DAILY TECHNICAL ANALYSIS FOR JANUARY 19, 2022petar skakalov
Current level – 1.1323
Yesterday, the pair continued to lose ground against the U.S. dollar, reaching the support at 1.1320. It seems that the bears have started to lose momentum and, at the time of writing, the price is hovering around the mentioned support. The forecast for today’s trading session is for the pair to rebound from this support and to be traded in the range between 1.1320 – 1.1360. On the other hand, the downward movement may be expected to continue, but only in case the bears manage to violate the support at 1.1320. If this happens, then the pair may head towards the critical support at 1.1272. The data on the building permits for the U.S., which is to be announced today at 13:30 GMT, is expected to cause a spike in volatility.
Current level – 114.74
After the pair rebounded from the resistance at 115.00, the bears couldn’t gain enough momentum to test the support at 114.28. A possible scenario for today’s trading session is for the bulls to try to reclaim their control over the market and to attack the resistance at 115.00. In case the mentioned level is successfully violated, then this would pave the way for the pair towards the next resistance at 115.63. In the opposite direction, the first important support can be found at 114.28.
Current level – 1.3594
The current situation for the pair is similar to that of the EUR/USD. The market sentiment remains negative and the sell-offs may deepen, heading the pair towards the zone of 1.3555 – 1.3507. However, the bulls may try to intervene and limit the sell-offs, so a short-term correction towards 1.3650, before the confirmation of a potential downward movement, is not to be excluded.
Gold price under the negative pressure
Gold price ended yesterday below 1815.00 level, to fall under expected negative pressure in the upcoming sessions, targeting visiting 1797.00 as a first negative station, reminding you that surpassing this level will push the price to 1770.00 as a next target.
Therefore, the bearish bias will be suggested for toady unless breaching 1825.15 and holding with a daily close above it.
The expected trading range for today is between 1790.00 support and 1825.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis