Forex review for 20th January

Dollar index analysis
January 19, 2016
USDCAD bullish trend challenged
January 21, 2016

EURUSD

Bullish as long as price is above 1.08.

Target 1.12-1.13

eurusd

EURUSD has broken the downward sloping channel I have posted before through twitter (@alexanderyf) and has also confirmed the breakout above the Ichimoku cloud resistance in the 4 hour chart. I have been bullish since mid 1.08 and noted that the decline from 1.1050 was of a corrective nature and the bullish momentum would reappear.

eurusd2

The target for my EURUSD bullish idea is to back test the broken upward sloping blue trend line or at least reach close to it between 1.12-1.13.

USDJPY

In a strong bearish trend is breaking below important support neckline as we speak. 116.50 is important number and a daily close below it will confirm the breakdown of this H&S top formation.

USDJPY

Important reversal level is at 118.30, so as long as we are below it, expect a move towards 110.

USDCAD

What an unbelievable bullish trend. Huge divergence signals but the bullish trend remains. Price remains inside the bullish channel and respects the kijun-sen (yellow line indicator) support.

USDCAD

Price has held above the kijun-sen and as long as it trades above it, bulls are safe. Clear bullish trend.

Thank you for taking the time to read my latest post.

Alexandros Yfantis
Alexandros Yfantis

Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.