15 Jan, 2024
5 minutes
Daily Technical Analysis January 15th 2024
1. EUR/USD Analysis:
News Summary:
Europe's chief economist said the European Central Bank will have key data by June to decide on the first steps in a potential interest rate cut cycle, but adjusting too quickly could be self-defeating. US money market is currently a bit too high on expectation for multiple US interest rate cut, so they will have to scale back their rate cut expectations, which should boost the dollar over the next one to three months.
Trend Analysis:
We can see EUR/USD rebounded and moved near 48 hours moving average. The MACD double line and the energy column formed golden cross and spread upward. The short-term tactic is to set buy limit, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.0880]
Key Resistance Levels: [1.1070]
Pivot Points [1.0920]
2. USD/JPY Analysis:
News Summary:
The acceleration in underlying inflation in Japan will continue, and monetary policy is moving toward gradual normalization. Base salary increases are also likely to improve further in FY2024. After cancelling negative interest rates and YCC, the Bank of Japan will raise interest rates by 25 basis points between October and December this year and April and June next year, bringing the policy rate to 0.5% by mid-2025.
Trend Analysis:
We can see USD/JPY rebounded and then encountered resistance on H4 chart, price is currently oscillating near 48 hours moving average. However, the MACD volume column and double lines have formed a phased shrinkage. Hence, the possible plan is to set sell limit, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [144.00]
Key Resistance Levels: [146.10]
Pivot Points [145.70]