Daily Forex Evaluation - 20 Jan 2021

Forex | 7 months ago


Daily Forex Evaluation - 20 Jan 2021 - tradeglobalmarket

In the Daily Forex Evaluation segment, we evaluate the major currency pairs based on technical and fundamental analysis.

EUR/USD Evaluation (20 Jan 2021)

 

Till yesterday EUR/USD was trending downwards, but today it showed some reversal in the downtrend. The reason for the strength in Euro is because of the optimistic German ZEW Economic Sentiment data which was released yesterday.

 

EUR/USDs next support zone is at 1.2080 and the next resistance zone is at 1.2310. if you are willing to cash this movement then Look for short-term buying opportunities of EUR/USD with a strict stop loss.

USD/JPY Evaluation (20 Jan 2021)

Overall USD/JPY is in downtrend from last three months. USD/JPY is in the range bound at the level of 104. This is due to the pending announcement of interest rate decision from the Bank of Japan, which will be announced within a couple of days.

USD/JPYs next support zone is at 102.600 and the next resistance zone of 104.500. Look for selling opportunities in USD/JPY as a good amount of liquidity is expected in coming days. However, one must be very careful while trading in USD/JPY as this currency pair can be very volatile in response to any news or briefing.
 

GBP/USD Evaluation (20 Jan 2021)

GBP/USD is trending upwards consistently from last four months. However, the movements were volatile in between due to the lock down extensions and other economic announcements. One must look for buying opportunities in GBP/USD, recommend painting a sufficient account size and margin.

 

AUD/USD Evaluation (20 Jan 2021)

AUD/USD is trending upwards with a good momentum. After consolidating for couple of days at the level of 0.77, AUD/USD has bounced up. The Australian Westpac Consumer Sentiment data was released today indicated a slight decline line in the level of confidence on the Australian economy, but AUD/USD remained unaffected.

Look for buying opportunities of AUD/USD.

 

USD/CAD Evaluation (20 Jan 2021)

Based on daily chart, USD/CAD is trending downwards. However, from last two days it is consolidating at 1.2700. The Bank of Canada can announce their interest rate today. Look for selling opportunities of USD/CAD.

 

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