The EUR/USD reached a new multi-month high of 1.2310 before being corrected.
January 4, 2021EURUSD has fallen below 1.2327 within the 1.23-1.2350 resistance zone.
January 6, 2021EURUSD
The EURUSD currency pair retested the resistance zone at 1.2309 after which the bottom was corrected. Bulls managed to stay in control and expectations while writing the analysis are still positive. The most important level for the bear is the support level is 1.2161. Today, the ISM manufacturing data, as well as the ISM prices paid data will be in the investors’ spotlight.
GBPUSD
GBPUSD failed to confirm the resistance break at 1.3668 which resulted in a test of the sell zone and the support zone at 1.3539. If the sell-off doesn’t deepen, this is a corrective step. At the time of writing, expectations are rather positive for future move in GBP / USD – for a fresh resistance attack at 1.3668.
USDJPY
USDJPY has managed to rise from levels near 102.71 seen yesterday and could possibly test 103.50-103.75 on the upside before again falling back towards sub 103 levels within the next couple of weeks. Immediate view is bullish while above 103, within an overall downtrend.
AUDUSD
AUD/USD is turned neutral for consolidation below 0.7741 temporary top. Downside of retreat should be contained by 0.7461 support to bring another rally. On the upside, break of 0.7741 will resume current uptrend to 61.8% projection of 0.5506 to 0.7413 from 0.6991 at 0.8170 next.
USD/CAD recovered quickly after hitting 1.2663 and intraday bias is turned neutral first. Outlook remains bearish with 1.2957 resistance intact. Below 1.2663 will resume larger fall from 1.4667 to 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473. However, break of 1.2957 will indicate short term bottoming and turn bias back to the upside for rebound.
The WTI has come down from the immediate resistance of 48-49. As a result of continued resistance, raising crude oil prices to US 50 50-51 in the medium term could lead to a possible increase. While we face immediate resistance, we can expect some long-range movement right now.
XAUUSD
Gold has been rising steadily and tested the initial levels of the 1940-1980 range . While the price holds above 1940, it could extend towards 1980 soon. Immediate view is bullish on the yellow metal.
