Inter-day Forex Analysis – Daily Charts – January 13, 2017

EURGBP – Daily Chart

EURGBP - 13.01.2017 - Daily

The EURGBP has been very bullish and has been clearly up-trending. Price action is potentially forming a bearish consolidation pattern, suggesting that the uptrend could be coming to an end. The moving averages have crossed bearish and are widening – confirming the analysis. Selling opportunities could exist around the identified consolidation resistance (diagonal line). If price moves above this area, the EURGBP could stall or reverse bearish around the high at 0.9100. If price moves below the horizontal support at 0.8320, the EURGBP could start down-trending.

GBPUSD – Daily Chart

GBPUSD - 13.01.2017 - Daily

Price has found support around the previous swing low at 1.2115 and has formed a horizontal support around this area. The moving averages are bearish but are tightening, suggesting that the GBPUSD is losing selling momentum. Buying opportunities could exist around the newly formed horizontal support and as price moves above the moving averages and horizontal resistance at 1.2740. The trend is down though, a bullish move could soon reverse bearish.

USDCAD – Daily Chart

USDCAD - 13.01.2017 - Daily

The USDCAD has moved below the recent bullish channel support area but has found support around the horizontal support lines at 1.3035 and 1.3105. Price has struggled to move higher and the bullish moving averages are tightening, suggesting that the USDCAD could move lower or range between 1.3100 and 1.3570. Trading opportunities could exist around the potential range support and resistance and if price moves out of the range (break-out trade). If the USDCAD does move lower, selling opportunities could exist around any of the horizontal lines as resistance and around the dynamic resistance of the moving averages.

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