Technical Analysis

Trade ideas thread – European session 25 January 2023

The aussie is the main mover today as it seeks a firmer upside breakout above 0.7000 against the dollar. That seems to be the only one that is really extending amid the suggestion of weaker dollar technicals from earlier in the week here. But just be mindful that the risk mood is slightly less buoyant today but the late gains in Wall Street ensured that the S&P 500 remains in a decent spot, eyeing a technical breakout on its own still.

After softer UK data yesterday, one chart that I’d like to point out is GBP/AUD as it breaks down to fresh lows since October last year and the recent lows around 1.7475-00 have given way. The chart invites a technical drop towards 1.6800 based on the neckline.

What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.

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