US100: Consolidated and preparing correction below 18100. Key levels on H4!
Bearish scenario: Shorts below 18100 with TP1: 17900... Anticipated bullish scenario: Intraday Longs above 18130 with TP...
USD strength on risk off mood
2021-01-22 • Updated
Ichimoku Kinko Hyo
USD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
Fibonacci Levels
XAG/USD: Silver stands lower on the key retracement area of 38.2%. It seems that bulls lose control for another day.
EU Market View
Asian equity markets traded cautiously after the mixed lead from Wall St where most indices stalled at record levels. European stock markets are seen opening lower Friday, ending a generally positive week on a cautious note amid concerns that growing Covid-19 cases will stunt economic growth. European Central Bank President Christine Lagarde warned Thursday that ever-increasing Covid-19 numbers and restrictive measures, such as lockdowns, to curb the spread of the virus could challenge the region’s economic outlook.
Lagarde also indicated more clearly than ever that the ECB would not use the full amount of its chief bond buying program if it does not need to.
In FX markets, USD remained subdued, EUR/USD held on to yesterday's gains and GBP/USD oscillated around 1.37. Looking ahead, highlights from macroeconomic calendar include UK and Canadian retail sales, EZ, UK, US flash PMIs, existing home sales.
EU Key Point
- UK December retail sales 0.4% vs 1.0% m/m than
- Chinese officials saying yuan is currently at a reasonable level.
- HK press report parts of Kowloon to be locked down in the next 3 days.
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EURUSD: Seeking liquidity in weekly selling zones. Key intraday levels.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
