EURUSD has fallen below 1.2327 within the 1.23-1.2350 resistance zone.
January 6, 2021USD / JPY started a strong rally above the resistance levels of 102.80 and 103.20.
January 8, 2021EURUSD
The EUR/USD has traded above 1.23 and could face a pause near 1.2350. This is the first hurdle to see a slight decline or move before attempting to test the currency between 1.24 and 1.25 over the medium term, it might be possible.
GBPUSD
GBP/USD remains neural as consolidation from 1.3702 is extending. As long as 1.3428 support holds, further rally is expected. On the upside, break of 1.3702 will resume whole rise from 1.1409 to 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956. Nevertheless, break of 1.3428 support will indicate short term top, and turn bias to the downside for deeper pull back.
USDJPY
USDJPY has bounced in line with a bounce in Dollar Index but as Dollar Index is likely to be limited to 90 on the upside, we may expect Dollar Yen also to be limited to 103.50-103.75 on the upside before a fall is seen again.
AUDUSD
The AUD/USD has risen as expected and could be further bullish on a sustained break above 0.78. We may look for a target of 0.80 on the upside over the next couple of weeks.
USD/CAD remains on the downside at this point. Current down trend from 1.4667 should target 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473 next. On the upside, above 1.2797 minor resistance will turn intraday bias neutral again. But outlook will remain bearish as long as 1.2957 resistance holds.
WTI
The WTI price moved further into a positive zone above 48.00 and 48.50 level. Finally, the price broke the $50.00 barrier and traded to a new multi-month high at $50.97. Any more upsides above the $51.00 and $51.20 levels could open the doors for a rise towards the $51.80 and $52.50 levels. Conversely, the price is likely to find a strong support near $49.50 and $49.20. The next major support is near the $48.80 level. Any more losses could lead the price towards the $47.00 zone and the 100 simple moving average (4-hours).
The XAUSD did not test the 1980s but came out of the lower levels of the 1960s as the dollar rebounded slightly. Although the dollar is trading strong in the short term, the rise in gold prices could be watched before the move resumes, before it is temporarily suppressed. Now, under 1980-1940, the gold shortage could go back to 1900 which is close support.
