DAILY TECHNICAL ANALYSIS FOR JANUARY 21, 2022petar skakalov
Current level – 1.1352
The rally of the pair turned out to be fake as expected and the downtrend resumed from the high at 1.1480. During yesterday’s session, the support at 1.1320 was violated, but has not yet been breached. The lack of buyers around 1.1360 and their low activity around 1.1320 suggests that a new decline towards the support at 1.1280 is possible. The bears could take a break at around 1.1300 and prices could rise again above 1.1360, at which point they could start looking for better market entries or add to their shorts. The key resistance at the moment is 1.1400 and buyers can expect to find support around 1.1280. With a breach of 1.1280, a serious decline towards 1.1000 can still remain on the table. An alternative scenario is for the market to remain choppy in the coming days or at least until the Federal Reserve meeting scheduled for next week as the event could be the necessary catalyst needed to spark new huge moves.
Current level – 114.29
The Ninja is headed for a new test of the support at 113.48. The market is showing signs of divergence and the bottom may end up being aggressively bought. The reaction of the prices around this area will determine whether the market will enter a complex pullback or if the downtrend will continue. Next support zones for the bulls are 113.00 and 112.55. The first resistance for the bulls is 114.20, while a more serious obstacle ahead of them is 115.00. The central banks are expected to have a strong influence on future market developments and a possible failure to cope with inflationary pressures and a loss of confidence in the dollar could quickly bring prices down to 109.00.
Current level – 1.3620
The uptrend for the Cable can now be considered disrupted. The expectations are for a complex correction and possible reversal of the current direction. The main support for the bulls is 1.3570, followed by 1.3480. The first serious resistance is 1.3650, and for market sentiment to change to positive, it will have to be cleared first.
Gold price gathers the positive momentum
Gold price fluctuates within sideways track since yesterday, noticing that stochastic gets rid of its negativity to gain the positive momentum gradually, waiting to motivate the price to resume the expected bullish trend on the intraday basis, which targets 1860.00 as a next main station.
Therefore, the positive scenario will remain valid and active for the upcoming period supported by the EMA50, reminding you that it is important to hold above 1825.15 to continue the expected rise.
The expected trading range for today is between 1825.00 support and 1860.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis