USDJPY

The short-term bias looks neutral to positive but turning to the medium-term picture, USDJPY maintains in a bearish profile as long as the downfall from the 114.54 peak remains active. USDJPY has been stubbornly testing the 109.76 key obstacle over the past four days, the level it strongly rejected on August 20 to rally towards an 11-mongh high of 114.54. Immediate support is seen at 109.53 then followed by 109.00.

USDJPY_24_01_2019

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 108.61 108.99 109.24 109.62 109.88 110.25 110.51
WEEKLY 106.64 107.31 108.55 109.22 110.46 111.13 112.37
MONTHLY 103.83 106.69 108.14 111.00 112.45 115.31 116.76

 

EURUSD

Weaker than expected PMI data from the French and German economies will likely reverse the EURUSD pairs recent recovery, with the 1.1335 level the key support level to watch. The 1.1410 level is the immediate resistance bulls need to break to encourage further technical buying. The EURUSD pair is only bearish while trading below the 1.1360 level, key technical support is found at the 1.1335 and 1.1300 levels.

EURUSD_24_01_2019

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1311 1.1331 1.1358 1.1378 1.1405 1.1425 1.1453
WEEKLY 1.1172 1.1262 1.1313 1.1403 1.1454 1.1544 1.1595
MONTHLY 1.1111 1.1189 1.1330 1.1408 1.1549 1.1627 1.1768

 

GBPUSD

The British pound has surged to its highest trading level against the US dollar since November 2018, after bulls easily broke through the 1.3030 resistance barrier on Wednesday. The pair is strongly bullish while trading above the 1.3030 level, key technical resistance is now found at the 1.3095 and 1.3170 levels. If the GBPUSD pair falls under the 1.3030 level, a decline towards the 1.2990 and 1.2940 levels may occur.

GBPUSD_24_01_2019

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2850 1.2896 1.2990 1.3036 1.3129 1.3176 1.3269
WEEKLY 1.2364 1.2517 1.2696 1.2849 1.3028 1.3181 1.3360
MONTHLY 1.2179 1.2328 1.2543 1.2692 1.2907 1.3056 1.3271

 

GOLD

Gold struggled to build on the overnight attempted rebound and remained under some selling pressure for the second consecutive session. Any subsequent fall below the 1277-76 region might prompt some fresh technical selling and accelerate the fall further towards testing the 1270-68 strong horizontal support. On the flip side, the $1285 region now seems to have emerged as an immediate strong resistance, above which a bout of short-covering could lift the metal back towards 1294-95 heavy supply zone.

GOLD_24_01_2019

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1270.84 1274.27 1279.14 1282.57 1287.44 1290.87 1295.74
WEEKLY 1259.76 1269.93 1276.26 1286.43 1292.76 1302.93 1309.26
MONTHLY 1183.20 1204.90 1243.10 1264.80 1303.00 1324.70 1362.90