Daily Technical Analysis 26 Jan 2017



Today's Risk Events

1:30pm USD Advance GDP q/q + Core Durable Goods Orders m/m
Advanced quarterly GDP is expected to come out at 2.1%, compared to revised 3.5% previously. GDP price index is expected to print 2.1% vs 1.4% prior.

EURUSD

Intraday

Daily

Weekly

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

Notes: EURUSD took a dive today. The pair declined from 1.0740 and finished the day at 1.0670. This gives confirmation that this market is ready to roll over. The weekly momentum is now overbought but the price has not formed a clear reversal pattern yet. I would like to wait and see how this market reacts to tomorrow’s US GDP release. I would expect a final leg up and a longer term drop afterwards. For now, look out either for the break of 1.08 to sell or a leg down to fresh low and the retrecament.

GBPUSD

Intraday

Daily

Weekly

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

Notes: Cable is painting very similar picture. The pair traded higher and approached a major resistance at 1.2700. This market can either have a final leg up and an aggressive drop to follow, or take a dive right away and retrace back up. Either scenario will be a great opportunity to sell at around the current levels. Waiting for tomorrow’s GDP before taking any actions.

USDJPY

Intraday

Daily

Weekly

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

Notes: This is very promising picture indeed. USDJPY didnt managed to form a triple bottom, instead advanced higher and finished the day at 114.60. This tells me, this market wants to go higher from here and it has a potential of reversing up for the long term. I will be looking for the current price to advance towards 115, retrace back down and swing up again at the support 114 ( see the screenshot). Waiting for COT to confirm is speculators are on the bullish side of this trade. More to follow

AUDUSD

Intraday

Daily

Weekly

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

Notes: As expected, Aussie declined today. The reversal pattern is not fully clear though. There was no double top or lower low, instead AUDUSD formed head and shoulder and a strong support at 0.7522. In this case, I would like to wait for the break of that support at 0.7522 and a retrecament back to the same level, which will then serve as a resistance. Definitely interesting setup is forming here. Getting ready to enter shorts. More to follow.

0
Connecting
Please wait...
Send a message

Sorry, gone for lunch. Leave a message.

* Email
* Describe your issue
Login now

Need more help? Save time by starting your support request online.

* Email
* Describe your issue
We're online!
Feedback

Help us help you better! Feel free to leave us any additional feedback.

How do you rate our support?