EURJPY faces strong negative pressures

The EURJPY pair surrendered to the negative pressures represented by the moving average 55 consolidation near 142.40 resistance in addition to stochastic exit from the overbought areas, to provide chances to get the negative momentum and notice its crawl towards 140.95, to record the first waited negative target.

We expect to face more negative pressures, to form new negative attack and press on 140.25 level, while breaking it will extend trades negatively towards 139.80 followed by reaching the next main target at 138.20.

The expected trading range for today is between 141.70 and 140.25.

EURUSD gets new positive signal

The EURUSD pair leaned on the EMA50 and begins to provide slight positive trades by today’s open, noticing that stochastic overlaps positively now, waiting to motivate the price to resume the expected bullish trend for the upcoming period, which its targets begin by testing 1.0745, noting that breaching this level will extend the bullish wave to reach 1.0840 areas.

Therefore, the bullish trend scenario will remain valid and active, noting that breaking 1.0640 might press on the price to provide intraday negative trades that target testing 1.0515 areas before any new attempt to rise.

The expected trading range for today is between 1.06 support and 1.0760 resistance.

USDJPY Resumes the Main Bearish Track

The USDJPY pair faced strong negative pressures in the previous sessions to return to the main bearish channel, and begins today with additional decline to break 130.00 barrier and open the way to continue the bearish bias on the intraday and short term basis, making the bearish trend dominant in the upcoming sessions, and we expect to target 128.90 followed by 127.85 levels as next main stations.

The EMA50 supports the expected decline, which will remain valid unless breaching 130.55 and holding above it, as breaching this level might push the price to test 132.35 areas initially before any new negative attempt.

The expected trading range for today is between 128.60 support and 130.50 resistance

USDCAD Begins Negatively 

The USDCAD pair found solid resistance around 1.3600, to rebound downwards strongly now, on its way to turn to decline and head to achieve negative targets that start by testing 1.3500 and extend to 1.3405 after breaking the previous level. 

Therefore, we expect to witness more bearish bias today supported by the negative signals provide by stochastic, taking into consideration that breaching 1.3620 will stop the current negative pressure and push the price to 1.3680 initially.

The expected trading range for today is between 1.3460 support and 1.3600 resistance.

BTCUSD - Uncertainty remains in the crypto market

The BTCUSD pair started the first week of the new year with a moderate attempt at growth and reached the middle line of the Bollinger Bands around 16800. Market activity remains subdued due to the loss of investor confidence in digital assets after the bankruptcy of the FTX exchange.

Currently, experts are trying to predict the dynamics of "digital gold" in the coming year, but there is no consensus on this issue: according to preliminary estimates, the value of BTC can rise to 250,0K dollars per coin or fall to 10,0K. Nevertheless, most experts are inclined to believe that serious price jumps should not be expected, and the overall situation of the sector will remain rather negative. Pressure on it will continue to be exerted by the course of tightening monetary policy taken by the world's leading central banks, aiming to significantly reduce inflation, and the growth of activity of regulators seeking to limit the activities of crypto companies, thus ensuring greater protection of investors' capital. The main hopes for significant growth are associated with 2024, when a reversal of the policy of the US Fed is expected and the beginning of a significant reduction in interest rates, as well as another halving of BTC, which traditionally has a positive effect on the price of the first cryptocurrency.

As for the mid−term outlook, the BTCUSD pair is likely to continue trading within the sideways range of 17500 − 16250 (Murray levels [6/8]-[5/8]). Now the price is testing the middle line of the Bollinger Bands 16800, when consolidated above which it will be able to rise to 17500 (Murray level [6/8]) and 19100 (Fibo retracement 23.6%). The key for the "bears" is the level of 16250 (Murray [5/8], the lower line of the Bollinger Bands), the breakdown of which will increase the prospects for the downward movement of the trading instrument to the area of 15700 (the area of November lows) and 15000 (Murray [4/8]).

Resistance levels: 16800, 17500, 19100 | Support levels: 16250, 15700, 15000

Gold Technical Analysis

Gold price faces negative pressure now, to head towards potential test to the key support 1824.50, affected by stochastic negativity, while the EMA50 continues to provide the positive support to the price, to keep the bullish trend scenario valid conditioned by the price stability above the mentioned support and the most important above 1812.25, reminding you that our waited targets begin at 1850 and extend to 1900.

The expected trading range for today is between 1830 support and 1865 resistance.

Crude Oil Technical Analysis

Crude oil price approached our waited target at 81.60 but it bounced downwards strongly to reach the key support 78.93, which urges caution from the upcoming trading, as continuing the negative pressure and breaking this level will stop the correctional bullish trend and push the price to suffer new losses on the intraday basis, while consolidating above it will lead the price to test 81.60 initially. 

The expected trading range for today is between 78.60 support and 82.00 resistance.

EURUSD - The possibility of growth remains.

On the daily chart, the downward wave of the higher level A has completed, in which the fifth wave (5) of A has appeared and the upward wave B is developing. At the moment, the construction of the first wave 1 of (A) of B continues, in which the third wave of the lower level iii of 1 has formed and the development of a local correction as the fourth wave iv of 1 is observed. 

If the assumption is correct, the EURUSD pair will rise to the area of 1.1 – 1.1196. The level of 1.0485 is critical and stop-loss for this scenario.

GBPJPY Under the Negative Pressure

USDCHF - The possibility of growth remains.

On the daily chart, the third wave of the higher level 3 is developing, in which the ascending first wave (1) of 3 appeared and the downward correction ended as the second wave (2) of 3. At the moment, wave C of (2) has ended and wave (3) of 3 is developing. 

If the assumption is correct, the upward dynamics of the USDCHF pair will continue to the area of 0.9900 – 1.0151. The level of 0.9195 is critical and stop-loss for this scenario.