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DAILY TECHNICAL ANALYSIS FOR JANUARY 14, 2022

EUR/USD

Current level – 1.1462

During yesterday’s trading session, the currency pair breached the support level of 114.28 and, at the time of writing, is headed towards a test of the next support at 113.75. A successful test of this level would deepen the decline, taking the pair towards the support zone at 113.30. In case the support level of 113.75 manages to withhold the bearish pressure, then the most likely scenario would be for the pair to enter a consolidation phase in the range between 113.75 and 115.00.

USD/JPY

Current level –  113.74

During yesterday’s trading session the currency pair breached the support level of 114.28 and, at the time of writing, is headed towards a test at the next support at 113.75. A successful test at this level would deepen the decline, taking the pair towards the support zone at 113.30. In case the support level of 113.75 manages to withold the bearish pressure, then the most likely scenario would be for the pait to enter a consolidation phase in the range between 113.75 and 115.00.

GBP/USD

Current level – 1.3716

The uptrend of the sterling continues as the Cable breached the psychological level of 1.3700 and, at the time of writing, is consolidating just above this level. The forecast is for the pair to continue its uptrend towards the resistance level of 1.3760, once the consolidation phase is completed. In the negative direction, the first support lies at 1.3596.

Gold price rises again

Gold price provided additional negative trades yesterday and attebpted to move away from 1825.15 level, but we notice that the EMA50 formed good support the protect the price from suffering more losses, as the price bounced to trade above 1825.15 now, which keeps the bullish trend scenario valid and active for the upcoming period, waiting to visit 1860.00 as a next main target.

Therefore, we are waiting for more rise today supported by stochastic positivity, noting that failing to consolidate above 1825.15 will press on the price to decline again and test 1797.00 areas 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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