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DAILY TECHNICAL ANALYSIS FOR JANUARY 26, 2023

EUR/USD

Current level – 1.0911

Yesterday’s trading session for EUR/USD started with the bears reaching support at 1.0850, but as the U.S. markets opened, the bulls took the upper hand and managed to reach the resistance at 1.0914. Today’s important macroeconomic news for the currency pair are: U.S. Durable Goods Orders 13:30 GMT, U.S. GDP Estimate 13:30 GMT and U.S. Jobless Claims. A large divergence of results from expectations could trigger high volatility, leading to a consolidation of the bullish resistance breach at 1.0900 as a decrease in jobless claims is generally seen as a sign of a strong labour market. This can lead to a stronger dollar as investors have more confidence in the stability and strength of the economy. On the other hand, if investors with negative sentiment take control, the rate of the single European currency against the greenback may find support at 1.0850.

USD/JPY

Current level – 129.309

With the Ninja, the bulls failed to hold on to the support at 129.74 after the bear pressure. If the bulls take matters into their own hands, the pair may re-reach the resistance at 130.69, but if bearish investors continue their actions from the previous day, it is possible to look for support at the 127.21 level. Higher volatility can be expected after the announcement of the news mentioned in the EUR/USD analysis at 13:30 GMT.

GBP/USD

Current level – 1.2391

Yesterday’s trading session for the Cable was successful as the bulls took the currency pair to the resistance at 1.240. If the investors with negative positive sentiment prevail, the rate of the Sterling may look for resistance at higher levels, but if the momentum runs out, the bears may reverse the move and look to test the support around 1.217.

Midday update for Gold 

Gold price faces negative pressure now to head towards potential test to the bullish channel’s support line around 1928.00, and as we mentioned this morning, the price needs to hold above this level to keep the bullish trend active, which gets continuous support by the EMA50, noting that our next target extends to 1971.00, while breaking 1928.00 will push the price to suffer additional losses and visit 1900.00 areas before any new attempt to rise.

The expected trading range for today is between 1930.00 support and 1970.00 resistance.

The expected trend for today: Bullish

Source: Technical analysis

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