EURUSD started the trading week with a downward correction. There are no obvious signals for further price movement, so we will focus on the current trading range between the levels of 1.0935 and 1.0949. If the pair leaves the range upwards, the possible target levels will be 1.0977 and 1.1004, with the prospect of further growth to the maximum of last week – the level of 1.1018. If the pair leaves the range downwards, possible targets may be the levels of 1.0907 and 1.0890, with the prospect of a decline to 1.0855.
GBPUSD began to decline. This is confirmed by a broken through triangle on D1 downwards and a downward expanding channel on H1. Therefore, as the main scenario for today, we will consider the pair’s ability to reach the levels of 1.2419 and 1.2405, after which a rebound towards 1.2434 and 1.2462 is possible. As a backup plan, we envisage possible changes in the direction of the price movement after the opening of the European trading session: upward correction is possible from the current price of 1.2455, to the levels of 1.2485 and 1.2515.
USDCHF at the end of last week worked out all the lower target levels and even briefly dropped below 0.9600. Nevertheless, the April triangle on D1 does not look completely worked out, and the potential for further decline of the pair is still quite large. Therefore, today we will expect further movement down, from the current price of 0.9637 – to the levels of 0.9607 and 0.9582. If there is an upward correction before this, then we will look for possible targets near the levels of 0.9654 and 0.9676.
USDJPY continues to work out the downward channel on D1. Today there are all conditions for the pair decline from the current level of 106.75 to the levels of 106.44 and 106.27, with the prospect of support at the level of 106.00. This will be the main scenario today. However, we will not exclude the possibility of correction upwards, to levels 106.96 and 107.25, to the upper borders of the channel.
AUDUSD after exiting the upward channel on D1 managed to form a downward channel on H1, which we will focus on today. Now the price has pushed off the upper border of the channel near the level of 0.6400 and is moving down, towards the levels of 0.6366-0.6351. Recently, the pair has demonstrated good trading from technical levels, so we will plan a further decline to the levels of 0.6322 and 0.6307 with minor corrections to the upper border of the channel. In case of a sharper growth, we envisage possible targets near the levels of 0.6404 and 0.6428.
USDRUB is ready for moderate growth after days off in Russia. Possible upper border today will be the level of 74.80. from the bottom pair can be supported by the level of 73.30.
USDCAD has recently demonstrated good volatility and easily achieved all planned targets. Two channels are currently relevant: an expanding upward channel on H1 and a tapering side channel on D1. Both of these channels provide for the pair to grow from the current level of 1.4120 to the levels of 1.4166 and 1.4205 today. Therefore, we will take this scenario as a basis. In case of a downward correction, we envisage possible target levels around 1.4082 and 1.4057.
Gold gives contradictory signals: the upward channel on H1 and the downward channel on H4. Therefore, we consider both scenarios to be equally probable, despite the fact that the downward channel looks more convincing. At the moment, the price has taken a break in the range between the levels of 1694.00 and 1701.00. If the price goes out of the range upwards, the possible targets would be levels 1707.00 and 1714.50. If the price goes out of the range downwards, the target levels may be 1690.50 and 1682.00.
Brent is ready to decline. The narrowing downward channel on H1 makes it possible to plan a price decline from the current level of 26.60 to the levels of 26.21 and 25.63 at the beginning of the European trading session. The next targets may be levels 25.04 and 24.46. However, on H4 there is a formed upward channel, below which the instrument is currently trading. That is, there is a possibility of a price return to the lower border of this channel. In this case, the targets today may be the levels of 27.00 and 27.37.
Bitcoin leaves the triangle on H4 in the direction of lowering. Now the instrument is trading near support at 8614.00, but there is all opportunities to move down – to the levels of 8471.00 and 8328.00. If the level of 8614.00 serves as a support for growth, we will look for possible targets near the levels of 8757.00 and 8900.00.
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Forecasts should not be considered as guidance for trading.