The EURO rallied above the 1.2200 and 1.2250 levels against the US dollar.
January 11, 2021EURUSD faces further negative pressure after expanding its weakness on Monday.
January 13, 2021EURUSD
There is no change in EUR / USD. Intraday bias is based on the negative side. Correction from 1.2348 is in progress for 1.2058 cluster support (38.2% retracement of 1.1602 to 1.2348 at 1.2063). Strong support should be seen there to contain downside to bring rebound. On the upside, break of 1.2244 minor resistance will bring retest of 1.2348.
GBP/USD has broken the 1.3620 support level to start the recent negative correction. The pair traded below the 1.3500 level and the 100 simple moving average ( 4-hours). There was also a break below the 76.4% Fib retracement level of the upward move from the 1.3429 swing low to 1.3702 high. The next major support is near the 1.3430 level and the 200 simple moving average ( 4-hours). Any more losses could lead the pair towards the 1.3365 support or the 1.236 Fib extension level of the upward move from the 1.3429 swing low to 1.3702 high.
On the upside, the previous support near the 1.3535 and 1.3550 levels could act as a strong resistance in the near term.
USD/JPY has risen well breaking above immediate trend resistance at 104.12 and now heads towards 104.50 or even 105.20 on the upside from where a rejection looks likely back towards 104-103.50. Immediate view is bullish while the Dollar Index trades strong.
AUDUSD
AUD/USD is currently neutral. On the flip side, the 0.7641 support interval indicates a short-term benchmark in the event of a 4-hour MACD downtrend. Intraday bias will be turned back to the downside for deeper correction to 0.7461 support first. On the upside, break of 0.7819 will resume larger up trend from 0.5506 to 61.8% projection of 0.7413 from 0.6991 at 0.8170.
USDCAD
USD/CAD remains mildly on the upside at this point. Rebound from 1.2629 short term bottom would target 1.2957 resistance and above. On the downside, break of 1.2629 low is now needed to confirm downside resumption. Otherwise, more consolidative trading should be seen with risk of stronger recovery.
WTI
WTI one-week-old rising trend line, near $52.55, offers immediate resistance to the quote ahead of the recent high surrounding $52.70. In a case where the energy bulls manage to refresh the multi-month top, February 2020 peak close to $54.70 should return to the charts. Overall, the crude oil prices are in an uptrend.
XAUUSD XAUUSD has bounced from 1820.00 and the rise look like a corrective one which could be capped at 1880.00 on the upside. We cannot rule out the possibility of a decline towards 1760.00-1740.00 in the long run. For at least the next two sessions there can be an immediate overview of a broad trade between 18 1820.00-1880.00
