Major Pairs Break Key Levels

• 30 Jan 2018

EUR/USD

After a rise in selling pressure denoted by long upper shadows, the EUR/USD pair has started to embark on what appears to be a reversal of the previous bullish move. RSI has also broken the 70 resistance line to the downside, confirming bearish momentum.

Impact event: Eurozone GDP data will be released at 12:00 GMT+2 and will impact all Euro pairs.

GBP/USD

The GBP/USD pair has also come under significant selling pressure in recent trading and began a bearish move towards the end of last week. At the same time, RSI has broken the 70 resistance line to the downside to confirm a bearish bias.

Impact event: Bank Of England Governor Carney will deliver a speech at 17:30 GMT+2 which will likely impact GBP pairs.

USD/CHF

The USD/CHF pair has begun to recover from a significant sell-off in the last few months. An inverted hammer candlestick initiated the bullish bias. RSI has also broken the 30 support line to the upside as further confirmation of buying momentum.

XAU/USD

Gold has begun to retrace from a previous bullish run which started in mid-December. A break of the 70 overbought line to the downside, indicates the metal is reverting back to mean prices, as investors assume more risk-off positions in light of diminishing political risk.