Technical Analysis
Date: 02.02.2022
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 | The GBPUSD pair achieved our anticipated objective of 1.3525 and has since settled there, with solid support from the EMA50 bolstering the prospects of breaking through this level and paving the way for more gains in the coming sessions, as the next target is 1.3610. As a result, the positive trend will likely continue for the foreseeable future, but failure to exceed 1.3525 would likely cause the market to retrace its steps and travel towards 1.3460 first. | R1 R2 | 1.3600 1.3665 | S1 S2 | 1.3515 1.3475 |
| EURUSD | The EURUSD pair continues to exhibit a bullish bias, edging closer to our anticipated positive goal of 1.1375 and sustaining the bullish trend scenario on an intraday basis, aided by stochastic positivity. Nota bene, we anticipate a bearish bounce after testing the mentioned level to resume the main bearish trend, taking into account that a break of 1.1375 will push the price higher and open the door to 1.1560 in the near term, while a break of 1.1150 will halt the suggested rise and force the price to resume its decline. | R1 R2 | 1.1370 1.1435 | S1 S2 | 1.1250 1.1220 |
| USDJPY | The USDJPY pair tries and settles at crucial support 114.65, with stochastic displaying positive signals presently, waiting to urge the price to restart the anticipated bullish trend for the forthcoming period, which targets 115.40 and 116.35 levels as the next major stations. On the other hand, we should keep in mind that a breach of 114.65 would put an end to the projected climb and force the price back to the correcting bearish track. | R1 R2 | 114.80 115.2 | S1 S2 | 113.80 113.45 |
| AUDUSD | The AUDUSD pair moved positively yesterday, breaching and settling above the 0.7125 level, indicating the start of a fresh upward corrective with a target of 0.7205 as the next major station. Thus, a bullish bias will be recommended for today, with the caveat that breaking and holding below 0.7125 would halt the predicted rise and force the price to decrease again. | R1 R2 | 0.7180 0.7215 | S1 S2 | 0.7075 0.7035 |
| NZDUSD | The NZDUSD pair has surpassed and settled above the 0.6615 level, but we notice that the EMA50 is forming a strong resistance barrier against the price, accompanied by clear negative stochastic signals. As a result, we believe that the chances are valid to resume negative trades and resume the main bearish trend. The price has to break below 0.6615 to increase the likelihood of extending the slide and heading towards 0.6530 as a first primary objective, noting that a break below 0.6665 would result in an intraday positive corrective. | R1 R2 | 0.6660 0.6700 | S1 S2 | 0.6630 0.6565 |
| USDCAD | The USDCAD pair fluctuates near the intraday bullish channel's support line and has remained above it until now, benefiting from continuous positive support from the EMA50, which protects trading within this channel while waiting for the bullish trend to resume with its next primary target at 1.2810. As a result, we will continue to recommend a positive trend for the foreseeable future, conditioned on price stability over 1.2675. | R1 R2 | 1.2775 1.2850 | S1 S2 | 1.2650 1.2555 |
| USDCHF | The USDCHF pair has managed to reach and stabilize at our anticipated objective level of 0.9200, and we expect it to overcome this level in the near future, paving the way for a move towards 0.9135 as a next negative target. The negative trend scenario will thus continue to be recommended until the market rallies to breakthrough and hold above the resistance level of 0.9265. | R1 R2 | 0.9220 0.9280 | S1 S2 | 0.9165 0.9110 |
| Crude Oil | Oil prices have rallied strongly after testing the 87.00 level yesterday, and are currently trading above the 88.00 barrier, which supports the expectation of the main bullish trend continuing. We remind you that our next targets are at 90.00 and extend to 92.55, and that the current bullish trend is expected to continue. The 50-day exponential moving average (EMA50) supports the projected bullish wave, which will stay valid if the price remains stable above 87.00 and, more importantly, above 86.20. | R1 R2 | 90 92 | S1 S2 | 87 85 |
| XAUUSD | As the gold price approaches the key support base of 1797.00, it has maintained its stability above it until now, accompanied by the stochastic reaching the oversold areas, it appears that the chances of resuming positive trades and heading towards our anticipated positive target of 1825.15 are increasing. As a result, we will continue to recommend a positive trend on an intraday basis, noting that a breach of 1797.00 would halt the anticipated climb and force the price to shift downward. | R1 R2 | 1820 1830 | S1 S2 | 1785 1775 |
| 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.