DAILY TECHNICAL ANALYSIS FOR JANUARY 25, 2022
EUR/USD
Current level – 1.1316
During the early hours of today’s trading session, the currency pair bounced back from the resistance at 1.1330, therefore the current expectations are for the pair to head towards a test of the support at 1.1300 and, if it is successfully breached, to also head towards the critical support at 1.1280. However, if the support at 1.1300 resists the pressure of the bears, then this may lead to a retracement towards the resistance at 1.1330, followed by the next one at 1.1360. Today, increased activity can be expected around the release of the consumer confidence data for the U.S. (15:00 GMT).
USD/JPY
Current level – 113.80
During yesterday’s trading session, the bears attacked the important support at 113.50, but the test was unsuccessful and, at the time of writing this analysis, the pair is consolidating in the range of 113.50 – 114.21. The forecasts for today’s trading session are for the pair to continue trading in the mentioned range, but only a successful breach of the support at 113.50 would give the bears a chance to re-enter the market and head the pair towards the support at 113.00. On the other hand, if the bulls manage to take control over the market and violate the resistance at 114.20, then the next target would be the resistance at 114.70.
GBP/USD
Current level – 1.3478
After the major sell-off, the bears lost momentum around the support at 1.3444. We have so far witnessed a short corrective move and a test of the resistance at 1.3490 and so the expectations are for the downward movement to be restored, but only a breach of the support at 1.3444 would strengthen the negative market sentiments for a depreciation of the sterling against the U.S. dollar towards the support at 1.3388. However, if the mentioned support remains unbreached, then the bulls would probably once again test the resistance at 1.3490.
Gold price keeps its positive stability
Gold price resumed its positive trades after the decline that it witnessed yesterday, as its consolidated above 1830.00 level, to keep the bullish trend valid on the intraday basis, organized inside the bullish channel that has positive targets that start by testing 1860.00 areas.
The EMA50 supports the expected bullish wave, while breaking 1830.00 followed by 1825.15 levels represent negative factor that will press on the price to turn to decline.
The expected trading range for today is between 1830.00 support and 1860.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis
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