GBP/USD stabilized above 1.2000 yesterday as the market now waits for actual detail from the UK PM Speech Later today in the European Session. The outlook is negative if she continues with the combative rhetoric that has emerged from her government in recent days.
USD/JPY also stabilized after heavy GBP/JPY selling in the European session saw fresh pullback lows to Y113.70 before buyers regained control and we closed at Y114.20. The impact of today’s UK speech will be limited with the real action on Friday with Trumps inauguration speech.
AUD/USD has stalled at 0.7500 and the most important data release this week is Chinese GDP for Q4 2016 released on Friday. The 200 DMA and the big figure resistance at 0.7500 are the main thing stopping this rally with commodities and the US on the backfoot helping the recent 2 week rally off lows.
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| AUD/USD |
1/16/2017 8:37 PM |
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Trend daily chart  (=) |
Trend weekly chart  (=) |
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AUD/USD Intraday: key resistance at 0.7505. |
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Pivot: 0.7505
Our preference: short positions below 0.7505 with targets at 0.7450 & 0.7430 in extension.
Alternative scenario: above 0.7505 look for further upside with 0.7520 & 0.7545 as targets.
Comment: as long as 0.7505 is resistance, look for choppy price action with a bearish bias.
Supports and resistances:
0.7545 *
0.7520 *
0.7505 ***
0.7474 Last
0.7450 *
0.7430 *
0.7395 ** |
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