Technical Outlook For EURUSD, GBPUSD, USDJPY & USDCAD: 08.01.2019

Anil Panchal

EUR/USD

Unless successfully clearing the 1.1490-1.1500 resistance-region, EURUSD is less likely to remain strong for long, which in-turn highlights the importance of 1.1400 & 1.1360 rest-points. Though, an upward slanting trend-line, at 1.1300, might confine the pair’s declines past-1.1360, if not then 1.1260 & 1.1215 may regain sellers’ attention. Alternatively, breach of 1.1500 enables the pair to aim for the 1.1550 and the 1.1580 numbers to north ahead of confronting the 1.1610-20 upside barrier. Moreover, quote’s sustained up-moves beyond 1.1620 could avail 1.1650 as an intermediate halt before targeting the 1.1720-30 resistance-zone.

GBP/USD

GBPUSD is another major that’s struggling with immediate resistance, namely the 1.2795-1.2800 TL, break of which is required for the pair to escalate its recovery to 1.2830 and to 1.2880 levels. Should the pair manage to conquer 1.2880 hurdle, it can rally to the 1.2950, the 1.3000 and the 1.3035-40 consecutive upside figures prior to challenging the 1.3065-70 horizontal-area. In case prices take U-turn from current levels, the 1.2700 and the 1.2660 may appear in limelight whereas the 1.2610 and the 1.2545-35 could restrict additional south-run. Given the pair’s refrain to respect the 1.2535 support, the 1.2475, the 1.2430 and the 61.8% FE level of 1.2380 can become Bears’ favorites.

USD/JPY

Even after gradually rising from its last-week’s lows, the USDJPY still needs to cross the adjacent TL resistance, at 109.00 now, otherwise it’s slide under the 108.65 support-line can reprint 108.00 & 107.00 on the chart. If at all the pair continue trading down beneath 107.00, the 106.75, the 105.50 and the 104.75 might come back as quotes. Meanwhile, pair’s advances above 109.00 may have 109.60 and the 110.25-30 as follow-on benchmarks to avail, which if broken could please the buyers with 110.80 & 111.50. However, the 112.20-30 might question the pair’s strength after 111.50, breaking which the 112.70, the 113.00 and the 113.20 could lure the Bulls.

USD/CAD

Unlike all the aforementioned pairs, USDCAD has already dropped below a quarter-old ascending trend-line and 50-day SMA, which in-turn speaks louder of its weakness towards testing the 1.3225 and the 1.3160 mark, comprising 100-day SMA. Assuming the pair’s extended downturn past-1.3160, the 200-day SMA level of 1.3065 and a year-long upward slanting support-line, at 1.2990, may be aimed at if holding short positions. On the contrary, a daily closing above 50-day SMA level of 1.3320 can push the pair to support-turned-resistance line of 1.3360 and then to 1.3385. It should also be noted that pair’s successful rise beyond 1.3385 could help it target the 1.3440 and the 1.3500 round-figure.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US