17 Jan, 2024
5 minutes
Daily Technical Analysis January 17th 2024
1. EUR/USD Analysis:
News Summary:
Consumer expectations for inflation in the euro zone fell to their lowest level in more than 1.5 years, supporting the view that the European Central Bank may soon cut interest rates. According to the ECB monthly survey released on Tuesday, consumers' inflation expectations for next year fell significantly, from 4% to 3.2%, and for the next three years, from 2.5% to 2.2%.
Trend Analysis:
We can see EUR/USD failed to rebound from an oversold area and is currently running below 48 hours moving average. In addition, the MACD double line and energy column is expanding under zero axis, the sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.0770]
Key Resistance Levels: [1.0950]
Pivot Points [1.0900]
2. USD/JPY Analysis:
News Summary:
Japan's largest business lobby called on Tuesday for higher wages for employees to ease the pain of rising living costs and decisively end deflation. Analysts say that this year's wage negotiations are related to the prospect of the Bank of Japan monetary easing policy. Once wage increases and inflation are sustainable, negative interest rates will be gradually eliminated.
Trend Analysis:
We can see USD/JPY rose again and was far away from 48 hours moving average. In addition, the MACD energy bar and double line is spreading on H4 chart. Owing to strong trend, the buy limit could be used, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [146.30]
Key Resistance Levels: [148.70]
Pivot Points [147.00]