I’m waiting for the development of the downward trend on USD/JPY. I will sell after the breakout and retest the 114.15 local support level. Take profit level will be set at 113.85.
The GBP/USD pair opened in the gap down more than by 175 points today. This happened due to the “hard Brexit” pressure. I’ll open transactions according the “gap” trading rules. I plan to buy after the breakout and retest of the 1.2055 mark. Potential movement - to 1.2120. The risk on this trading instrument will be reduced.
The yen considerably strengthened against the US dollar (by more than 250 pips) over the past week. I’ll open transactions in the current trend’s direction. I plan to sell USD/JPY, if the price consolidates below the 113.85 local support level. The best level for taking profit is 113.25-113.00. I’m going to hold this transaction for a few days.
The US dollar fell against major world currencies during the Asian session. Aggressive sales were observed on the USD/CAD currency pair. I plan to open a transaction towards the current trend. I’ll sell USD/CAD after the retest of the 1.3115 “mirror” resistance level. Potential movement - to 1.3065.
AUD/USD has overcome the 0.7515 local resistance level. We can notice the power of buyers at the moment. I plan to look for the entry points for opening long positions. I’ll buy the pair if the price consolidates above the 0.7535 level. Potential movement - to 0.7585.
The Euro grew up against the US dollar during yesterday's trading. There are "bullish" sentiments on EUR/USD at the moment. I plan to open positions in the current trend’s direction. I’ll buy after the breakout and retest of the 1.0715 local resistance level. Potential movement - to 1.0750-1.0775. We also have to pay attention to the news from the EU.
I plan to open a short position on USD/JPY today. The sales dominate on the market. I’m going to open transactions after the breakout and retest of the 113.00 level. The nearest objective for taking profit is the 112.60 mark. At the same time, I’ll monitor the news on the US economy.
The pound corrected significantly against the US dollar yesterday, after a great increase on Tuesday, January 17th. The currency reached 38.2% of the correctional area. I plan to buy GBP/USD after the breakout and retest of the 1.2300 mark. Potential movement - to 1.2400. I’ll also buy if the price reaches 50.0-61.8% of the correctional area. Confirmations should be found at the younger timeframes.
The ECB will make a decision about the future of monetary policy today. So, I won’t open any transactions on EUR/USD. I plan to wait for the decision of the Central Bank and the official statements. I will watch how the price reacts to the key levels. For myself, I highlighted the following ones: support - 1.0580, 1.0525 resistance 1.0675, 1.0715
The inauguration of Donald Trump will be held today. Investors sell US dollars at the moment. This is due to the uncertainty in the economic reforms of the newly elected US President. AUD/USD A series of "internal bars" PA patterns has formed on the H4 chart. I’m going to open a long position if the price consolidates above the 0.7575 level. Potential movement - to 0.7625-0.7650. Confirmations can be found at the younger time frames.