In this Analysis, we will delve into the Daily(D) timeframe to gain a comprehensive view of the current state of XAUUSD, USOIL, GBPUSD, EURUSD and BTCUSD as at Today, 15th January, 2024.
Additionally, we will briefly touch on a fundamental factor influencing its price.
GBPUSD TECHNICAL ANALYSIS: JANUARY 15TH, 2024
MOOD SWING : Continuation of bullish pressure since October 2023? or
Formation of bearish Head and Shoulders?
PRICE ACTION:
Scenario 1 (Short): Consider short positions below 1.26136.
Scenario 2 (Long): For the optimists, consider long positions above 1.27922
Quick Fundamental:
The GBPUSD currency pair is currently trading with a stronger bias, approximately at 1.2750, facing challenges in a slow-paced market environment. Recent statistics released by the Office for National Statistics (ONS) on Friday (January 12) indicate that the UK’s economy expanded by 0.3% in November, a figure slightly above expectations. However, there remains a lingering risk of the economy entering a mild recession.
GBPUSD DAILY CHART:
XAUUSD TECHNICAL ANALYSIS: JANUARY 15TH, 2024
MOOD SWING : Bulls and Bears share spoils. No Clear direction since 6th Dec,2023
PRICE ACTION:
Scenario 1 (Short): Consider short positions below 2051.62.
Scenario 2 (Long): For the optimists, consider long positions above 2051.62
Quick Fundamental:
The price of XAUUSD appears poised to capitalize on its recent recovery, surpassing the $2050 level. This upward trend is supported by expectations of a more dovish stance from the Federal Reserve, as well as ongoing geopolitical uncertainties in the Middle East.
XAUUSD DAILY CHART:
EURUSD TECHNICAL ANALYSIS: JANUARY 15TH, 2024
MOOD SWING : CONSOLIDATION – It’s a dog fight between bulls and bears.
PRICE ACTION:
Scenario 1 (Short): Consider short positions below 1.08945.
Scenario 2 (Long): For the optimists, consider long positions above 1.01060
Quick Fundamental:
The EURUSD pair is experiencing modest increases, remaining above the 1.0950 mark. This upward movement is largely influenced by remarks from Philip Lane, the Chief Economist of the European Central Bank (ECB). Lane’s comments have tempered market anticipations of a rate cut by the ECB in April. He indicated that the ECB would obtain crucial data by June, which would inform their decision on initiating what could be a sequence of rate reductions. Attention is now turning towards the upcoming German GDP report for 2023 and the Eurozone Industrial Production figures, set to be released later during the European trading session.
EURUSD DAILY CHART:
USOIL(WTI) TECHNICAL ANALYSIS: JANUARY 15TH, 2024
MOOD SWING :
INDECISION – Continuation of Bearish pressure? or
Bulls take control above $75.31 per barrel?
PRICE ACTION:
Scenario 1 (Short): Consider short positions below $68.90.
Scenario 2 (Long): For the optimists, consider long positions above $75.31
Quick Fundamental:
West Texas Intermediate (WTI) oil price nears $72.90, influenced by rising tensions after Iran-led Houthis attacked USS Laboon in the Red Sea, countered by a US fighter jet. Military actions by the US and UK have disrupted tanker routes and heightened concerns over Strait of Hormuz shipments, with traders closely watching Iran’s reactions and potential further escalations.
USOIL DAILY CHART:
BTCUSD (Bitcoin) TECHNICAL ANALYSIS: JANUARY 15TH, 2024
MOOD SWING :
Trendline Break? or Continuation of Bullish Pressure above 45,885.24 ?
PRICE ACTION:
Scenario 1 (Short): Consider short positions below 41,435.04.
Scenario 2 (Long): For the optimists, consider long positions above 45,885.24
Quick Fundamental:
The price of Bitcoin (BTC) experienced a decline, reaching its support level on Monday (January 15) amidst a shift in market focus towards Ethereum and other altcoins. This downturn coincided with the approval of BTC Spot ETFs by the SEC, an event that paradoxically led to a “sell the news” reaction, resulting in a 15% drop in Bitcoin’s value.
According to recent on-chain data, 79.33% of Bitcoin wallet addresses remain profitable despite the current price drop. Crypto analysts suggest that the ongoing accumulation of Bitcoin by BTC issuers could spark a recovery in the cryptocurrency’s value, as this accumulation is expected to drive up demand.
BTCUSD DAILY CHART:
