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GOLD:Pullback in the Previous Support Area For A New LONG SetupGold bulls take a breather this Friday, as the US Dollar is attempting a minor recovery in tandem with the US Treasury bond yields. The Strong Uptrend can be just in a pause with a retracement today and the next Monday with a pullback around the area 1885 previous resistance zone of the accumulation area broken yesterday After the release of the US CPI Core. Our Forecast remains Lng for the LONG trend with a pullback to have more strength in the next bullish impulse.
OANDA:XAUUSD
by FOREXN1
28
EUR/USD:Possible Retracement Before A New LONG ImpulseEUR/USD retreated to the 1.0850 area early Friday after having touched its highest level since April at 1.0868 late Thursday. The near-term technical outlook suggests that the pair could stage a technical correction before the next leg higher but losses are likely to remain limited. The retracement could reach the level of 38.2% Fibo from the last swing low, around area 1.07250 with the first target of attention 1.07800 where the price could have a first stop before growing again. A Divergence in RSI may confirm the possibility for the price for a correction in a short time before growth. The data published by the US Bureau of Labor Statistics revealed on Thursday that annual inflation in the US, as measured by the Consumer Price Index (CPI), declined to 6.5% in December from 7.1% in November as expected. The Core CPI, which excludes volatile food and energy prices, fell to 5.7% from 6%. Both of these readings came in line with analysts' estimates and the US Dollar Index fluctuated wildly while market participants tried to figure out how these data would influence the Federal Reserve's rate outlook. Dovish comments from Fed officials, however, made sure that investors continued to move away from the US Dollar. The next long target for EUR/USD 1.09200 area.
by FOREXN1
17
GBP/USD:Price Increase Value After Core CPI-Possible LONG SETUPGBP/USD continue its strong rally and yesterday the price after the Core CPI , break the dynamic trendline of the channel and re-test this one with a new Bullish impulse. Today the GDP m/m , the change in the total value of all goods and services produced by the economy It's the broadest measure of economic activity and the primary gauge of the economy's health also called Gross Domestic Product (GDP) gives a result of 0.1% instead the negative value of the forecast -0.2%. All the European pairs seem to want to grow more and this is a major bullish rally of the European pairs of the last year. The price may reach 1.2320 in this session and go over the next session to reach 1.2400 I let you notice, the is a Divergence in the RSI indicator, in case the price will have a retracement by the Prelim USD UoM Consumer Sentiment, our targets will be the ones shown on the chart.
Long
by FOREXN1
5
EUR/USD:SELL From Strong Resistance For A SHORT SetupToday at 13:30 GMT the US Bureau of Labor Statistics will release the Consumer Price Index (CPI) figures for December and as we get closer to the release time, the forecasts by the economists and researchers of the major banks regarding the upcoming US inflation they show a decline to 6.5% from 7.1% in November and see the Core CPI, which excludes volatile food and energy prices, edging lower to 5.7% from 6%. On a monthly basis, the CPI is forecast to stay unchanged while the Core CPI is projected to rise by 0.3%. Commerzbank says: “In the US, inflation is clearly on the retreat. From its peak of 9.1% in June, the YoY rate most recently fell to 7.1% in November. For December, we forecast a further decline to 6.4%. Used car prices are likely to have fallen by almost 3% in December from November. We therefore also expect the Core inflation rate to decrease from 6.0% to 5.6%. This would mean a continuation of the easing in inflation – a trend that should continue in 2023. However, we stand by our assessment that the fundamental inflation problem will not be solved. A sustained return to 2% inflation is likely to be prevented by demographically induced labor shortages, the costs of climate policy, and increasing protectionism.” Looking at the Technical analysis, the price is still inside an accumulation area where we await a breakout to the bearish side with the price not reaching the 1.0800
Short
by FOREXN1
12
GBP/USD:SELL From Resistance Area FIBO Levels For A SHORT SetupGBP/USD The price is still inside a strong resistance area where today the US CPI news may clarify the next movement for this pair. The resistance area coincides with the Fibonacci levels of attention where a possible reversal can come today like a Double Top meanwhile the stochastic shows an Overbought scenario with divergence. Our Idea is about a stop and reversal of the recent rally with the price drop until the area level 1.2000
Short
by FOREXN1
8
EUR/USD:SELL From Resistance Area For A SHORT Setup The optimism around the European currency remains well and sound and prompts EUR/USD to keep the trade in the upper end of the recent range near 1.0760 midweek. Today the EUR/USD is up for the fourth consecutive session, although further upside now appears somewhat contained amidst persistent prudence among traders in light of Thursday’s release of US inflation figures measured by the CPI for the month of December. The European currency is expected to closely follow dollar dynamics, the impact of the energy crisis on the region, and the Fed-ECB divergence. The increasing speculation of a potential recession in the bloc emerges as an important domestic headwind facing the euro in the short-term horizon. Our Technical view shows the pair inside a ranging area with a Stochastic in an overbought area and the Stop loss at 1.0800
Short
by FOREXN1
5
USD/JPY:BUY From 61.8% FIBO Level Pullback For A LONG SetupUSD/JPY is still in a consolidation area. The technical analysis shows in the last sessions the price reach the bottom around 129.500 Lower-low then a bullish impulse pushed the price to the creation of a new Higher-high at 134.800 where from 6 January the price made a retracement on the 61.8% Fibonacci level, exactly where we are now. Based on our analysis, the pullback on the 61.8% Fibo in confluence with the re-test of the dynamic trendline may push the price higher at least to reach the previous swing high, a possible extension of this movement to area 100% Fibo extension isn't to exclude. The stochastic in 4Hours shows an oversold scenario and our Forecast is about a new Raising of the USD/JPY value.
Long
by FOREXN1
5
GOLD:SELL From 1,880 Resistance Key For A SHORT SetupPowell is scheduled to speak at the Riksbank’s International Symposium on Central Bank Independence later during the early North American session. His remarks will be closely scrutinized for clues about the Fed's rate-hike path. The focus, however, remains on the latest consumer inflation figures from the United States (US), due for release on Thursday. The crucial US CPI report will be looked upon for fresh insight into the Fed's policy stance, which will play a key role in determining the near-term trajectory for the non-yielding Gold price. The technical analysis shows a GOLD rejection at the $1,880 level, Gold sellers could fight back the buyers control of the last sessions, prompting a corrective pullback toward the previous day’s low at $1,865. Further declines will challenge the $1,850
OANDA:XAUUSDShort
by FOREXN1
19
EUR/USD:SELL From RESISTANCE Area SHARK Patter SHORT SetupEUR/USD has grown during the Monday session reaching 1.076 the currency pair seesaws around the highest levels since June 2022 as bulls run out of steam. Yesterday we have recognized a Bearish Shark pattern where the price reach the entry point at 1.13% FIBO extension where the price today may have a bearish impulse as retracement after the last bullish rally. The Stochastic is still in the overbought area ready to drop and the Idea will be violated if the price will reach the 1.079 value as a stop loss. Fed Chairman Jerome Powell will participate in a panel discussion and the U.S. will also release inflation data for December. Investors and the Fed will be watching these events closely to see if speculation about central bank easing is correct. Last week's NFP data released showed 223,000 new jobs in the U.S. economy in December and a drop in the unemployment rate to 3.5%. However, investors' attention was drawn to the slowdown in average hourly earnings, which raises hopes of a slowdown in the Federal Reserve's interest rate hikes. The combination of slowing wage growth and declining business activity in the service sector could allow the Fed to moderate the pace of rate hikes at its first meeting of the year on Feb. 1. In the coming weeks, investors should keep an eye on corporate results and inflation. A slowdown in inflation would be positive. On the other hand, investors remain concerned about the risk of recession and its impact on corporate earnings.
Short
by FOREXN1
12