Weekly Report of Forex (27th January to 31st January)
XAUUSD Technical Analysis – Gold has been resilient against all odds. Strong United States Dollar which would have originally capped any meaningful Gold gains has not prevented Gold whatsoever from its bullish momentum. This week we are looking at a potential retest of the previous highs up at around the 1610 level and will be targeting 1605 by Friday
CADJPY Technical Analysis – Price has been in a bullish stance for some time now, but we feel this week could be the end of that. Should price breakthrough and close beneath the daily 200EMA, at the same time as the base of the ascending channel, we believe a continuation to our 81.500 key level is likely. Wait for the break and close to confirm this bias.
GBPAUD- Technical Analysis – Daily resistance at 1.9150 broken with the next meaningful level at 1.9500. Buying dips on low time frame pullbacks.
GBPAUD Fundamental Analysis- AUD will be trading soft this week as the Coronavirus continues to shake markets. GBP will trade higher as MPC will (in my humble opinion) leave rates on hold.