USD/JPY Makes a Brief Upward Move, May Reverse at Level 104.85

USD/JPY Makes a Brief Upward Move, May Reverse at Level 104.85

Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000

USD/JPY Price Long-term Trend: Bearish
The USD/JPY pair has been in a downward move. Since January, the market has been in an upward move. On January 11 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Yen will rise and reverse at level 1.272 Fibonacci extensions or the high of level 104.85.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping downward indicating the downtrend. The index is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand.

USD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. . On January 11 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Yen will rise to level 1.618 Fibonacci extension level or level 105.49.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The USD/JPY pair is currently above the25% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The SMAs are sloping upward indicating the uptrend.

General Outlook for USD/JPY
The Yen is presently rising on the upside. The Yen has been on a downward move for several weeks. According to the Fibonacci tool, the market will rise and reverse at level 1.272 or 104.85 high

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EURJPY Bears Extend Fall Beneath 126.00 Level Ending the Week in a Negative Zone

EURJPY Bears Extend Fall Beneath 126.00 Level Ending the Week in a Negative Zone

EURJPY Price Analysis  – January 15

The common European currency has declined versus the Japanese Yen for 6 days in a row at the same time to sub 126.00 level while exiting the week in a negative zone. The currency pair is exchanging under the moving average of 5 and 13. The upside potential against the JPY could be limited due to a combination of factors such as ECB fiscal policy.

Key Levels
Resistance Levels: 127.50, 127.07, 126.09
Support Levels: 125.00, 123.90, 121.61
EURJPY Long term Trend: Ranging
EURJPY initially opened higher on Friday at 126.14 and traded to 126.19. The pair pulled back, bears appeared as traders turned their attention to levels below 126.00. To begin exploring the bearish scenario, it is necessary to establish a decisive fall below 125.00. The pair may continue to decline with a potential target for bearish traders around the sub 125.00 level.

In a broader context, growth from 114.39 is seen as a mid-term phase of growth within a long-term consolidation trend. Further gains are anticipated as long as the 119.31 support level is held. However, a solid breakout of 119.31 would prove that the rally from 114.39 has ended and has brought this low back into focus.
EURJPY Short term Trend: Ranging
EURJPY is still in a range from 127.50 high, and initially, intraday bias remains tilted to the downside. Another rise is expected if the resistance at 125.00 stays as support. On the other hand, a decisive rebound past 126.00 will resume full gains from 114.42.

The next target will be the mid-term level of 128.67. On the other hand, a break of revised support at 125.00 could reverse the downtrend to widen the range from 127.07 with another phase of decline.

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USDCHF Upside Traction Awaits Break of 0.8920 Barrier as US Dollar Stays on the Back Foot

USDCHF Upside Traction Awaits Break of 0.8920 Barrier as US Dollar Stays on the Back Foot

USDCHF Price Analysis – January 15

The USDCHF pair is on the path to probe the 0.8918 December highs. The upside traction awaits a break of 0.8920 barriers and above would open the path towards the mid 0.9000 level. Recent fundamentals of President-elect Biden’s fiscal plan underlines the negative backdrop for USD that lies ahead.

Key Levels
Resistance Levels: 0.9304, 0.9187, 0.8998
Support Levels: 0.8858, 0.8746, 0.8639
USDCHF Long term Trend: Ranging
USDCHF is moving within the 13 moving average, indicating a continuation of a ranging trend. Markets could indicate that price could test a further downside at 0.8858 and then resume its move down to 0.8746. Another signal in support of the continuation of the consolidation will be a rebound from the upper border of the downtrend channel.

In a broader context, the decline from 1.0231 is seen as the third phase of the trend from 1.0342. There are no evident signs of finishing now. The following aim should be 138.2% forecast from 1.0342 to 0.9191 levels from 1.0231 at 0.8639 levels. In the subsequent scenario, a breakout of the 0.9304 resistance level is required to signal a mid to long term uptrend.
USDCHF Short term Trend: Ranging
USDCHF is still capped in a range from the low of 0.8822 level. Initially, intraday sentiment remains neutral. In the event of another bounce, upside potential should be limited by the 0.8998 support level, which has turned into a resistance level, which will lead to the renewal of another decline.

On the other hand, a breakout of 0.8858 could lead to a 61.8% forecast from 0.9902 to 0.8998 from 0.9296 at 0.8746 next. The pair failed to capitalize on the rebound attempts made in the prior session and a clear breach beneath 0.8858 may not deter 0.8800 from being tested.

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EUR/GBP Plunges After Rejection From Level 0.9080, May Retest Level 0.8844

EUR/GBP Plunges After Rejection From Level 0.9080, May Retest Level 0.8844

Key Resistance Levels: 0.9200, 0.9400, 0.9600
Key Support Levels: 0.8800, 0.8600, 0.8400

EUR/GBP Price Long-term Trend: Bearish
EUR/GBP is in a downward move. The pair is approaching the low of level 0.8800. The market has reached the previous low at level 0.8866. The price has reached the oversold region of the market. Buyers are likely emerge.

EUR/GBP – Daily Chart

Daily Chart Indicators Reading:
The 50-day and 21-day SMAs are sloping horizontally. The pair is at level 37 of the Relative Strength Index period 14. The pound is below the centerline 50. The market is close to the oversold region of the market.

EUR/GBP Medium-term Trend: Bearish
On the 4-hour chart, the EUR/GBP pair has plunged to the previous low after retesting the resistance at level 0.8910. On January 13 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The price retracement indicates that the pair will fall and reverse at level 1.272 Fibonacci extensions.

EUR/GBP – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day SMA and 21-day SMA are sloping downward. The pair is below the 25% range of the daily stochastic. The market has fallen to the oversold region of the market. Buyers are likely to emerge.


General Outlook for EUR/GBP
Since January 6, the pound has been on a downward move. It fell from level 9080 and it is approaching the low of level 0.8800. According to the Fibonacci tool analysis, the pair will reverse at level 1.272 or level 0.8844.


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AUD/JPY Fluctuates Above Level 80.00, May Retest Level 82.19

AUD/JPY Fluctuates Above Level 80.00, May Retest Level 82.19

Key Resistance Levels: 78.00, 80.00, 82.00
Key Support Levels: 58.00, 60.00, 62.00

AUD/JPY Price Long-term Trend: Bullish
AUD/JPY pair is now in an upward move. Presently, the pair tested level 81.00 resistance zone and fell to level 80.00 support. The Yen is consolidating above the current support for a possible upward move. If the price breaks level 81.00 resistance levels, the upward move will resume.

AUD/JPY – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move. The pair has risen to level 67 of the Relative Strength Index period 14. This indicates that the Yen is in the uptrend zone and above the centerline 50. The Yen has room to continue the upward move.

AUD/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an upward move. On January 8 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The pair is likely to rise to level 1.618 Fibonacci extensions. That is a high of 82.19.

AUD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The AUD/JPY pair is currently above the 80% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The market has reached the overbought region of the market. There is a likelihood of sellers emerging in the overbought region. The SMAs are sloping upward.

General Outlook for AUD/JPY
The AUD/JPY pair was retracing earlier today to level 80.00. The market is moving upward after the retracement. The pair will reach a high of level 82.19 if the current resistance is reached.



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EUR/AUD Price Analysis — January 14

EUR/AUD Price Analysis — January 14

The EUR/AUD continued on a sharp descent towards the 1.5600 in the mid-European session on Thursday, amid a weakening Euro.

The political uncertainty in Italy has caused investors to become reserved towards the EUR. Three ministers from the ruling coalition resigned yesterday, putting the future Prime Minister, Giuseppe Conte, in a precarious position.

If Conte is unable to assemble a new majority soon, it is likely he will be dropped from the new government. However, early elections are not likely to be organized because of the pandemic, not at least every other option has been exhausted by the parliament.

Meanwhile, the ECB’s PEPP has been very instrumental for the Italian debt market and will likely keep negative effects from the political fallout at bay, especially considering that the ECB has just expanded its planned purchases to EUR1.85 trillion. Italy is also scheduled to receive EUR208 billion of EU Recovery Funds. That said, these factors should prevent unrestrained declines for the EUR in the near-term,

In other news, a near-total wipeout of COVID-19, an upbeat global market risk mood, and pro-cyclical exposure to Asian demand have been very helpful in driving the price of Aussie higher. That said, speculators are starting to suggest that the RBA might push against a strong AUD through further dovish monetary policies.

EURAUD – 4-Hour Chart

EUR/AUD Value Forecast — January 14

EUR/AUD Major Bias: Bearish

Supply Levels: 1.5675, 1.5800, and 1.5900

Demand Levels: 1.5600, 1.5500, and 1.5400

The EUR/AUD is barreling down our descending channel as the 1.5600 psychological support comes into view for the first time in more than two years. Bulls could take advantage of the fact that the pair has gotten to the base of our channel as an opportunity to take the price higher.

That said, failure of the EUR/AUD to facilitate a bounce above the 1.5675 resistance in the coming hours and days could confirm a descent to the 1.5600 and lower.

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AUDUSD Retains Upside Bias Towards 0.7800 Amid $2 Trillion US Stimulus Plan

AUDUSD Retains Upside Bias Towards 0.7800 Amid $2 Trillion US Stimulus Plan

AUDUSD Price Analysis – January 14

AUDUSD pair continues upside move with a fresh bid during the European session, now extending the upside bias towards 0.7800 amid $2 trillion US stimulus plan announcement, as markets await further trading impetus.

Key Levels
Resistance Levels: 0.8170, 0.8136, 0.7800
Support Levels: 0.7725, 0.7635, 0.7461
AUDUSD Long term Trend: Bullish
As seen on the daily charts, AUDUSD bulls need a sustained break above the 0.7800 level to retain the bullish pattern. The 0.7800 areas are also an obstacle to growth. Meanwhile, a pullback below the 13 moving average at 0.7700 may initially nullify the bullish sentiment and send AUDUSD mid-term sellers to a weekly low around mid 0.7700.

In a broader context, sustained trading past horizontal resistance at 0.7725 is a sign of medium-term bullish sentiment. However, AUDUSD may need to reverse the retracement from 1.1079 high to 0.5506 low at 0.7725 to finally signal the end of a long-term downtrend from 1.1079. A deviation from the 0.7725 level would instead maintain a long-term bearish trend.
AUDUSD Short term Trend: Ranging
The AUDUSD shift remains neutral during the session, and further rally beneath 0.7800 is possible. On the other hand, a breakout of 0.7800 may sustain a larger upsurge from 0.5506 to 61.8%, forecast of 0.7414 from 0.7000 to 0.8170 level.

On the other hand, a breach of the 0.7635 support level would indicate a short-term top, subject to bearish divergence on the 4-hour RSI. Intraday bias may be reversed downward for a deeper correction towards the 0.7461 support level.

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EURUSD Retreats Beneath 1.2150 in Reaction to $2 Trillion US Stimulus Package

EURUSD Retreats Beneath 1.2150 in Reaction to $2 Trillion US Stimulus Package

EURUSD Price Analysis – January 14

The EURUSD pair remains on the back foot and retreats beneath 1.2150 to register a European session low of 1.2135 level. At the time of this post, the European currency is hovering up at the 1.2164 level. The new American administration is set to announce a generous stimulus package worth $2 trillion which boosted markets and the dollar.

Key Levels
Resistance Levels: 1.2350, 1.2272, 1.2220
Support Levels: 1.2150, 1.2058, 1.1920
EURUSD Long term Trend: Ranging
EURUSD adds to prior sessions’ corrective downside and takes the price to fresh lows in the 1.2135 area. EURUSD appears to be fading after its upside run halts under barrier 1.2220 level. The pair is off its highs could extend its downward correction.

On the other hand, a breakout of 1.2220 level would target 1.2272 level en route to 1.2300 resistance level. The alternative scenario will see the loss of the 1.2150 zones as an initial bearish signal, which would be boosted on a breach beneath (Jan 11) low at the 1.2132 level.
EURUSD Short term Trend: Ranging
The intraday bias in EURUSD stays neutral for some range trading beneath the 1.2220 temporary high level. Meanwhile, the downside of the retreat should be contained by the 1.2058 support level to bring another increase.

On the upside, breach of 1.2272 level may aim for 61.8% forecast of 1.0635 to 1.2011 levels from 1.1602 at 1.2300 level next. The pair is currently signaling a short-term downside correction towards 1.2058 levels. Any more losses could lead the pair towards the 1.2011 support zone.

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XRPUSD Price: $0.39 Resistance Level Holds

XRPUSD Price: $0.39 Resistance Level Holds

XRP/USD Market January 13

Should the bulls increase their pressure, the price may penetrate the resistance level of $0.39 level; the price may increase to $0.39 and $0.62. In case the resistance level of $0.39 holds, the price may reverse and the support levels of $0.28, $0.21, and $0.17 may be tested.

Key Levels:

Resistance levels: $0.39, $0.49, $0.62
Support levels: $0.28, $0.21, $0.17

XRP/USD Long-term Trend: Bullish

XRPUSD found support at the $0.21 level; it could not penetrate the support level due to weak momentum. The bulls also have not enough pressure to push up the price, then; the price commences a consolidation at the mentioned support level. On January 07, the bulls gain more pressure and push the coin to break up the former resistance level of $0.28, the bulls’ and the bears’ momentum became weak again and started consolidation till the moment.

XRPUSD daily chart, January 13

The price is trading between the 9 periods EMA and 21 periods EMA struggling to break up the confluence at the resistance level of $0.36. Should the bulls increase their pressure, the price may penetrate the resistance level of $0.39 level; the price may increase to $0.39 and $0.62. In case the resistance level of $0.39 holds, the price may reverse and the support levels of $0.28, $0.21, and $0.17 may be tested. The relative strength index period 14 is at 50 parallel with the level to indicate that consolidation is ongoing.

XRP/USD Medium-term Trend: Ranging

On the medium-term outlook, XRPUSD is in the ranging mode. After the coin broke out of the first stage of consolidation that took place within the $0.20 and $0.25 level, the price increases to test the resistance level of $0.39 and pulls back to retest the $0.29 level but unable to penetrate the level. The coin started a ranging movement within $0.39 and $0.29 price levels.

XRPUSD 4 hour chart, January 13

The two EMAs are interlocked to each other and the price is trading over and around the 9 periods EMA and 21 periods EMA. However, the relative strength index period 14 is flat to the level at 50 levels to indicate a ranging market.

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EUR/CHF Is in a Downward Move but Will Reverse at Level 1.0794

EUR/CHF Is in a Downward Move but Will Reverse at Level 1.0794

Key Resistance Levels: 1.0800, 1.0900, 1.1000
Key Support Levels: 1.0600, 1.0500, 1.0400

EUR/CHF Price Long-term Trend: Bearish
The pair has been in a sideways move but it is currently falling. Since January 8, the pair has been in a downward move after rejection from level 1.0850. The pair stands the chance of further downward move if the price breaks below the SMAs.

EUR/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair is at level 49 of the Relative Strength Index period 14. It implies that the market is in an uptrend zone. Also, it indicates that there is a balance between supply and demand. The 50-day SMA and 21-day SMA are sloping horizontally. It indicates a sideways trend.

EUR/CHF Medium-term Trend: Bearish
On the 4-hour chart, the index has resumed a downward move. On January 8 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair will fall and reverse at level 1.272 Fibonacci extension. That is the low of level 1.0794.

EUR/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping downward indicating the downtrend. The pair is below the 40% range of the daily stochastic. It indicates that the price is in a bearish momentum.

General Outlook for EUR/CHF
EUR/CHF is falling but the price movement is rather slow. A downward movement of the pair is expected. According to the Fibonacci tool, the current downtrend will reverse at level 1.0795. At this level, the market will move up.



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