News & Analysis
Eightcap Forex technical insights – 23/01/18
Post Bank of Japan we saw some strong moves on the Japanese Yen to the majors. The USD has also fought back sending the main risk pairs lower after yesterday’s highs. The USD looks to be making a stall after some solid loses.
AUDUSD – AUDJPY strong moves this week, things turned late afternoon. The A/$ turned after beating yesterday’s high the start of a previous resistance area from 80.28 – 80.57. The A/J looked set to break through 89 this morning,a level that been holding buyers back since the 22 of September 2017. After a brief test of 89.06 sellers took old knocking price back to 88.10. The only key driver being the BOJ holding action as expected. The A/$ has broken it’s short-term trend line, potential support seen from .7940 – .7955.
USDCAD is posting its second rally this week, climbing by 42 pips. Sellers failed to break 1.2430 in yesterday’s session reconfirming this level as support. Buyers have failed to close above 1.2487. While the current support looks strong we would like to see buyers break resistance to give this attempt merit.
Good trading from Eightcap
Sources – Investing.com
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