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Daily Analysis – Jan. 21st, 2014

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Daily Analysis – Jan. 21st, 9:00am EST

Technical Analysis

Pair: EURUSD

Resistance: 1.1650, 1.1665, 1.700, 1.1735, 1.1886
Support:  1.1580, 1.1520, 1.1460
Bias: Short. EU has moved up on profit taking ahead of the ECB press conference tomorrow. It could continue to move higher to the higher edge of the range (1.1650). Expect price to react at this level and could be a potential entry for a short. If it holds above this level, the next target would be 1.665 or 1700 for a reaction and a potential short opportunity.

Pair: GBPUSD

Resistance:  1.5200, 1.5230, 1.5265, 1.5326, 1.5400
Support:  1.5180, 1.5150, 1.5100, 1.5080, 1.5034
Bias:  Short. GU moved down on the change in MPC Official Bank Rate Votes with 9-0 against a rate hike. Looking for a short trade on the back test of 1.5133 level, looking for 1.5070 as the profit target.

Fundamentals

High Impact News scheduled for today:

  1. Wholesale Sales m/m (CAD) – 8:30am
  2. Building Permits– 8:30am
  3. Housing Starts – 8:30am
  4. BOC Monetary Policy Report (CAD) – 10:00am
  5. BOC Rate Statement (CAD) – 10:00am
  6. Overnight Rate (CAD) – 10:00am
  7. BOC Press Conference (CAD) – 10:00am

Indices and Commodities

DOW – down – 17,516.96
S&P500 – up – 2,022.55
Nasdaq – up – 4,654.85
Nekei – down – 17,280.48
FTSE100 – up – 6,661.86
DAX – down – 10,178.54

Gold – down – $1,301.60
Oil – down – $46.39

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