Wednesday 20th January: Technical Outlook
Canada Inflation (CPI m/m); BoC Monetary Policy Report, Rate Statement, Overnight Rate and Press Conference; US Presidential Inauguration Day.
Tuesday 19th January: Technical Outlook and Review
Despite marginally trimming losses going into the early hours of London on Monday, AUD/USD remains on the backfoot south of the 0.77 figure and January’s opening value taken from 0.7701.
Monday 18th January: Weekly Technical Outlook and Review
Friday was mostly a one-sided market, accelerating through 1.2150 and 1.21 bids. Demand (green) at 1.2040-1.2064 and connecting 38.2% Fibonacci retracement ratio at 1.2062 (green line), therefore, are within touching distance this week.
Friday 15th January: Technical Outlook and Review
Europe’s single currency concluded European trading off worst levels against the US dollar Thursday, following a spike to lows at 1.2111. To the upside (H4), possible resistance could shape at 1.22, bolstered by a collection of Fibonacci retracement levels and a Quasimodo resistance left shoulder (green arrow).
Thursday 14th January: Technical Outlook and Review
GBP/USD grasped the underside of the 1.37 figure on Wednesday, supported by Quasimodo resistance at 1.3686, and explored lower territory as the US dollar index reclaimed a large portion of Tuesday’s losses.
Wednesday 13th January: Technical Outlook and Review
The US dollar index snapping a three-day bullish phase prompted a modest euro bid Tuesday, reclaiming space above 1.2150. As evident from the H4 space, price action is on track to retest the underside of the 1.22 figure, fixed just south of a 38.2% Fibonacci retracement ratio at 1.2213 and January’s opening value from 1.2239.
Tuesday 12th January: Technical Outlook and Review
Nestled within the walls of weekly supply mentioned above at 1.2420-1.2214 is a daily supply base coming in at 1.2344-1.2279, which capped upside and guided the pair to daily support mentioned above at 1.2165.
Monday 11th January: Weekly Technical Outlook and Review
According to the US Bureau of Labour Statistics on Friday, total non-farm employment fell by 140,000 in December vs. expectations of a 60,000 rise – the first decline in employment since the job market started to recover in May. The US unemployment rate was unchanged at 6.7% (expected: 6.8%), and average hourly earnings jumped to 0.8% from 0.3% (expected: 0.2%).
Friday 8th January: Technical Outlook and Review
In terms of macroeconomic data, US unemployment claims rose 787k, while the US ISM services PMI came in strongly above expectations at 57.2. It should also be pointed out the US dollar index outperformed, weighing on any EUR/USD upside.
