Daily Technical Outlook, Forex Major Pairs – 30 January

EUR/USD – Hourly Chart

EUR-USD – Hourly Chart - 30 January

The EUR/USD pair managed to continue above the hourly 100-SMA levels yesterday, following to a positive close at 1.1324 levels. The pair as well ended above the 5-DMA levels; accordingly the pair has inched higher today at 1.344 levels.

On the hourly charts, the RSI has turned bullish at 59.34 levels, although the pair trades above the reversed head and shoulder neckline (extended) at 1.1317 levels. Consequently, the pair is more expected to test 1.14 levels today.

Further expansions depend on whether the pair confirms the break of resistance at 1.1423 on the hourly charts. Therefore, the pair could rally top 1.15 levels.

Then again, a failure to climb above 1.14 is likely to see the pair consolidate in the area of 1.1340-1.14. The EUR bears would come-in when the pair dips below the 5-DMA at 1.1318 levels.

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GBP/USD – Hourly Chart

GBP-USD – Hourly Chart - 30 January

The GBP/USD pair ended the hourly chart double bottom reversal target at 1.5080 and further extended the losses to endeavor 1.5018 levels. The pair is observing a minor recovery as it trades 1.5083 levels; a few pips away from the 50% retracement located at 1.5088 levels.

On the hourly charts, the RSI has breached the falling trend line, though the pair still trades below the falling trend line resistance at 1.5094 levels. Therefore, a fresh demand for Pounds can be expected above 1.5094 levels.

Consequently, the pair is probable to test the hourly 50-SMA at 1.5128 levels. As well, a failure to climb above 1.5093, can push the pair down to 1.5056 (61.8% retracement) and 1.5020 levels. Although, the possibility of the pair expanding above 1.51 levels is high, given the hourly RSI has breached the falling trend line.

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USD/JPY – Hourly Chart

USD-JPY – Hourly Chart - 30 January

The range bound movement sustains in the USD/JPY after it ended at 118.31 levels yesterday. Again the losses were checked around 117.40-117.50 levels, although the gains were checked at 118.50 levels. The closing above 118.00 did little to facilitate the pair make extra gains, as it is trading lower at 117.83 levels.

In addition, the daily RSI has failed constantly to climbed above 50.00 levels even though the pair rebounding from 117.40 levels on multiple occasions. On the hourly charts, the pair is back below all major averages, while the RSI has dipped to 41.87 levels.

Consequently, the pair is again likely to experiment 117.40-117.20 levels today. Furthermore, the likelihood of a downside breakout from the range is high while the weekly and the daily chart shows bearish crossover between 5-MA and 10-MA.

As a result, the pair could fall quickly to 116.00 levels after having consolidated in around 120 pip range for seven straight sessions. As well, USD bulls would come-in strong above the 50-DMA positioned at 118.83 levels.

EUR/USD – Hourly Chart The EUR/USD pair managed to continue above the hourly 100-SMA levels yesterday, following to a positive close at 1.1324 levels. The pair as well ended above the 5-DMA levels; accordingly the pair has inched higher today at 1.344 levels. On the hourly charts, the RSI has turned bullish at 59.34 levels, although the pair trades above the reversed head and shoulder neckline (extended) at 1.1317 levels. Consequently, the pair is more expected to test 1.14 levels today. ...
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