Gold analysis of XAUUSD, USDCAD, GBPUSD, EURUSD, USDJPY and EURNZD from January 20 to January 24, 2020 -


Have a look through the main analysis of the major currency pairs for trading strategies this week!

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Gold analysis. XAUUSD

Gold on Friday has shown signs of rebounding when reaching the level of 1560. Therefore, the level of 1550 has now become a potential support level. Also, if you look at the gold chart in the past, you can see that this period of gold is very similar to the previous 6-month period. So many people are expecting gold will soon create many new highs, here is probably set the next price is 1700 USD / Ounce.

One thing is undeniable, it's clear that gold is entering an uptrend when setting higher highs and higher lows. However, last week's candle was a Hanging Man (hanging man) reversing candle and RSI showed signs of divergence. As such, it is likely that gold will soon correct this week, falling to the support area of ​​1520 for example.

If the area of ​​1520 cannot hold, gold continues to fall past 1500, and the lower trendline is not strong enough to support, the growth story of gold may have to look back once more.

Because the weekly candle is showing signs of reversal combined with RSI is diverging but it is Weekly frame. In addition, the Hanging Man itself is not a very strong reversal pattern, so you can wait for the candle to close next week if it is a red candle again, it will be easier to make a decision.

In addition, now is also the time for the Lunar New Year and the day of the god of wealth is approaching. The country of billions of Chinese people often buy gold on this day to get good luck. Combined with news regarding impeachment of President Trump, and the holding of votes from Democratic congressmen on January 21. In particular, the UK's exit from the EU is also approaching with intense political news in Iran, showing that gold prices will have many fluctuations, or will go sideways every 1 tree up 1 tree down very uncomfortable (typical like last Friday for example). Therefore, when trading if you do not take profit early, the price will return to the possibility of loss.

Because of all the aforementioned news, this time only surf. If you want to Buy, wait for gold to adjust to the 1520 area and then consider the order. You should pay attention, because there are Hanging Man reversal candles, although this reversal signal may not be as strong as many other reversal candles, and combined with the above fundamental news above. Lunar New Year is coming. This week you should surf, short-term will be more appropriate. Especially, never forget to set a stop loss. Good luck!

USDCAD analysis

In frame D1, USDCAD is forming an extended bottom pattern, especially creating lower highs and lower lows.

However, during the past week, USDCAD has sideway, most likely to wait for news from the announcement of interest rates from the central bank of Canada on the 22nd, Wednesday next week. Therefore, USDCAD is likely to continue to move sideways in the first trading sessions of the week, waiting for news.

Reconciling down the H4 frame, we can see that USDCAD has backtest again at the trendline. At the same time, the last H4 candle on Friday is a Doji, it is likely that the market will show signs of reversal or a specific signal in the near future.

Therefore, if USDCAD wants to break out and rebound, the resistance area of ​​1.309 is really an important resistance area that USDCAD needs to overcome, in order to turn resistance into a support, in order to promote the rebound. .

As mentioned before, Wednesday there will be a lot of news related to USDCAD so the price will probably move sideways to wait for news. In addition, if you think USDCAD is back testing, you can Sell right at the 1.306 area and cut loss when the price exceeds 1.308.

Notice, USDCAD is correlated with NZDUSD or AUDUSD. So, when the interest rate news has a huge impact on USDCAD, you switch to trading with NZD or AUD is also a good idea.

GBPUSD analysis

GBPUSD last D1 and Friday candle formed a bearish engulfing pattern. Not only that, at the MACD divergence on the frame, this may cause many investors to expect GBPUSD to continue to decline in the near future.

However, GBPUSD is being supported by the lower trendline, in addition the support area of ​​1.2980 is actually a strong support area, which cannot be easily broken immediately.

Therefore, this week to sell, you have to wait for GBPUSD to break the lower trendline, then break the support zone of 1.2980, to turn support into resistance as a confirmation that GBPUSD will continue. reduce next time.

You note that the deadline for Britain to leave Brexit is getting closer, however, until now, no common agreements have been reached. So for pairs with large fluctuations such as GBPUSD, when trading it is imperative to set a stop loss to avoid happening unfortunate things. Good luck!

EURUSD analysis

EUR has dropped for 3 weeks in a row, the weekly close candle and the last Friday candle is also a red candle, showing that it is difficult to maintain the EURUSD's gaining momentum. The weekly candle closed at 1,109, which shows that if the EUR fails to hold below the support zone of 1,107, it means that EURUSD will create lower lows, a signal that the downtrend will continue to be formed.

However, as you can see EURUSD is being supported by the trendline above. So maybe in the near future EURUSD will show signs of temporary recovery, or EURUSD will temporarily break through the trendline and go down to the support of 1.107, where EURUSD will backtest this zone.

From 1 of 2 cases above, EUR is likely to recover again. In addition, on Thursday, January 23, there will be monetary policy reports from ECB as well as January interest rate decisions. So, you should pay attention to trading with EURUSD on Thursday, guys.

USDJPY analysis

After breaking the trendline, USDJPY had an extremely strong growth momentum last week. This is also shown by a weekly candle with extremely strong upward momentum as you can see below:

In addition, USDJPY is also going in an uptrend channel, so if USDJPY can break this price channel, it is likely that the main trend of USDJPY in the near future will be the uptrend.

However, last Friday D1 is a Pinbar and this candle also touched the upper channel of the price. Not only that, the frames from H4 and below of USDJPY have diverged, proving that the buyers are no longer interested in pushing prices higher.

In addition, USDJPY also has a hard resistance at 109.7. Based on the above data, it is very likely that USDJPY will return to test this area again. If USDJPY remains firmly unbroken, the zone 109.7 will become the support zone for USDJPY.

Therefore, you should consider and wait to buy in this area. In case the price breaks above the above price channel, you can also wait for the price to return to test the channel to enter the Buy order.

EURNZD analysis

EURNZD last week uptest the trendline again, this test failed and EURNZD continued to decline. Not only that, the candle on Friday is also a Pinbar and is below the 200 EMA from the D frame. This shows that the downtrend is still forming, so this week you can watch to Sell EURNZD.

At frame H4, EURNZD is being supported by a trendline, so it is likely that prices will recover before plummeting.

So, you can wait for EURNZD to retest the area of ​​1.679. Here, if there should be a decline or a reversal candlestick pattern you can enter the Sell command. Please wait patiently for the signal to enter.

Also, if the price does not go up to the test and plummets down, wait for the price to break through the trendline and you can enter the Sell command here.

Note that the 1.1670 area is currently a strong support area of ​​EURNZD, if the price breaks through this support area will turn into resistance, EURNZD may drop further in the near future.

You have just read the article: “Gold Analysis XAUUSD, USDCAD, GBPUSD, EURUSD, USDJPY and EURNZD from 1/20 to 24/1/2020”

Author: Tin Nguyen

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