Mid Session Market Update-13-Jan

EURUSD

Intraday bias in EURUSD is bearish at this moment as it is creating series of lower highs and lower lows in short term timeframe M30. A sustained move down below 1.0800 could initiate strong breakdown of EURUSD.

Trade Suggestion:

Sell below 1.0790 with stop loss @ 1.0810 and take profit @1.0760.

1

GBPUSD

GBPUSD got bottom @1.4363 and now it is rebounding from there. Still price is below of SMA 50 and SMA 200 in hourly time frame. If it get rejected by the 1.4495-1.4500 resistance zone  it may stage another fall.  So near term bias is bearish until it outbid the level 1.4640.

Trade Suggestion :

Sell below 1.4420 with stop loss @1.4450 and tp @1.4370.

2

USDJPY

USDJPY was in consolidation mode yesterday but today it broke the triple top level 118.02 and also retested it as a support. So intraday bias in USDJPY is bullish. But still price is below SMA200 in H1 and higher timeframes are also in bearish territory right now.   On the other hand in smaller time price is above of both SMA 50 and SMA200 and SMA50 crossed above SMA200 .

Trade Suggestion:

Buy above 118.80 with a stop loss @11845 and take profit @119.45.

3

Oil

Yesterday Oil rejected by the short term resistance 32 and the then made a fresh 12 year low @29.92. Today it has gained about 80 points after opening. Right now it is at the top of well established down slop trend channel and rejection from this zone may stage another fall . Important fundamental  ‘Crude Oil Inventories’ (which indicates change in the number of barrels of crude oil held in inventory by commercial firms during the past week) will release today @10:30 EST . It will must influence the price of oil .

Trade Suggestion:

Sell oil below 30.60 with a stop loss above 31.40 and take profit  below 29.30.

4

Gold:

The intraday bias in XAU/USD is bearish as it has broken 1082-1083.50 support zone. Now price is below SMA 50 and SMA 200 but still SMA 50 is above SMA 200 in H1 timeframe.

Trade  Suggestion :

Sell below below 1079.70 after retesting 1083.50 support with take profit @1075.50 and stop loss @1084.50.

5

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