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DAILY TECHNICAL ANALYSIS FOR JANUARY 13, 2022

EUR/USD

Current level – 1.1442

During yesterday’s trading session, the bulls have managed to violate the critical resistance level at 1.1360, taking out the currency pair from the range it has been trading in for quite a while. The expectations are for the euro to continue to appreciate against the U.S. dollar, but only a successful breach of resistance at 1.1450 would pave the way for the pair towards 1.1500. Before a possible upward movement is to develop, however, we may first witness a short correction towards 1.1400. During today’s session, there are no economic news that could spark volatility, except for the PPI data for the U.S at 13:30 GMT.

USD/JPY

Current level –  114.62

After the successful breach of the support at 115.00, the downward movement was limited to the support at 114.28. The expectations are for the pair to test the mentioned support and a successful breach here would head the price towards the next level at 113.75. A short consolidation in the range of 114.28 – 115.00, followed up by a possible test of the mentioned level, should still not be excluded.

GBP/USD

Current level – 1.3714

The uptrend of the sterling still continues and the pair is currently testing the psychological level at 1.3700. A confirmed breach of this level would strengthen the positive sentiments for an appreciation towards the resistance at 1.3760. During today’s session, we may expect a short corrective move towards 1.3650 before the bulls get around to attacking the above-mentioned resistance.

Gold price gets a positive close 

Gold price closed the daily candlestick above 1825.15 level, reinforcing the expectations of continuing the bullish trend on the intraday basis, waiting to get positive motive to assist to push the price towards 1860.00 that represents our next main target.

Therefore, we will continue to suggest the bullish trend for the upcoming period, taking into consideration that failing to consolidate above 1825.15 will press on the price to decline towards 1797.00 areas again before any new attempt to rise.

The expected trading range for today is between 1810.00 support and 1840.00 resistance.

The expected trend for today: Bullish

Source:Technical analysis

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