USDJPY technical analysis: 22th January -27th January
In the last trading week, the USDJPY pair dropped initially but the pair managed to recover in the final part of that last trading week. The pair dropped to 112.56 level and the pair rebounded from this critical support level. For the next trading week, the initial bias for this currency pair is bullish. We might see a test of 115.62 resistance level this resistance level is also the 50 % Fibonacci level (swing high 15th December 2016 to sewing low 17th January 2017) .which might restrict the upside trend. If pair manages to break this resistance level then we might see another bullish run in the currency market. The pair might hit the next resistance level at 116.32 which is the 61.8% Fibonacci level for this currency pair. If we look at the chart there is not much resistance after 116.32 level so if buyer manage to break this level we might see a strong bluish run in the market. Many professional traders’ looks forward to buying this pair if pair manages to breach the 61.8 Fibonacci level then The price might touch the top price of this currency pair which is at 118.60 level.
But if the pair could not manage to break this resistance level at 116.38 level then we might see a rebound from this pair. If the pair falls from this level then many professional price action trader might enter short in the currency pair and that entry might push the pair downward. On the downside Closest support level is at 114.00 level, we might see some retracement from this support level but if the pair manages to break this support level then we might see an another sharp fall in the market. The price might test the lower support level 112.50 level. From that level, the buyer might take a chance to enter in the market and we might see some ascending trend from that support level. In longer term picture Overall bias for this pair is still bullish in this currency pair.
AUDUSD technical analysis: 22th January -27th January
In the last trading week, AUDUSD breaks the 100 and 200 daily moving average which is the very good news for buyers. Initial bias for the last trading week is neutral but the pair manage to break that key resistance level and the pair went for bluish trend. The pair managed to close the week above on this daily 100 and 200 moving average. In the next trading week, we might see some sideway trade in the initial part of the week. The pair might retest the 100 and 200 daily moving average and rebounded from this support level. On the upside, the near tram resistance for this currency pair is at .7650 level. This is the minor resistance level for this pair. If the pair manages to break this resistance level then we might see another bluish run. The price might test the 0.7777 level, this resistance level should limit the upside momentum.
On the other hand, if we look at the chart we see that the closest support level for this currency pair is 0.7480 level. This level is supported by the daily 100 and 200 moving average that’s mean many professional traders will keep a close eye on this support level. If the pair can breach this support level many professional traders might enter short in this pair which means we might see a sharp fall in this pair. This is an opportunity for the trader to make a profit by selling this pair if pair break this support level. The next support level for this pair is at 7467 level which is the 50% Fibonacci level for this currency pair. If seller pushing this pair bellow this support level then we might see the pair test the 38.2% Fibonacci level which is at 0.7394 level the overall bias for this currency pair is bullish.
EURGBP technical analysis: 22th January -27th January
In the last trading week EUR/GBP edged higher to 0.8851 but the pair fall from that level and close the week in negative gain. The initial bias for the next trading week is neutral, we might see a rise from this current price level at 0.8649. The pair might target the upside resistance at .8710 level this is the nearest resistance level for this currency pair. We might see upside break from this level and the market make another bluish run in this pair. The pair might touch its topside resistance at .8851 level. This resistance level might limit the upside trend for this currency pair.
On the other hand current price is at 0.8643 level which is the 100 day daily moving average. If pair manage to breach this support level then many professional price action trader might enter the market and sell this currency pair. Selling pressure might push the pair down and the pair might test the 50% Fibonacci level (swing low 5th December 2016 to swing high 16th January 2017) this 0.8578 level might give some support and the pair might see some retracement from this level if buyer fails to take the advantage of this support level then we might see another sharp fall in the pair and the pair might hit the next support level at 0.8510 level which is also the 61.8 Fibonacci level. If seller can push the price below 61.8 Fibonacci level then we might see pair drop to 0.8390 level which is the 200 daily moving average for this currency pair. Overall bias for this pair is bullish we might see some bluish trend in the next trading week.