Technical analysis on AUDUSD, USDJPY and GBPUSD 30th January -3rd January

AUDUSD technical analysis: 30th January – 3rd February

AUDUSD

Figure: AUDUSD daily chart

In the last trading week, AUDUSD tried to move up but the pair failed to maintain its bullish run and dropped to 0.7510 level. In the earlier part of the last trading week, the pair edged to 0.7609 level but eventually dropped after touching this resistance level. But the good news for buyers is that the pair trading above the 100 and 200 days daily moving average. We might see some ranging trade in the initial part of the next trading week. The pair might retest the 100 and 200 daily moving average and rebounded from this support level. On the upside, the near tram resistance for this currency pair is at 0.7600 level. If the buyers want to control of the market then buyers need to push the price higher above the 0.7600-7650 area. If this resistance area is broken then we might see a strong bullish run in the market. The next resistance for this pair is at 0.7690 level and if this pair can breach this level then we might see a test of 0.7777 level which is the key resistance level for this currency pair and this resistance level might limit the upside momentum for this pair.

On the other hand, the daily 100 and 200 moving average is at .7480 level which is the nearest support level for this currency pair. Many professional traders might keep a close eye on this support level and if the pair manages to break this support level then we might see a sharp fall in this pair. This is an opportunity for the trader to make a profit by selling this pair. The next support level for this pair is at 7467 level which is the 50% Fibonacci level (swing high 8th November 2016 to swing low 2nd January 2017) for this currency pair. If seller pushing this pair bellow this support level then we might see the pair test the 38.2 Fibonacci level which is at 0.7394 level the overall bias for this currency pair is bearish.

USDJPY technical analysis: 30th January – 3rd February

USDJPY

Figure: USDJPY daily chart

In the last trading week, the pair dropped to 112.46 level but the eventually recovered from this level and the pair closed at 115.08 level. The pair closed above the trend line which is a good news for buyers. In the next trading week we might see the pair touching the key resistance level at 115.60 which is the 50% Fibonacci level (swing high from 3rd January to swing low 23rd January 2017). If the pair manages to breach this level then we might see another bullish run and the pair might touch the next resistance level which is at 116.28 level. This is the 61.8 Fibonacci level for this currency pair, we might see some retracement from this level .But if the buyers manage to break this level then we might see a sharp bullish action in the chart. The price might touch the higher high price which is at 118.60 level. Many price action trader might enter short from this level.

On the other hand, the pair might retest the broken trend line is at 114.00 level. This is the critical support level for this currency pair. Seller needs to push the price lower towards this trend line, if they want to take control from the buyers. If seller manages to break this trend line then we might see a sharp fall in this currency pair. The pair might touch the critical support level at 112.54. In long term picture, if the pair manages to breach 112.54 level we might see another test 109.46 level. Which is the 100 days daily average for this currency pair, however, many price action professional trader might enter in the market from this level and buy the currency pair. Overall bias for this currency pair is bullish.

GBPUSD technical analysis: 30th January – 3rd February

GBPUSD

Figure: GBPUSD daily chart

 In the last trading week, the Great Britain pound broke the 100 days moving average for the first time in the last six month. The pair edged to 1.2675 level but the pair dropped from that level and test the 100 daily moving average. But the good news for the buyers is that the pair closed above this 100 days daily moving average in the last trading day. In the next trading week we might see a strong bullish run in this currency pair the pair might touch the 38.2 Fibonacci level (swing high 23rd June 2016 to sewing low 17th January 2017) there is also a 200 day moving average this resistance level might limit the upside run for this pair but if the pair manage to breach this level then we might see another bullish run in the market and the pair might touch the 50 Fibonacci level which is at 1.3447 level.

On the other hand, if the pair can manage to break the 100-day moving average and trade below the 100 days moving average in the earlier part of the next trading week then we might see a sharp fall in the currency market in the latter part of the next trading week. The pair might fall 1.2260 level which is the next support level for this currency pair. If the sellers manage to breach this level then we might see another drop in the GBPUSD pair and the pair might touch the next critical support level which is at 1.1880 level. Many professional traders might enter long from this critical support level, overall bias for this currency pair is bullish.