01/19 Market report

【GBPUSD】

This week the pound will release employment data, inflation data.. etc. These data may cause a large fluctuation in the pound in the near future. There is also recent news about a possible change of the British prime minister and that adds up to the pressure of the GBPUSD pull back.

At this stage, the technical line of the pound looks like the Allligator golden cross while the KD shows a death cross. These 2 technical lines contradict each other. With more data coming up this week, the oscillations will be more intense. The strategy of a range trading style may bring unexpected results.

GBPUSD – D1

Resistance 1: 1.35200 / Resistance 2: 1.35800

Support 1: 1.34780 / Support 2: 1.33750 / Support 3: 1.32780

【USDJPY】

The Bank of Japan decided to leave accommodative policies and bond-buying programs unchanged at this stage as stated in its interest rate decision on Tuesday. The inflationary outlook for 2022 is expected to change from 0.9% to 1.1%, and GDP is also revised up to 3.8%.

After hitting a record high last week, USDJPY began to gradually pull back. The pattern of this pullback has not ended the upward trend and broke the support.

At present, KD is opened from a low-end golden cross. The easing policy of the Japanese yen is still there, so it is easier to maintain the original trend.

USDJPY -H4

Resistance 1: 115.520 / Resistance 2: 116.050 / Resistance 3: 116.350

Support 1: 114.950 / Support 2: 114.680 / Support 3: 113.150

【XAUUSD】

Last week, the consumer price index released by the United States was 7% which is a new figure set in nearly 40 years. The market generally believes that this inflationary storm would not bring a result in a short period of time.

Although most of the market knows that the Fed will start raising interest rates in March, the inflationary figures also directly support the price of gold.

At this stage, the price of gold is still oscillating around $1800 per ounce. The daily chart of gold has begun to come out of the pattern of a triangular convergence. This is coupled with an Allligator golden cross and KD a death cross. These 2 technical lines contradict each other. After the market converges, investors could make good use of a breakthrough strategy.

XAUUSD – D1

Resistance 1: 1814.50 / Resistance 2: 1832.20 / Resistance 3: 1865.50

Support 1: 1789.50 / Support 2: 1778.20 / Support 3: 1761.80

【USOIL】

Basically, the supply of crude oil is already very tight. If the turmoil in the Middle East intensifies, the supply of crude oil will undoubtedly worsen. With the price of crude oil continuing to trade at a high level, it seems that the buyer's strength is quite strong.

USOIL – D1

Resistance 1: 82.800 / Resistance 2: 85.120

Support 1: 81.820 / Support 2: 79.850 / Support 3: 78.420

OnePro Special Analyst

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The foregoing is a personal opinion only and does not represent any opinion of OnePro Global, nor is there any guarantee of reliability, accuracy or originality in the foregoing.

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