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FX BAZOOKA: technicals (Jan. 23)

 

EUR/USD

EUR/USD is trading in the $1.3580/25 area. MACD’s rising, RSI’s neutral. The market’s quite ahead of important data releases which will certainly result in the surge of volatility. There’s both good support and resistance, but the picture at the H4 chart’s more encouraging than at the daily one. There’s a series of higher lows in the short term. Euro’s doing not bad considering poor figures from China, so we don’t rule out some upside if the euro zone’s PMIs turn out to be good.  

Resistance: $1.3580, $1.3609, $1.3630

Support: $1.3525, $1.3500, $1.3465

Chart. H4 EUR/USD

Upcoming events

EUR - 08:00 GMT - French Flash Manufacturing PMI, French Flash Services PMI, Spanish Unemployment Rate

EUR - 08:30 GMT - German Flash Manufacturing PMI, German Flash Services PMI

EUR - 09:00 GMT - Current Account, Flash Manufacturing PMI, Flash Services PMI

USD - 13:30 GMT - Unemployment Claims

USD - 14:00 GMT - Flash Manufacturing PMI

USD - 15:00 GMT - Existing Home Sales

GBP/USD

Cable retraced almost 40 pips to $1.6550 after the yesterday’s surge on the better-than-expected employment data. Pound’s strength remains capped by the early January high ($1.6590). The pair is overbought (RSI above 70). MACD histogram rose high into the positive zone. We see a high chance for the pair to extend the bearish correction.

Resistance: $1.6590/6600

Support: $1.6520, $1.6490, $1.6450, $1.6410

 

Chart. H4 GBP/USD

Upcoming events

GBP – 9:00 GMT – MPC Member Fisher Speaks

GBP – 11:00 GMT – CBI Realized Sales

USD - 13:30 GMT - Unemployment Claims

USD - 14:00 GMT - Flash Manufacturing PMI

USD - 15:00 GMT - Existing Home Sales

USD/JPY

USD/JPY buyers gave up the part of their positions. The pair has once again met resistance in the 104.75/90 area. The January resistance line is still containing growth (currently at 104.40). Key support lies at 103.90 for now.

Resistance: 104.75, 104.90/105.00, 105.40

Support: 104.15, 104.00/103.90

 

Chart. H4 USD/JPY

Upcoming events

USD - 13:30 GMT - Unemployment Claims

USD - 14:00 GMT - Flash Manufacturing PMI

USD - 15:00 GMT - Existing Home Sales

USD/CHF

USD/CHF dropped in the European trade, testing the key 0.9090 support (January rising trend line). Tenkan-sen is ready to cross the Kijun-sen to the downside (bearish signal). The upside remains capped by the 0.9130/55 area.

Resistance: 0.9130, 0.9155, 0.9190/0.9200

Support: 0.9075, 0.9030

 

Chart. H4 USD/CHF

Upcoming events

USD - 13:30 GMT - Unemployment Claims

USD - 14:00 GMT - Flash Manufacturing PMI

USD - 15:00 GMT - Existing Home Sales

AUD/USD

AUD/USD was hit by discouraging Chinese data. Aussie failed to overcome the 55-period MA and slipped by almost 200 pips to the $0.8800 area. MACD’s testing the signal line to the downside. The pair’s below the middle Bollinger band. There’s a series of higher lows and if the pair breaks below the short-term support, it may test new lows. If Tenkan-sen goes below Kijun-sen, it will be a very negative signal.

Resistance: $0.8825, $0.8850, $0.8880, $0.8900

Support: $0.8778, $0.8758, $0.8700

Chart. H4 AUD/USD

Upcoming events

USD - 13:30 GMT - Unemployment Claims

USD - 14:00 GMT - Flash Manufacturing PMI

USD - 15:00 GMT - Existing Home Sales

USD/CAD

USD/CAD descended from yesterday’s high at 1.0118 to the 0.0960 area. Loonie fell as the Bank of Canada left interest rates unchanged and said the currency’s strength is hurting exporters. Bad Chinese data added to the picture. After the rapid decline the pair has become overbought. Ichimoku lines went horizontal. The pair’s likely to take a pause on its way to 1.1233 (50% Fibo of the decline in 2009-2011).

Resistance: 1.1156, 1.1200, 1.1233                    

Support: 1.1100, 1.1055, 1.1035

Chart. H4 USD/CAD

Upcoming events

USD - 13:30 GMT - Unemployment Claims

USD - 14:00 GMT - Flash Manufacturing PMI

USD - 15:00 GMT - Existing Home Sales

EUR
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