Gold and forex Analysis on january 23

ngothachhuy (12)in #forex • 5 years ago

The news center today will be Japan's Central Bank's first-ever policy report at the end of the Asian session. It is expected that there will be no policy changes in this report, however, the market predicts that BOJ will lower expectations because of the current difficult economic situation.

Preliminary analysis of the gold trend and some currency pairs on the H4 time frame

XAU / USD

The price has corrected earlier than expected, it cannot penetrate the important level of 1278, so we have not had a clear conclusion about the current trend change. The price recovery is too easy to bring risks to sell orders because of the possibility that prices will continue in sideway. Need to observe more or at least wait to sell at high prices - the region of the sideway.

USD / JPY

The buying opportunity has come when the price has returned to our buying zone on H4. However, in order to reduce the risk, stop loss levels should be placed at the bottom, as it does not rule out the possibility that the daily round of correction has ended and started the next downside wave.

EUR / USD

EURUSD is still not much changed, it is still stuck in the area we are observing in recent days. View remains unchanged, bought because the RR is quite good and the long-term downtrend has not really returned.

GBP / USD

GBPUSD rebounded quite well from the buying zone following the uptrend. However, those who are profitable should consider closing the order because the price has approached the 1.3 sensitive area. According to technical analysis, this may be the right shoulder of the head and shoulders reversal model, and with fundamental analysis, analysts agree that only when Brexit finds a real path, is GBP possible the ability to surpass the 1.3 mark to the area 1.4.

USD / CAD

Somewhat surprising to USDCAD when we are waiting for a breakdown down. The price is at the upper edge of the rising channel, so it may be considered selling out, being more careful can wait for the next resistance.

AUD / USD

The price has penetrated the important resistance zone, trading retest is an option but the entry point is not very good because the price is in the lower area of the channel.