TRENDING:

XAU/USD

Silver

Weekly preview: Technical analysis on USD/JPY, GBP/USD, USD/CNH, XAU/USD, WTI, SPX

Desmond Leong Axi

This week, equities slumped after a rout on Wall Street, as uncertainty crept back into the markets as to whether the recovery is sustainable, in face of continuing concerns about the second wave of infections. Meanwhile, DXY benefitted from the risk aversion while Gold prices remain depressed as downward pressure from the dollar strength countered demand for the safe haven currency. Elsewhere, oil prices dipped as investors tread with caution.

CURRENCY: USD/JPY

Chart by TradingView.com

Price is in the middle of 1st support and 1st resistance where the 61.8% fibonacci retracement is .The 1st support level happens to where the horizontal overlap support lines up with 61.8% fib retracement. Take caution that EMA shows that price is holding below the EMA(34) and the sentiment is bearish.

CURRENCY: GBP/USD

Chart by TradingView.com

Price is bullish pressure from our first support level, in line with our horizontal pullback support, 61.8% fibonacci extension and 50% fibonacci retracement where we could see a bounce to our first resistance level. Ichimoku cloud is showing signs of bullish pressure, in line with our bullish bias.

CURRENCY: USD/CNH

Chart by TradingView.com

Price is approaching 1st support which is in line with our horizontal swing low. Stochastic is showing signs of bullish sentiment. Take caution that the Ichimoku cloud is showing signs of bearish pressure for prices to make a pushdown.

CURRENCY: SPX

Chart by TradingView.com

Price is facing bullish pressure from our first support, in line with our 61.8% fibonacci retracement and 161.8% fibonacci extension where we could see a bounce to our first resistance level. Ichimoku cloud is showing signs of bullish pressure in line with our bullish bias.

CURRENCY: XAU/USD

Chart by TradingView.com

Price is facing bearish pressure from our first resistance, in line with our descending trend line, horizontal swing high resistance and 78.6% fibonacci retracement where we remain bearish below this level. A break below our downside confirmation level could provide the bearish acceleration to our first support level. Stochastic is approaching our resistance as well.

CURRENCY: WTIUSD (USOIL)

Chart by TradingView.com

Price is approaching 1st support which is in line with our horizontal overlap support. Ichimoku cloud is also showing signs of bullish momentum to come. 1st resistance is where the 76.4% fibonacci retracement is and is likely to be an upside targets for long trades.

Author

Desmond Leong

Axi

Desmond Leong runs an award-winning research firm producing institution-grade forecasts for the largest brokers, hedge funds and banks.

EUR/USD tests nine-day EMA support near 1.1850

EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1870 during the Asian hours on Friday. The 14-day Relative Strength Index momentum indicator at 56 stays above the midline, confirming steady momentum. RSI has eased but remains above 50, indicating momentum remains constructive for the bulls.

GBP/USD consolidates around 1.3600 vs. USD; looks to US CPI for fresh impetus

The GBP/USD pair remains on the defensive through the Asian session on Friday, though it lacks bearish conviction and holds above the 1.3600 mark as traders await the release of the US consumer inflation figures before placing directional bets.

Gold: Will US CPI data trigger a range breakout?

Gold retakes $5,000 early Friday amid a turnaround from weekly lows as US CPI data loom. The US Dollar consolidates weekly losses as AI concerns-driven risk-off mood stalls downside. Technically, Gold appears primed for a big range breakout, with risks skewed toward a bullish break.

Bitcoin, Ethereum and Ripple stay weak as bearish momentum persists

Bitcoin, Ethereum and Ripple remain under pressure, extending losses of over 5%, 6% and 4%, respectively, so far this week. BTC trades below $67,000 while ETH and XRP correct after facing rejection around key levels. With bearish momentum persisting and prices staying weak, the top three cryptocurrencies continue to show no clear signs of a sustained recovery.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.