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COMMODITIES TECHNICAL ANALYSIS January.05

Euro

The price extended its upward recovery during the European session on Wednesday. The euro pushed away from 1.0400 in the Asian session and advanced north during the European hours. The EUR/USD broke 1.0450 in the mid-Europe session and moved towards 1.0500 later the day. The resistance comes in at the level 1.0500, the support lies at 1.0450.

If the upward momentum persists buyers will break 1.0500, en route to 1.0550.
05_01_2017_eurusd
Pound

The GBP/USD pair was under buying pressure in the European session on Wednesday. Buyers pushed prices to the 1.2300 hurdle and successfully broke it in the NA session. The resistance exists at the level 1.2400, the support stands at 1.2300.

If the price stays below 1.2350 the selling pressure will increase. Sellers might force the pair to resume its downward trajectory towards 1.2250 and 1.2200. A break higher will ease the current downward pressure. GBP/USD may recover to 1.2400.
05_01_2017_gbpusd
Yen

USD/JPY traded mixed on Wednesday. The pair opened the day in the green and was able to strengthen to 118.00 in the Asian trades. The fresh selling pressure around the level weighed on the US dollar. The pair retreated from the hurdle and returned to the opening prices. The resistance is at 118.00, the support comes in at 117.00.

If the USD/JPY fixates below the level 117.00 the price will edge lower towards 116.00. A rebound here will return the pair to the 118.00 hurdle.

05_01_2017_usdjpy

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