DAILY TECHNICAL ANALYSIS FOR JANUARY 26, 2022petar skakalov
Current level – 1.1306
During yesterday’s trading session, the currency pair made an unsuccessful attempt at breaching the critical support at 1.1280 and, at the time of writing, it is heading back towards the resistance level of 1.1330. The forecast is for the retracement to be limited by the resistance level of 1.1360 and for the bears to charge the mentioned support at 1.1280 again afterwards. A spike in volatility is possible in the last hours of the trading session when the U.S. Federal Reserve interest rate decision is to be announced (19:00 GMT).
Current level – 113.84
During the last couple of days, the currency pair has been trading in the narrow range of 113.48 – 114.21 and the forecast is for the Ninja to trade in this range during most of the day as investors will be awaiting the announcement of the U.S. Federal Reserve interest rate decision (19:00 GMT). A possible breach of the lower border of the range could lead to a decline towards the support zone at 113.00, while a breach of the upper border would let the bulls attack the resistance at 114.70.
Gold price resumes the rise
Gold price resumed its positive trading clearly yesterday, reinforcing the expectations of continuing the bullish trend domination, organized inside the bullish channel that appears on the chart, getting continuous positive support by the EMA50, waiting to test 1860.00 level, which breaching it represents the key to rally towards 1900.00 barrier as a next main station.
Holding above 1825.15 is important to continue the expected rise, as breaking it will press on the price to turn to decline and achieve negative targets that start by visiting 1797.00 areas.
The expected trading range for today is between 1835.00 support and 1865.00 resistance.
The expected trend for today: Bullish
Source: Technical analysis