After several unsuccessful attempts to start a full decline EURUSD nevertheless bounced above 1.0800 to the target levels, that we planned yesterday. Today we will pay attention to the newly formed downward channel on H4. The pair has growth potential within the borders of this channel, from the current price of 1.0847 to the upper border near the level of 1.0872, and in case of breakdown of this border upwards, we also envisage the possibility of moving to 1.0898. This will be the main plan for today. As a backup plan, we will define possible target levels below, near 1.0817 and 1.0787.
GBPUSD yesterday managed to work out both the lower and upper target levels. And today we will consider the medium-term downward channel on H4. The current price of 1.2392 is the upper border of the channel, where the pound returned after trying to gain a foothold above the level of 1.2400. Therefore, we will consider this position as a possible support for further attempts to exit the downward movement in the direction of levels 1.2423 and 1.2447. In case of working out the upper border of the channel as a restraining level, the targets today can become 1.2356 and 1.2330.
USDCHF has worked out a scenario of decline to target levels and is now waiting for the start of the European trading session. On H1 chart a short-term descending narrowing channel is formed, from which the price is now trying to exit. Therefore, as the main scenario for today we will consider the growth of the Swiss franc from the current level of 0.9717 to 0.9731 and 0.9751. If the price gets a foothold below the levels of 0.9708-0.9701, then we will consider a possible decline of the pair to 0.9689 and 0.9676.
USDJPY worked out the growth scenario and reached the target levels, that we planned, after what the price returned to the levels of yesterday morning. On H4 chart the pair has formed a short-term triangle, which we will consider today. Within the borders of this triangle, from the current price of 106.35 there is a potential for growth to the level of 106.58, and to the level of 106.79 – beyond the borders. For decline the pair does not have much space: within the triangle there is a level of 106.21, and beyond it – a level of 106.00, which is the lower border of the large descending channel on D1, after which we will consider levels 105.90 and 105.64.
AUDUSD has returned to the upward movement. The upper target levels are passed, and the pair gained a foothold above 0.6500. Today we will consider a big upward channel on D1. At night the Australian dollar could not rise above the level of 0.6550, so we will focus on this level for planning possible targets at the top – 0.6569 and 0.6603. The lower reference today will be the level of 0.6500. If the price consolidates below, then we will plan possible targets near the levels of 0.6464 and 0.6440.
USDRUB stayed within planned borders yesterday and today we will consider a similar price range: there may be a slight growth of the price at the opening of trading, with the upper border near 74.33-74.51 with a potential of a decline to levels of 73.50-73.35.
USDCAD continues to work out a big triangle on D1. Yesterday the price turned downward from the level of 1.4166, as we planned, but the decline was more significant, than we expected. Today we will consider a possible correction of the price upwards, from the current level of 1.3941 to 1.3963 and 1.3993. If the price continues to decline without correction, the targets may be the levels of 1.3923 and 1.3900, with a potential of movement to 1.3874.
Gold showed good volatility yesterday, and the upper target levels, that we planned yesterday, were passed without any difficulties. Now the instrument has formed an upward channel on H4 after exiting from a big triangle on D1 upwards. Today we will be guided by this channel. From the current price of 1716.50 there is a growth potential to the levels of 1722.00 and 1724.00-1726.00. Possible targets in case of a decline may be levels 1713.00-1711.00-1708.00.
Brent worked out its upper target levels and then returned to yesterday’s morning levels. However, a new downward channel was formed on D1, which we will focus on today. As a main plan, today we will consider the remaining growth potential from the current price of 30.36 to the levels of 31.60-32.00, after which we will plan a decline to the level of 30.00. If the price at the opening of European trading begins to work out the scenario of decline immediately, then after the level of 30.00 we will look for possible targets around 29.22 and 28.43.
Bitcoin yesterday quite easily reached the upper target levels, but did not stop there, and during the night the instrument reached the psychologically important level of 10000.00. The ascending channel, formed on D1, will be our guideline today. The current price of 9900.00 is the upper border of this channel, so it’s logical to plan for today a correction in the direction of 9755.00 and 9597.00. However, taking into account some features of BTCUSD, we will also plan growth to the levels of 10230.00 and 10485.00.
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Forecasts should not be considered as guidance for trading.