EURUSD started the trading week cheerfully enough and broke through the upper border of the triangle on D1 upwards. Of course, further growth of the pair is the most likely scenario, however, we will focus on the current trading range between the levels of 1.0907 and 1.0935. If the price goes out of the range upwards, then the nearest possible targets will be the levels 1.0963 and 1.0990. If the price goes out of the range downwards, we will look for possible target levels near the upper border of the triangle – 1.0881 and 1.0864.
GBPUSD worked out all the upper target levels, that we set yesterday, and expanded the downward channel on H4. Despite the fact, that the price is now near the upper border of the channel, today we will plan further growth of the pair. A signal for this will be the level 1.2227: if the price gets a foothold above, the next possible targets will be levels 1.2269 and 1.2307. The backup plan, obviously, will be the working out the downward channel. After the level of 1.2190 we will begin to plan the target levels around 1.2156 and 1.2122.
USDCHF yesterday managed to work out both the upper and lower target levels, that we set. Today we will consider a large triangle on D1 along with the current price range between the levels of 0.9708 and 0.9731. If the price goes out of the range downwards, then the possible targets will be close enough, near the lower border of the triangle at the levels of 0.9689-0.9682, after which we will plan a rebound upwards. If the price goes out of the range upwards, we will look for possible targets near the upper border of the triangle at the levels of 0.9772-0.9782.
USDJPY yesterday traded quite calmly in the range between the levels of 107.13 and 107.50, which allowed us to form a new upward channel on H4, which we will focus on today. From the current price of 107.32, the closest upper target is the upper border of the channel near the level of 107.50. If the Japanese yen can break through this level and gain a foothold above 107.55, then we will plan further growth to 107.65, after which a price reversal is possible, since this will already be the upper border of the channel on D1. If the price drops below the level of 107.25, then we will consider working out the lower border of the channel on H4 near the level of 107.01, with the potential for further decline to 106.89 and 106.77.
AUDUSD returned into the borders of the upward channel on D1 and adjusted its borders. The upper target levels, that we set yesterday, the Australian dollar worked out quite easily and even consolidated a little higher. Today we will consider the possible movement of the pair inside the channel. The current price of 0.6531 is about the middle of the channel, so the price has an equal chance of rising or falling. Therefore, we’ll denote the current price range, which is between the levels of 0.6513 and 0.6555, and focus on this range. If the price goes out of the range upwards, the possible targets will be the levels of 0.6583 (with a possible delay near 0.6569) and 0.6600, with an upward potential to 0.6629. If the price goes out of the range downwards, then the possible targets will be the levels of 0.6485 and 0.6471.
USDRUB yesterday kept within planned borders, although it did not realize its full potential for decline. As the main scenario today, we will consider a moderate correction of the pair upwards. A possible range will be planned between the levels 73.44-73.74 at the top and 72.56-72.71 at the bottom.
USDCAD showed high volatility yesterday during the working out the decline scenario, and the price fell below the planned target levels. Today we will look at the formed expanding channel on H1. From the current price of 1.3946, the Canadian dollar / US dollar has enough space for a further decline to the channel border through levels 1.3907 and 1.3884. We will begin to consider this scenario, if the price consolidates below the level of 1.3918. In case of correction of the pair upwards, after the level of 1.3955 we will foresee possible targets near the levels of 1.3984 and 1.4009, with the growth potential to 1.4032.
Gold yesterday worked out a downward correction scenario and even exceeded our expectations, setting a new support level near the level of 1728.00. Nevertheless, the instrument is still aimed at growth, so today we will consider the price growth to the levels of 1751.00 and 1755.00, as the main scenario. If the downward correction will be longer, then from the current price of 1739.00 we’ll plan possible targets near the levels of 1733.00 and 1728.00.
Brent yesterday was not corrected downwards and updated its monthly highs, reaching all the upper target levels, that we set. The instrument now has enough options for downward correction, and if the price drops below the level of 34.94, then we will plan possible target levels around 33.98 and 33.02. There are also possibilities for further growth, and the level of 38.86 can be reached today, after which the potential for movement to 37.92 will be opened.
Bitcoin does not show intentions to continue its growth and is now trading near the lower border of the channel on H4. As the main scenario, today we will consider a breaking through the level of 9513.00 towards the downside with possible targets near the levels of 9420.00 and 9270.00. The backup plan will be the price rebound from the lower border of the channel, and after the level of 9699.00 we will begin to look for possible targets near the levels of 9886.00 and 9979.00.
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Forecasts should not be considered as guidance for trading.