82
Trader, analyst and instructor with a 6-year experience

FX BAZOOKA: technicals (Jan. 28)

 

EUR/USD

EUR/USD remained between $1.3700 and $1.3650, 50% and 38.2% Fibo of the decline from $1.3890 to $1.3507. MAs remain horizontal, so do the lines Tenkan and Kijun. MACD is in the positive area, but below the signal line and declining. The desire of the bulls to move higher is confronted by the expectations of another $10B reduction in the Fed’s QE. The pair needs some additional drivers.

Resistance: $1.3700, $1.3750, $1.3800

Support: $1.3670, $1.3640, $1.3600

Chart. H4 EUR/USD

Upcoming events

EUR - All day - ECOFIN Meetings

USD - 13:30 GMT - Core Durable Goods Orders, Durable Goods Orders

USD - 14:00 GMT - S&P/CS Composite-20 HPI

USD - 15:00 GMT - CB Consumer Confidence

GBP/USD

GBP/USD extends growth for a second day in a row, breaking above $1.6600. The pair is moving towards the recent high of $1.6670. Cable remains supported by the January rising trend line ($1.6515 as of writing). General market sentiment is bullish. MACD histogram rose above the signal line. RSI is close to the overbought zone. Watch the UK Q4 GDP today – the forecast is a little bit to the downside.

Support: $1.6600/6590, $1.6565, $1.6470

Resistance: $1.6670, $1.6740

 

Chart. H4 GBP/USD

Upcoming events:

GBP – 9:30 GMT – Preliminary Q4 GDP, Index of Services

USD/JPY

USD/JPY keeps consolidating below 102.80. The pair needs to rise above 102.85 to extend the recovery. The negative MACD crossed the signal line to the upside (bullish signal). On the daily chart the pair is supported by the bullish Cloud.

Support: 102.40, 102.00, 101.75, 101.60

Resistance: 102.85, 103.00, 103.60

 

Chart. H4 USD/JPY

Upcoming events:

USD/CHF

The pair still looks bearish as long as it holds below $0.8985. We expect the greenback to extend the downside. The negative MACD crossed the signal line to the upside (bullish signal). Ichimoku Cloud remains bearish. 55-period MA crossed the 100-period MA to the downside.

Support: $0.8900, $0.8800

Resistance: $0.8985,$0.9030, $0.9090, $0.9130

Chart. H4 USD/CHF

Upcoming events:

AUD/USD

AUD/USD recovered to the 55-period MA just below $0.8800. Aussie was supported by higher NAB business confidence. The pair’s trying to rise above the horizontal Kijun-sen. MAs are sloping down. All in all, the pair was quite oversold after hitting a multiyear low last week and it may correct a bit more within the general downtrend. The Ichimoku Cloud represents a hurdle at $0.8825. The upper Bollinger band lies here as well.

Resistance: $0.8800, $0.8825, $0.8865, $0.8890

Support: $0.8758, $0.8740, $0.8700, $0.8663

Chart. H4 AUD/USD

Upcoming events

USD - 13:30 GMT - Core Durable Goods Orders, Durable Goods Orders

USD - 14:00 GMT - S&P/CS Composite-20 HPI

USD - 15:00 GMT - CB Consumer Confidence

AUD - 23:30 GMT - MI Leading Index

USD/CAD

USD/CAD is consolidating within its medium-term upward trend. Tenkan-sen and Kijun-sen are horizontal and act as support. USD/CAD is trading around the middle Bollinger band. The pair has made a lower high at 1.1118 and the bulls have lost momentum. They might need a day to gather strength.

Resistance: 1.1118, 1.1175, 1.1230

Support: 1.1050, 1.0100, 1.0950

Chart. H4 USD/CAD

Upcoming events

USD - 13:30 GMT - Core Durable Goods Orders, Durable Goods Orders

USD - 14:00 GMT - S&P/CS Composite-20 HPI

USD - 15:00 GMT - CB Consumer Confidence

EUR
Scroll to top