Forex trading plan for Jan. 29
The Federal Reserve decided to wait and see what will happen with the US economy – this is a balanced stance, but still more hawkish when those of the other central banks, so the prospects for USD are rather bullish, though trading will be mixed and unsteady. The US will release unemployment claims at 13:30 GMT.
EUR/USD descended to 1.1280. Concerns about Greece have risen as the nation’s new Prime Minister Alexis Tsipras, challenged international creditors on Wednesday by halting privatization plans agreed under the country’s bailout deal. Watch German preliminary inflation report & unemployment figures.
USD/JPY keeps consolidating in the 117.25/118.80 area. Watch Japanese inflation figures early on Friday. Shorts possible below 117.00 targeting 116.50/00. Resistance is at 118.09, 118.80 and 119.30.
GBP/USD faces resistance at 1.5155 and may drift down to 1.5100. More sideways trading is expected. The pair waits for new drivers. Resistance is at 1.5200, 1.5267 and 1.5350.
AUD/USD has spiked up on Wednesday and below the recent low at 0.7857 the downside may extend to 0.7800/7780.