Daily Technical Analysis 24 Jan 2017



Today's Risk Events

12:30am AUD CPI q/q
Market expects 0.7% – in line with the previous 0.7%, which was the highest reading since July 2015. The bar is set high and any deviations to the downside could send AUD lower.  Australian currency tends to respond well to CPI data.
9:45pm NZD CPI q/q
Expected to print 0.3% up from prior 0.2%. No much impact should be visible unless the CPI is much lower than expected. NZD has been strong in the recent weeks, lower CPI could drag it down.

EURUSD

Intraday

Daily

Weekly

Weekly Bias: BULLISH
Daily Momentum: BULLISH, GETTING BEARISH
Intraday: BULLISH TOWARD 1.0850
Signals: No

Notes: EURUSD had a first down day since 18th Jan. The pair is currently trading around major resistance at 1.0810. Weekly Pivot Point R2 is located at 1.0780, which gives more reason to believe that this market is likely to turn down once again. The daily and weekly momentum is getting overbought. I will be looking for bearish reversal pattern from now on.

GBPUSD

Intraday

Daily

Weekly

Weekly Bias: BULLISH
Daily Momentum: BULLISH
Intraday: BULLISH
Signals: NO

Notes: Today’s high Court ruling didn’t really shake the British currency. Cable, as expected decline towards 1.2416 and turned back up again.It is currently trading near 3 month high and it still looks very bullish. This market has a potential to clear the resistance at 1.27 before the price is sold off again. 

USDJPY

Intraday

Daily

Weekly

Weekly Bias: BULLISH
Daily Momentum: BEARISH TURNING BULLISH
Intraday: DOUBLE BOTTOM FORMED
Signals: NO

Notes: USDJPY formed a perfect double bottom at 112.50 area. The price reversed up and it is trading at 113.90. If this double bottom holds at the oversold momentum, we will need to look for a higher high and retracement to enter longs. As this pattern is not fully clear in this case, we should see some buying around 113.50 ( after the leg up as per screenshot)

AUDUSD

Intraday

Daily

Weekly

Weekly Bias: BULLISH 
Daily Momentum: BEARISH
Intraday: MOMENTUM IS NOW OVERBOUGHT. LOOK OUT FOR BEARISH REVERSAL
Signals: NO

Notes: Aussie traded in a tight range today. The current area is likely to be where this market rolls over to the downside. It still has a potential to climb towards 0.7650 before the dive. The momentum is now overbought, look out for double top and lower to consider shorts. Tonight’s CPI data could be  catalyst for the price to either climb higher or start the decline.

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