Daily forex technical analysis & forecasts

EURUSD, “Euro vs US Dollar”

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As we can see in the H4 chart, EURUSD is forming a new descending wave, which is getting closer to the low at 1.1176. If the price breaks it, the instrument may continue trading downwards to reach the post-correctional extension area between the retracements of 138.2% and 161.8% at 1.1072 and 1.1008 respectively.

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In the H1 chart, the downtrend continues; it has almost reached the support level. At the same time, there is a convergence on MACD, which may indicate a new pullback after the price reaches the low.


Risk Warning: the result of previous trading operations do not guarantee the same results in the future

This week, EURUSD has been experiencing rather volatile trading sessions and is attempting to recover again of Friday.

The major currency pair changes its direction over and over again and right now, it is being bought. The current quote for the instrument is 1.1346.

In the morning, Germany published the preliminary report on the GDP in the fourth quarter 2018. The country’s economy showed zero improvement on QoQ, while on YoY it added 0.6%. However, for the Euro these numbers were rather neutral. In addition to that, later in the afternoon Germany will report on the Ifo Business Climate in February, which is expected to fall a bit.

In the afternoon, the Euro Area is scheduled to publish the CPI and the Core CPI in January, which are expected to be 1.4% y/y and 1.1% y/y respectively. However, these are final reports, so investors are already aware of previous estimations, hence no surprises at all.

At 3:30 PM GMT, the ECB President Draghi is going to speak – the agenda is unknown, but he is very unlikely to speak only about the regulator’s monetary policy. Market players’ attention is focused on the Brexit, so he might say some words about it.  

In the evening, several policymakers from the US Federal Reserve are also scheduled to deliver their speeches. Apart from this, the American regulator will publish the Fed Monetary Policy Report. Again, no one is expecting anything really surprising from it. However, one should never exclude such possibility – in the evening, EURSUSD may become more volatile again.

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

GBPUSD is moving a little bit upwards; investors are waiting for details of the Brexit agreement. The British Pound is slowly growing against the USD on Thursday not far from its two weeks highs. The current quote for the instrument is 1.3071.

Investors are following the news relating to the Brexit talks and this news is now more than negotiations with the European Union. The United Kingdom has to extend a free trade agreement with Japan and South Korea before exiting the Union. Both countries are very important for the British economy: every year, they sell goods to the UK and buy goods from the UK worth 18.6B and 17B Pounds respectively. London can’t afford to lose such essential partners.

Greg Clark, the Secretary of State for Business, Energy and Industrial Strategy, believes that it will be better to extend these agreements before the Brexit date, March 29th, while the Department for International Trade assures that the documents will be signed on March 30th, the next day after exiting the EU.

Clark said that it would be inexcusable not to provide the country’s partners with a clear insight into trade conditions that might take effect in less than a month, because it would be even more stressful for the British business. For example, Clark spoke about the Thalassa Mana cargo that left the United Kingdom on Monday and is scheduled to arrive in Osaka, Japan, on March 30th, under yet unknown trade conditions.

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

AUDUSD, “Australian Dollar vs US Dollar”
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AUDUSD is trading at 0.7093; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the upside border of the cloud at 0.7120 and then resume moving downwards to reach 0.7005. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that Implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 0.7155. In this case, the pair may continue growing towards 0.7235.

NZDUSD, “New Zealand Dollar vs US Dollar”
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NZDUSD is trading at 0.6810; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the downside border of the cloud at 0.6805 and then resume moving upwards to reach 0.6915. Another signal to confirm further ascending movement is the price’s rebounding from the support level. However, the scenario that Implies further growth may be cancelled if the price breaks the downside border of the cloud and fixes below 0.6790. In this case, the pair may continue falling towards 0.6685.


USDCAD, “US Dollar vs Canadian Dollar”
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USDCAD is trading at 1.3200; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the downside border of the cloud at 1.3225 and then resume moving downwards to reach 1.3050. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 1.3275. In this case, the pair may continue growing towards 1.3365. After breaking the channel’s downside border and fixing below 1.3145, the price may continue moving downwards.



Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURUSD, “Euro vs US Dollar”
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After reaching its upside target, EURUSD has formed the first descending impulse; right now, it is being corrected. Possibly, the pair may reach 1.1350 and then resume falling towards 1.1313. Later, the market may continue trading inside the downtrend with the target at 1.1295.

GBPUSD, “Great Britain Pound vs US Dollar”
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GBPUSD has broken the ascending channel and may form a new descending structure towards 1.2914. Today, the pair may start a new growth to reach 1.3061 and then start a new decline with the first target at 1.3011.


USDCHF, “US Dollar vs Swiss Franc”
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After reaching its downside target and finishing the first ascending impulse, USDCHF has completed the correction; right now, it is forming one more ascending structure to break the high of the previous impulse. The short-term target is 1.0025. After that, the instrument may resume falling towards 1.0009 and then start a new growth with the first target at 1.0036.


USDJPY, “US Dollar vs Japanese Yen”
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USDJPY is forming another descending structure with the target at 110.53. Later, the market may resume trading upwards to reach 110.73 and then start a new decline to return to 110.53. After that, the instrument may continue moving downwards with the target at 110.27.

AUDUSD, “Australian Dollar vs US Dollar”
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AUDUSD has completed the five-wave correctional structure; right now, it is forming the first descending impulse towards 0.7114. After that, the instrument may move upwards with the target at 0.7161 and then resume trading inside the downtrend to reach 0.7030.

USDRUB, “US Dollar vs Russian Ruble”
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USDRUB is still forming the third descending wave. Possibly, today the pair may reach 65.38 and then start a new consolidation range. If later the instrument breaks this range to the downside, the price may resume trading inside the downtrend with the short-term target at 62.90.


XAUUSD, “Gold vs US Dollar”
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Gold is forming the first descending impulse towards 1335.25. Later, the market may form one more ascending structure to reach 1340.50 and then resume trading upwards with the first target at 1324.24.

BRENT
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Brent has broken 66.66 to the upside and completed one more ascending impulse. Today, the pair may continue growing with the target at 68.45. After that, the instrument may fall to return to 66.66 and then start a new growth towards 69.85.


Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, USDCHF is consolidating. In this case, the price is expected to resume growing towards the resistance at the 5/8 one.

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In the H1 chart, the pair may break the 0/8 level and continue trading upwards to reach the resistance at the 3/8 one.

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In the M15 chart, the pair may break the upside line of the VoltyChannel indicator and, as a result, continue moving upwards.

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XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD is no longer trading inside the “overbought zone” and may continue moving downwards to reach the support at the 5/8 level.

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In the H1 chart, the pair is consolidating. In this case, the price may break the 3/8 level and continue falling towards the support at the 0/8 one.

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In the M15 chart, the pair may once again break the downside line of the VoltyChannel indicator and, as a result, continue moving downwards.

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Risk Warning: the result of previous trading operations do not guarantee the same results in the future

EURUSD, “Euro vs. US Dollar”
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As we can see in the H4 chart, after completing another pullback from the support level, EURUSD is forming Hammer, Inverted Hammer, and Harami reversal patterns. Judging by the previous movements, at the moment it may be assumed that after finishing the correction the instrument may resume moving to the downside.


USDJPY, “US Dollar vs. Japanese Yen”
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As we can see in the H4 chart, USDJPY is once again testing the resistance level and forming Hanging Man and Harami reversal patterns. Judging by the previous movements, at the moment it may be assumed that after completing the correction the instrument may continue its ascending tendency.

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”
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AUDUSD is trading at 0.7160; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the upside border of the cloud at 0.7140 and then resume moving upwards to reach 0.7235. Another signal to confirm further ascending movement is the price’s rebounding from the support level. However, the scenario that Implies further growth may be cancelled if the price breaks the downside border of the cloud and fixes below 0.7115. In this case, the pair may continue falling towards 0.7015.


NZDUSD, “New Zealand Dollar vs US Dollar”
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NZDUSD is trading at 0.6865; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.6840 and then resume moving upwards to reach 0.6970. Another signal to confirm further ascending movement is the price’s rebounding from the channel’s downside border. However, the scenario that Implies further growth may be cancelled if the price breaks the downside border of the cloud and fixes below 0.6790. In this case, the pair may continue falling towards 0.6685.

USDCAD, “US Dollar vs Canadian Dollar”
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USDCAD is trading at 1.3198; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the downside border of the cloud at 1.3225 and then resume moving downwards to reach 1.3065. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 1.3285. In this case, the pair may continue growing towards 1.3375. After breaking the channel’s downside border and fixing below 1.3145, the price may continue moving downwards.

Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

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As we can see in the H4 chart, XAUUSD is still trading close to the resistance level; it has already formed several Doji, Hammer, and Harami reversal patterns. Judging by the previous movements, it may be assumed that after finishing the correction the instrument may continue its ascending movement.

NZDUSD, “New Zealand vs. US Dollar”

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As we can see in the H4 chart, NZDUSD has completed another pullback from the support level and formed several Hammer, Inverted Hammer, and Engulfing reversal patterns. Judging by the previous movements, it may be assumed that the instrument may complete another correction and then continue its growth.

EURUSD, “Euro vs. US Dollar”
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As we can see in the H4 chart, EURUSD is trading close to the support level and forming Inverted Hammer and Harami reversal patterns. Judging by the previous movements, at the moment it may be assumed that after finishing another pullback the instrument may resume moving to the downside.


USDJPY, “US Dollar vs. Japanese Yen”
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As we can see in the H4 chart, USDJPY has broken the resistance level; right now, it is still trading close to it and forming Harami and Hanging Man reversal patterns. Judging by the previous movements, at the moment it may be assumed that after completing this correction the instrument may continue its ascending tendency.

As we can see in the H4 chart, EURUSD is still trading below the 3/8 level and may continue falling towards the support at the 0/8 one.
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In the H1 chart, the pair may break the 3/8 level and continue its decline to reach the support at the 0/8 one.
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As we can see in the M15 chart, the pair has broken the downside line of the VoltyChannel indicator and, as a result, may continue moving downwards.
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In the H4 chart, GBPUSD is expected to continue falling towards the closest support at the 5/8 level.
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As we can see in the H1 chart, the pair is consolidating. In the future, the price may break the 3/8 level and continue falling towards the support at the 0/8 one.
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In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.
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As we can see in the H4 chart, XAUUSD is still being corrected from the resistance level; it has already formed several Hammer and Harami reversal patterns. Judging by the previous movements, it may be assumed that after finishing another correction the instrument may continue its ascending movement.

EUR USD, “Euro vs US Dollar”
Yesterday, Eurodollar reached its local target near the group of fibo-levels and then started a new correction. Probably, this pullback won’t take much time. Later, the market may continue falling towards the group of retracements at 1.1025.
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At the H1 chart, the first target of the correction is the retracement of 23.6%. If the price rebounds from it, the pair may resume its decline and break the low reached earlier.
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EUR GBP, “Euro vs Great Britain Pound”
Europound has successfully reached its upside targets and started falling. After completing the local correction, the price may continue falling towards the group of local retracements at 0.7690.
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At the H1 chart, the closest targets of the current descending movement are confirmed by local retracements. If the pair rebounds from the correctional retracement of 61.8%, it may start a new descending movement.
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EUR USD, “Euro vs US Dollar”
Eurodollar has rebounded from the group of upper fibo-levels and started a new correction. The closest target is the group of local retracements at 1.1100. If the price breaks them, the market may continue falling.
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At the H1 chart, the downside target is confirmed by the local retracements. It’s highly likely that on Tuesday, the pair may break yesterday’s low.
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EUR GBP, “Euro vs Great Britain Pound”
Europound has successfully reached its upside targets and right now is being corrected. After a short-term correction, the price may continue falling towards the group of local retracements at 0.7690.
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At the H1 chart, the closest targets of the current descending movement are confirmed by local retracements. If the pair rebounds from the correctional retracement of 38.2%, Europound may start a new descending movement.
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EUR USD, “Euro vs US Dollar”
At the H4 chart, Eurodollar is moving between Super Trend, which means that the market may start a new correction. The closest target for bears is at the 3/8 level. If they break it, the price will continue falling much deeper.
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At the H1 chart, Super Trends have formed “bearish cross”. Earlier, the price rebounded from the 6/8 level and started a new correction. The closest target for sellers is at the 2/8 level. The future scenario depends on how the market will move at this level.
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GBP JPY, “Great Britain Pound vs Japanese Yen”
The pair hasn’t been able to stay below the 4/8 level and right now is moving above the H4 Super Trend. Consequently, the pair may start an ascending correction. The closest target for bull is at the 6/8 level and the daily Super Trend.
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At the H1 chart, Super Trends have formed “bullish cross”. Earlier, the pair rebounded from the -1/8 level. On Monday, the price may continue moving upwards to reach the 4/8 level.
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