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Coffee price hits the resistance – Analysis – 18-1-2021
Coffee contracts’ price ended its bullish rally by facing the major resistance at 131.35, to form solid obstacle against the bullish attempts and notice the rebound negatively towards 127.25.
The continuous stability of the current resistance allows us to suggest the domination of the bearish bias for the upcoming period, expecting to gather the negative momentum and target 123.30 initially, followed by reaching 118.60 support line.
The expected trading range for today is between 130.00 and 123.30
The expected trend for today: Bearish
The Australian index lacks the positive momentum – Analysis – 18-1-2021
Despite the consolidation of the Australian index within the bullish channel, lacking the positive momentum forces it to form intraday rebound by settling near 6655.00, noting that there’s a chance to test the initial support at 6550.00 until gathering the positive momentum followed by repeating the attempts to rise in order to reach 6755.00 and 6850.00.
The expected trading range for today is between 6550.00 and 6755.00
The expected trend for today: Fluctuated within the bullish track
The EURJPY continues to decline – Analysis – 18-1-2021
The EURJPY pair kept its negative stability below 126.30 to notice recording some correctional targets by reaching 125.15, while settling below the additional barrier 125.75 will increase the chances of resuming the decline, to expect reaching 124.65 followed by reaching 50% Fibonacci correction level at 123.45.
Note that stochastic reach to the oversold areas supports our negative overview by providing the additional negative momentum and allows us to wait to record the suggested negative targets.
The expected trading range for today is between 125.75 and 124.65
The expected trend for today: Bearish
The GBPJPY begins to record the correctional targets – Analysis – 18-1-2021
The GBPJPY pair confirmed surrendering to the correctional bearish bias by settling below the bullish channel’s resistance at 142.25, to notice the beginning of recording the correctional targets by reaching 140.70.
Stochastic decline below 50 level allows us to suggest more negative attempts conditioned by the price stability below 141.10, waiting to target 140.10 followed by reaching the initial support 139.30.
The expected trading range for today is between 141.10 and 139.30
The expected trend for today: Bearish