EURUSD yesterday worked out a scenario of decline to target levels, what made it possible to form a decline channel on D1. This channel allows us to evaluate the possible price range in which the pair will move in the near future. At the moment the European currency is trading in the range between the levels of 1.0806 and 1.0787. If the pair leaves the range downwards, the possible target levels will be 1.0770 and 1.0752. If the pair leaves the range upwards, possible targets will be the levels of 1.0827 and 1.0847.
GBPUSD yesterday also worked out a scenario of movement to lower target levels and came close to the level of 1.2306. As the indicator of possible fluctuations in the price of the British pound today we will determine the range between the levels of 1.2306 and 1.2330. If the pair leaves the range upwards, possible targets will be levels 1.2356 and 1.2385, after which we will expect a rebound downwards. If the pair leaves the range downwards, the nearest targets may be levels 1.2282 and 1.2259.
USDCHF showed moderate growth and reached one of the upper target levels at 0.9751, near which the price is now. Inside the large triangle on D1, the pair has formed a small triangle on H1 and is now leaving it through the lower border. Therefore, the main plan for today is a decline of the pair to the levels of 0.9731 and 0.9714. In case the franc rises above the level of 0.9761, we will consider the levels of 0.9772 and 0.9792 as possible targets.
USDJPY rebounded from the lower border of the downward channel at D1 near the level of 106.00. Today a logical continuation will be further correction of the pair upwards to the levels of 106.44 and 106.60. However, we cannot exclude the possibility of attempts to break through the level of 106.00 downwards, although this requires a fairly strong impulse. In this case, we envisage possible targets near the levels of 105.90 and 105.64.
AUDUSD continues to work out the downward channel on H4. Yesterday’s targets on the lower border of this channel were reached, after what there was a rebound above the level of 0.6400. Today we will plan the pair to rise from the current price of 0.6417 to the level of 0.6440 with a subsequent bounce downwards. If the price breaks the level of 0.6440 upwards, the nearest targets may be the levels of 0.6464 and 0.6479. In case of breaking through the level of 0.6400 downwards, the nearest target levels will be 0.6392 and 0.6374.
USDRUB keeps below the level of 75.00 and today we will plan a decline of the pair to the levels of 73.80 and 73.35. If the upper border of weak channel on H1 is broken through upwards, then the possible growth targets will be levels 75.24 and 75.53.
USDCAD worked out a growth scenario, although the target levels that we planned yesterday did not become the limit of the pair’s volatility. Today we will consider a large triangle on D1. The current growth of the Canadian dollar was stopped by the level of 1.4166, despite the existing movement potential to 1.4185-1.4190. Therefore, the main plan for today will be an upward movement of prices from the current level of 1.4130 to the levels of 1.4166 and 1.4185 with a subsequent turn down. The backup plan will be a further correction of the price downwards to the levels of 1.4106 and 1.4069.
Gold yesterday made an attempt to move out of the big triangle on D1 towards the downside, but now has returned to its borders. That is, technically the market is not ready for decline, so today we will consider the growth of the price of the instrument from the current level of 1691.00 to the levels of 1697.70 and 1700.84-1703.98. However, if fundamental factors shift the price below the level of 1688.28, then we will look for possible targets of decline near the levels of 1682.00 and 1678.12.
Brent is working out the upward channel on H4 and is now supported be 29.82 level. Therefore, as the main plan for today, we will consider the growth of the price of the instrument to the levels of 30.76 and 31.70, with the potential of movement to the level of 32.64. In case of breaking through the lower border of the channel towards the downside, after the level of 29.50, we will begin to search for targets near the levels of 28.89 and 27.95.
Bitcoin reached all the upper target levels and formed a fairly stable upward channel on H4. The indicator for making decisions will be the range between the levels of 9342.42 and 9212.94. If the price goes out of the range downwards, the possible targets will be the levels of 9145.50 and 9083.46. If the price goes out of the range upwards, the possible targets will be levels 9471.90 and 9601.00.
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Forecasts should not be considered as guidance for trading.