the price to encourage us to suggest more bullish bias in the upcoming sessions, reminding you that breaching the mentioned level will push the price to 1860.00 as a next positive target.
Therefore, the bullish trend will remain valid on the intraday basis unless breaking 1797.00 and holding below it.
The expected trading range for today is between 1805.00 support and 1835.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis