Forex Analysis & Market Updates - 24th - 1st Jan 2021 By Shivkumar
BTC/USD If the bulls can push the price above $24,302.50, the BTC/USD pair could rally to $26,958 and shows overbought zone suggest bulls are in control. Bearish if pair turns down and breaks below $21,934.83, a drop to $20,000 is possible. The zone between $19,500 and $20,000 is crucial and the pair may drop to $18,529.
ETH/USD the pair $ 603 defends If they succeed, the pair could make one more attempt to rise above $640 and retest $676.325. A breakout of $676.325 the next leg of the uptrend, which has a target objective at $763.614. Below $ 503 the pair could extend the decline to $540 and then to $480.
USD/JPY bearish past-103.00, can retest 102.85 targeting bottom of 101.18. Bullish 103.55 and 103.65, will eye for the 104.00 before heading to the monthly top of 104.75.
GBP/USD refreshes intraday top around 1.3535 while extending Wednesday’s recovery moves. Bullish 1.3565 hurdle, the 1.3600 can offer an intermediate halt before challenging the monthly high near 1.3625. A pullback from the current levels can revisit the 1.3500 round-figure and the recent lows near 1.3465. A drop below 1.3400, the weekly bottom around 1.3188 will lure the GBP/USD bears.
XAU/USD: - Gold steps back from intraday high near $1,874, fails to keep Wednesday’s corrective recovery. COVID vaccine distribution in the US has been slower, national lockdown fears gain momentum in Britain. At $1,899 now, keeps the gold seller’s hopeful. Though, a clear downside break of $1,864 becomes necessary to strengthen the bearish bias.
EUR/USD Trading will likely remain choppy during the upcoming sessions, although Brexit-related headlines may trigger some wild movements, exacerbated by thin market conditions.
Support levels: 1.2120 1.2080 1.2030
Resistance levels: 1.2220 1.2275 1.2310
AUD/USD extends gains in Asia, challenging 0.7600. It probes the upper end of short-term trading range between 0.7568 and 0.7591. EU-UK keeps talking Brexit with an announcement likely to roll out during early Thursday in Europe. Australian markets are partially off due to Christmas Eve but risk catalysts can entertain intraday traders.
Good Luck & Let’s approach the market with proper education, Risk & Money Management rules.
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