Forex Technical Analysis & Forecast by RoboForex

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Forex Technical Analysis & Forecast 23.12.2020​

EURUSD, “Euro vs US Dollar”

After completing the descending wave at 1.2152 EURUSD has broken 1.2184 to the upside; right now, it is consolidating around the latter level. Possibly, the pair may break this range to the upside to reach 1.2218 and then fall to return to 1.2184. If later the price breaks this range to the upside, the market may start another growth towards 1.2330; if to the downside – resume trading downwards with the target at 1.2050.

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Japanese Candlesticks Analysis 24.12.2020 (GOLD, NZDUSD, GBPUSD)​

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. Right now, after forming several reversal patterns, such as Engulfing and Doji, close to the support area, XAUUSD may reverse and resume growing towards the resistance level. In this case, the upside target will be at 1925.00. At the same time, an opposite scenario implies that the price may start another decline to return to 1850.00 before resuming its growth.

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Murrey Math Lines 25.12.2020 (Brent, S&P 500)​

Brent

As we can see in the H4 chart, Brent is still moving inside the “overbought area”. At the moment, the price is rebounding from +1/8. In this case, the asset is expected to fall and reach 7/8. However, this scenario may no longer be valid if the price breaks +1/8 to the upside. After that, the instrument may continue growing towards the resistance at +2/8.

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Ichimoku Cloud Analysis 28.12.2020 (EURUSD, USDJPY, XAUUSD)​

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.2224; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2175 and then resume moving upwards to reach 1.2355. Another signal in favor of further uptrend will be a rebound from the support level. However, the bullish scenario may be canceled if the price breaks the cloud’s downside border and fixes below 1.2135. In this case, the pair may continue falling towards 1.2055. To confirm further growth, the asset must break the upside border of a Triangle pattern and fix above 1.2265.

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Fibonacci Retracements Analysis 29.12.2020 (EURUSD, USDJPY)​

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after a divergence on MACD, EURUSD is stuck within the post-correctional extension area between 138.2% and 161.8% fibo at 1.2167 and 1.2262 respectively. The first descending impulse tried to reach 23.6% fibo at 1.2115 but failed. If the asset fails to break the high at 1.2273, it may start a new decline towards 38.2% and 50.0% fibo at 1.2018 and 1.1937 respectively. However, if the price does break the high, the pair may continue growing to reach the long-term fractal high at 1.2555.

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Murrey Math Lines 30.12.2020 (USDJPY, USDCAD)​

USDJPY, “US Dollar vs. Japanese Yen”

In the H4 chart, USDJPY is moving below the 200-day Moving Average, thus indicating a possible descending tendency. In this case, the price is expected to break 0/8 and then continue falling towards the support at -1/8. However, this scenario may no longer be valid if the price breaks 1/8 to the upside. After that, the instrument may continue growing to reach the resistance at 2/8.

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Ichimoku Cloud Analysis 11.01.2021 (USDCHF, XAUUSD, USDJPY)​

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is trading at 0.8879; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.8825 and then resume moving upwards to reach 0.9060. Another signal in favor of further uptrend will be a rebound from the descending channel’s upside border, which was broken upwards earlier. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.8745. In this case, the pair may continue falling towards 0.8655. To confirm further growth, the asset must break the neckline of a Head & Shoulders reversal pattern and fix above 0.8925, thus indicating the start of the pattern materialization.

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Murrey Math Lines 12.01.2021 (AUDUSD, NZDUSD)​

AUDUSD, “Australian Dollar vs US Dollar”

In the H4 chart, AUDUSD is moving above the 200-day Moving Average, thus indicating an ascending tendency. At the moment, the asset is forming a correction, which may fall to break the support at 6/8 and then reach 5/8. However, this scenario may be canceled if the price breaks 7/8 to the upside. After that, the instrument may reverse and continue growing towards the resistance at 8/8.

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Forex Technical Analysis & Forecast 13.01.2021​

EURUSD, “Euro vs US Dollar”

After forming a new consolidation range below 1.2180 and breaking it to the upside, EURUSD is still correcting with the short-term target at 1.2222. Later, the market may resume trading downwards to test 1.2180 from above and then start another growth to complete the correction at 1.2230. After that, the instrument may form a new descending structure with the target at 1.2111.

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Fibonacci Retracements Analysis 14.01.2021 (AUDUSD, USDCAD)​

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the daily chart, the long-term rising tendency continues; the pair has already broken 38.2% fibo and right now it trying to fix above it to continue growing towards 50.0% fibo at 0.8292. However, at the same time, there is a divergence on MACD, which may indicate a possible pullback soon. The support is at 23.6% fibo (0.6820).

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Japanese Candlesticks Analysis 15.01.2021 (USDCAD, AUDUSD, USDCHF)​

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the pair is forming another correctional wave. Right now, after forming a Harami reversal pattern not far from the support level, USDCAD may reverse in the form of another pullback. Later, the asset may continue falling within the descending channel. In this case, the downside target will be at 1.2585. However, an alternative scenario implies a more significant correction towards the channel’s upside border at 1.2765 before the instrument resumes its decline.

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Ichimoku Cloud Analysis 18.01.2021 (EURUSD, BRENT, AUDUSD)​

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.2067; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2115 and then resume moving downwards to reach 1.1940. Another signal in favor of further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 1.2160. In this case, the pair may continue growing towards 1.2245.

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Murrey Math Lines 19.01.2021 (AUDUSD, NZDUSD)​

AUDUSD, “Australian Dollar vs US Dollar”

In the H4 chart, AUDUSD is moving above the 200-day Moving Average, thus indicating an ascending tendency. In this case, the price is expected to break 7/8 and then continue growing to reach the resistance at 8/8. However, this scenario may be canceled if the price breaks the support at 6/8 to the downside. After that, the instrument may reverse and continue falling towards the support at 5/8.

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Forex Technical Analysis & Forecast 20.01.2021​

EURUSD, “Euro vs US Dollar”

EURUSD has completed the ascending wave at 1.2147. Today, the pair may correct to reach 1.2100 and then resume growing with the short-term target at 1.2230.

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Fibonacci Retracements Analysis 21.01.2021 (AUDUSD, USDCAD)​

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is forming a new local correction after a divergence on MACD. The current rising impulse is heading towards the high at 0.7820, a breakout of which will lead to a further growth to reach the long-term 50.0% fibo at 0.8292. However, if the price rebounds from the high, the asset may resume falling to reach 23.6%, 38.2%, and 50.0% fibo at 0.7625, 0.7503, and 0.7405 respectively.

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Japanese Candlesticks Analysis 22.01.2021 (GOLD, NZDUSD, GBPUSD)​

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, after plunging, the metal is still trying to recover. Right now, after forming several reversal patterns, such as Engulfing, close to the resistance area, XAUUSD may reverse and resume falling towards the support level. In this case, the downside target will be at 1800.00. At the same time, an opposite scenario implies that the price may continue its growth towards 1890.00 without reversing and correcting.

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Ichimoku Cloud Analysis 25.01.2021 (EURJPY, BTCUSD, NZDUSD)​

EURJPY, “Euro vs Japanese Yen”

EURJPY is trading at 126.32; 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 126.05 and then resume moving upwards to reach 127.20. Another signal in favor of a further uptrend will be a rebound from the support level. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 125.45. In this case, the pair may continue falling towards 124.55. To confirm further growth, the asset must break the descending channel’s upside border and fix above 126.55.

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Ichimoku Cloud Analysis 14.08.2020 (EURUSD, ETHUSD, USDCAD)​

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1822; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.1795 and then resume moving upwards to reach 1.1925. Another signal in favor of further uptrend will be a rebound from the support level. However, the bullish scenario may be canceled if the price breaks the cloud’s downside border and fixes below 1.1735. In this case, the pair may continue falling towards 1.1655.

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