EURUSD is being gradually clamped in the grip of the triangle on H4, and today or tomorrow we can see the development of the price movement. From the current price of 1.0847, the possible range of movement is limited by borders of the triangle: 1.0864 – above and 1.0827 – below. These are the nearest targets that we will focus on. If the price gets a foothold above the level of 1.0864, then the next short-term growth targets may be the levels of 1.0881 and 1.0900. If the price consolidates below the level of 1.0827, the next decline targets may be the levels of 1.0806 and 1.0787.
GBPUSD has formed an expanding short-term channel on H1, which we will consider today. During the night the price worked out the range from 1.2400 to 1.2435 and is now waiting for the opening of the European trading session around 1.2426. The lower border of the considered channel is near the level of 1.2400 and can serve as a support for the further growth of British pound to the levels of 1.2459 and 1.2482. If the price gets a foothold below 1.2400, then we will look for possible targets near the levels of 1.2371 and 1.2356.
USDCHF, like the pan-European currency, is being gradually clamped in a triangle on H4, so we will plan similar actions. The closest targets are the borders of the triangle, the level of 0.9720 at the top and the level of 0.9695 at the bottom. If the price consolidates above the upper border, then the levels 0.9741 and 0.9761 will become possible targets. If the price gets a foothold below the lower border, then the closest targets may be the levels of 0.9682 and 0.9670.
USDJPY worked out the growth scenario last Friday and already approached the upper border of the descending channel at D1 at the level of 107.00 during last night. As the main scenario for today, we will consider a correction downwards from the current level of 106.95 to the levels of 106.78 and 106.63. If the Japanese yen will be able to break through the upper border of the channel and gain a foothold above the level of 107.03, then the next targets may be levels 107.22 and 107.38. This will be a backup plan.
AUDUSD continues to work out the upward channel on D1 and is approaching the April highs. Taking into account the dynamics of the pair and the current growth potential, today we will plan further growth of the Australian dollar from the current level of 0.6556 to the levels of 0.6584 and 0.6600. And in case of downward correction, we will determine possible target levels near 0.6524 and 0.6509.
USDRUB was gradually declining over the past week, but for the current week we will plan a general correction of the pair upwards. Today the range of movement of the Russian ruble is expected from 72.80-73.00 at the bottom to 73.90-74.35 at the top.
USDCAD returned to 1.3900 and formed a new downward short-term channel on H1. The borders of this channel will serve as guidelines for us today. As the main scenario, we will consider the attempts of the Canadian dollar to go below the level of 1.3900. If this works out, then we will look for possible targets near the levels of 1.3874 and 1.3862, with the prospect of a decline to 1.3838. Also we cannot exclude the option of price correction upwards to the level of 1.3935, after which the possibilities of further movement to 1.3963 and 1.3978 will be opened.
Gold has returned to the triangle on D1 and is now trading near its upper border – the level of 1705.00. Despite the “bearish” moods of the end of last week, there were already attempts to go beyond the borders of this triangle tonight, therefore, we will consider the level of 1708.00 as an indicator of further movement of the instrument: if the price consolidates higher, the next possible targets will be levels 1711.00 and 1713.00, with a potential movement to last week’s highs – 1722.00. If the price consolidates below the level of 1703.00, then we will look for targets below, near the levels of 1700.00-1698.00, with the potential to decline to 1695.00.
Brent is being kept within the borders of the downward channel on D1. Opportunities for the growth of the instrument are almost exhausted, therefore, as the main scenario for today, we will consider a price decline from the current level of 31.19 to the levels of 30.01 and 29.22. In case of attempts to break through the upper border of the channel in the direction of growth, we’ll determine possible targets at levels 32.39 and 33.18.
Over the weekend Bitcoin managed to lose about 20% of its value and is now trading in the range between the levels of 8255.00 and 8830.00. If the price goes out of the range upwards, the possible targets will be the levels of 8985.00 and 9296.00. If the price goes out of the range downwards, the possible targets will be the levels of 8063.00 and 7707.00.
We are in Telegram
Forecasts should not be considered as guidance for trading.