Technical Analysis
Date: 01.02.2022
Technical Analysis is a trading discipline that is used to analyze assets and find trading opportunities by examining statistical patterns derived from trading activity, such as price movement and volume. In order to navigate the gap between intrinsic value and market price, traders and investors you may benefit from FXTradium’s daily Analysis.
Instrument | Description ( H4 Timeframe ) | R | Resistance levels | S | Support Levels |
---|---|---|---|---|---|
GBPUSD | On the hourly chart, the GBP/USD pair is trading upward from 1.3435 to 1.3515 and is challenging the MA (200) H1 moving average line (1.3485). On the four-hour chart, the situation is similar. Technically, a high resistance level of 1.3525 may act as a brake on additional price rises. If it does, the pair might jump to 1.3565. The support level is represented by the lower limit of 1.3435. The most expected range of movement for GBP/USD today is between 1.3435 and 1.3525. | R1 R2 | 1.3525 1.3565 | S1 S2 | 1.3435 1.3395 |
EURUSD | Today, the EUR/USD pair is trading mainly with an increase from 1.1220 to 1.1280 and is testing the MA (200) H1 moving average line (1.1260) on the hourly chart. On the four-hour chart, the pair remains slightly below MA (200) H4 (1.1315). Technically speaking, a strong resistance level of 1.1310 may keep prices from rising further. If it breaks through, the pair may rise to 1.1360. The lower bound of 1.1220 represents the support level. The most likely range of EUR/USD movement for today may be hidden within the range of 1.1220-1.1310 | R1 R2 | 1.1310 1.1360 | S1 S2 | 1.1220 1.1110 |
USDJPY | The USDJPY pair is presently under negative pressure, en route to a probable challenge of crucial support 114.65, which is strengthened by the fact that the EMA50 crosses this level, while stochastic hits oversold territory. As a result, these considerations urge us to maintain our overall optimistic outlook, with the next objective at 116.35 and a vital requirement for its continuation above 114.65. | R1 R2 | 115.2 115.70 | S1 S2 | 114.45 113.80 |
AUDUSD | The AUDUSD pair opens today with a bearish bias, indicating a resumption of the main bearish trend. This is supported by stochastic negativity, which is clearly visible on the four-hour time frame. The pair will initially test the 0.7000 level, with a break of this level pushing the price to 0.6920 as a next negative target. The EMA50 supports the projected decrease, which will continue to hold true until the price rallies over 0.7125 and maintains that level. | R1 R2 | 0.7100 0.7180 | S1 S2 | 0.6965 0.6900 |
NZDUSD | The NZDUSD pair has been trading sideways throughout the morning, sitting around the 0.6585 level today, awaiting a resumption of the negative bias and a test of the 0.6530 level, with a breach of this level pushing the price to 0.665 as a next objective. Maintaining a price below 0.6615 is critical to sustaining the expected decrease, as breaking it would propel the market into a positive corrective, with objectives beginning at 0.6665. | R1 R2 | 0.6650 0.6705 | S1 S2 | 0.6565 0.6530 |
USDCAD | The USDCAD pair clearly broke through the 1.2725 level and settled below it, but we notice that the price is now trading within an intraday bullish channel that appears on the chart, as it trades near the channel's support line, accompanied by clear positive stochastic signals and positive support from the EMA50. As a result, we believe that the chances of resuming the bullish bias are valid in the coming sessions, and the price needs to break above 1.2725 to reinforce the chances of continuing to our next positive target at 1.2810, noting that breaking 1.2675 will halt the expected rise and press the price to reverse direction. | R1 R2 | 1.2795 1.2850 | S1 S2 | 1.2650 1.2555 |
USDCHF | The USDCHF pair closed yesterday with a significant negative bias, attacking the 0.9265 level and settling below it, which forces the price to reverse direction intraday, on its path to first challenge the 0.9200 level. As a result, a bearish bias will be recommended for today unless and until the market manages to break above 0.9265 and consolidate above it once again. | R1 R2 | 0.9280 0.9340 | S1 S2 | 0.9170 0.9110 |
Crude Oil | Crude oil price resumes positive trading after consolidating around the 87.00 barrier in the previous sessions, indicating that the expected bullish trend scenario will continue on an intraday and short term basis, and the way is open to test the 90.00 level, with a break of this barrier pushing the price to 92.55 areas in the near term. As a result, we will continue to recommend a positive trend for the foreseeable future, conditioned on price stability above 87.00. | R1 R2 | 90 92 | S1 S2 | 87 85 |
XAUUSD | Gold price delivered strong trades yesterday to test critical resistance 1797.00, remaining stable below it till today, supported by evident overbought signs on stochastic, awaiting a resumption of the negative bias and a move towards our next primary objective of 1770.00. Thus, the bearish trend scenario will stay valid and active until 1797.00 – 1800.00 levels are breached, signaling the conclusion of the predicted slide and the commencement of fresh recovery efforts targeting 1825.15 ranges first. | R1 R2 | 1810 1830 | S1 S2 | 1780 1750 |
Instrument | Description ( H4 Timeframe ) | R | Resistance levels | S | Support Levels |
⊗Please keep in mind that these are just expectations based on the research and investigations of the FXTradium Technical analysis team, and that the final decision on any specific trade will be made by the client.