DAILY TECHNICAL ANALYSIS FOR JANUARY 28, 2022
EUR/USD
Current level – 1.1145
After the successful breach of the support zone at 1.1235, the European common currency lost quite a bit of ground against the U.S. dollar. During the early hours of today`s session, the pair is trading at around the zone of 1.1145 and if the bearish attack continues, then a violation of the mentioned support will most likely lead to even more losses and deepen the decline towards the level at 1.1065. If the bulls take control, their first target would be the zone at 1.1235, which is now acting as resistance, followed by the level at 1.1287.
USD/JPY
Current level – 115.42
The dollar continues to gain ground against the yen and the Ninja is currently headed for a test of the resistance zone at 115.63. A successful breach here would strengthen the positive expectations for the future path of the currency pair and could help form a rally towards the level at 116.16. If the bullish momentum fades and a correction develops, then it will most likely be limited to the support zone at 114.40. However, if the mentioned level does not hold, then this rally could easily end.
GBP/USD
Current level – 1.3399
Similar to the other pairs involving the greenback, here the dollar also appreciated and the pair tested the support zone at 1.3370 from the higher time frames. A successful violation here could lead to new losses for the GBP/USD and lead to a move towards the next target at 1.3340. If the bulls enter the market, then they would most likely attack the zone at 1.3444. A breach of the next level at 1.3520 could lead to a change in the current sentiment of market participants.
Gold price hits the target
Gold price traded with strong negativity yesterday to touch our waited target at 1797.00 and attempts to break it, to hint heading to achieve more negative targets in the upcoming period, waiting to head towards 1770.00 on the near term basis.
Therefore, we expect the continuation of the negative trades domination today, it might preceeded by some slight positive fluctuation affected by stochastic positivity, noting that the consolidation of 1797.00 level against the negative trades might push the price to test 1825.15 areas initially before any new attempt to decline.
The expected trading range for today is between 1780.00 support and 1810.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis
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