Currency Pairs Market Analysis

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EURUSD Technical Analysis

The EURUSD pair returns to test the bullish channel’s support line, and we need to get positive motive that assists to push the price to resume the main bullish trend within the mentioned channel, which targets 1.0600 followed by 1.0745 levels as next main stations. Until now, we continue to suggest the bullish trend that gets continuous support by the EMA50 conditioned by the price stability above 1.0515, noting that breaking this level will stop the positive scenario and cause key turn to the trend to the downside.

The expected trading range for today is between 1.0460 support and 1.0630 resistance, and the expected trend for today is Bullish.​

 

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EURUSD Technical Analysis

The EURUSD pair returns to test the bullish channel’s support line, and we need to get positive motive that assists to push the price to resume the main bullish trend within the mentioned channel, which targets 1.0600 followed by 1.0745 levels as next main stations. Until now, we continue to suggest the bullish trend that gets continuous support by the EMA50 conditioned by the price stability above 1.0515, noting that breaking this level will stop the positive scenario and cause key turn to the trend to the downside.

The expected trading range for today is between 1.0460 support and 1.0630 resistance, and the expected trend for today is Bullish.​

 

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AUDUSD - Growth is possible.

On the daily chart, the first wave of the higher level (1) formed, a downward correction ended as the second wave (2), and the third wave (3) develops, within which the first entry wave of the lower level i of 1 of (3) forms. Now, the wave (iii) of i is developing, within which the wave v of (iii) is developing.

If the assumption is correct, the AUDUSD pair will grow to the area of 0.7040 – 0.7142. In this scenario, critical stop loss level is 0.6584.

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NZDUSD - Growth is possible.​

On the daily chart, the upward wave of the higher level (А) formed, a downward correction ended as the wave (B), and the development of the wave (C) started. Now, the first entry wave of the lower level i of 1 of (C) is forming, within which the wave (iii) of i has formed, a local correction has ended as the wave (iv) of i, and the wave (v) of i is developing.

If the assumption is correct, the NZDUSD pair will grow to the area of 0.66 – 0.67. In this scenario, critical stop loss level is 0.6359.

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EURUSD - EU authorities failed to agree on the limit for Russian gas price​

Yesterday, the energy ministers of the EU countries could not agree on the maximum price for gas purchased from the Russian Federation, and consultations on this issue were postponed until next week. The European Commission has proposed a third, lower gas price cap of 2.360K dollars per 1.0K cubic meters for deliveries next month at the current price of 1.500K dollars. Still, according to Hungarian Foreign Minister Péter Szijjártó, after a long debate at the plenary meeting, no agreements were reached so that the discussion would continue in the framework of bilateral negotiations.

On the daily chart, the trading instrument continues corrective growth, confidently holding above the resistance line of the local ascending corridor, and the technical indicators maintain a stable buy signal.

Resistance levels: 1.067, 1.085 | Support levels: 1.053, 1.032​

 

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USDCAD - Growth is possible.​

On the daily chart, the upward fifth wave of the higher level 5 and the wave (3) of 5 develop. Now, the third wave of the lower level 3 of (3) has formed, a downward correction has ended as the fourth wave 4 of (3), and the formation of the wave 5 of (5) has started, within which the wave i of 5 has ended, and the local correction ii of 5 is developing.

If the assumption is correct, the USDCAD pair will grow to the area of 1.3978 – 1.45. In this scenario, critical stop loss level is 1.3222.

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USDCHF - The price is in a correction and may grow.​

On the daily chart, the third wave of the higher level 3 develops, within which the upward first wave (1) of 3 formed, and a downward correction ends as the second wave (2) of 3. Now, the formation of the wave C of (2) is ending.

If the assumption is correct, the USDCHF pair will grow to the area of 0.99 – 1.0151. In this scenario, critical stop loss level is 0.9085.

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USDJPY Loses Momentum​

The USDJPY pair shows some slight bullish bias to fluctuate around 135.50 level, noticing that stochastic loses its positive momentum clearly, waiting to motivate the price to resume the expected bearish trend for the upcoming period, which its next targets located at 134.25 followed by 133. The EMA50 supports the expected decline, reminding you that it is important to hold below 136.50 to achieve the suggested targets.

The expected trading range for today is between 134.50 support and 136.30 resistance.​

 

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AUDUSD - Australian labor market continues to recover​

The overall unemployment rate in Australia remained at 3.4%, while employment increased by 64.0K jobs after rising by 43.1K a month earlier, and total employment reached 13.752M people. Seasonally adjusted, the share of the economically active population increased to 66.8% from 66.5% a month earlier, and the ratio of employed to the country's total population increased to 64.5%. The unemployed increased by only 200 people, while the youth unemployment rate fell to 7.7%.

On the daily chart of the asset, the trading instrument is moving in an ascending channel and, after reaching the resistance line, is preparing to break it. Technical indicators maintain a strengthening buy signal.

Resistance levels: 0.6895, 0.7068 | Support levels: 0.6745, 0.6586​

 

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USDCAD - Growth within the local ascending corridor

The quotations were practically not affected by the report of Statistics Canada: in October, the volume of production grew by 2.8% to 72.6B Canadian dollars, and the oil industry (12.7%) and the food industry (2.9%) stand out among the leaders of the sector and the chemical industry (4.9%), while in the automotive industry (–3.2%) and mechanical engineering (–1.7%), a negative trend is observed. According to experts, growth in these sectors should not be expected soon, as there is a serious shortage of materials and microchips, which also reduced production and decreased exports of cars and spare parts by 1.8%.

On the daily chart of the asset, the trading instrument moves within the local ascending corridor. Technical indicators signal further growth.

Resistance levels: 1.37, 1.39 | Support levels: 1.354, 1.338​

 

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XAGUSD - The price is in a correction and may grow.​

On the daily chart, a downward correction of the higher level ended as the second wave (2), and the third wave (3) develops, within which the first entry wave of the lower level 1 of (3) forms. Now, the wave iii of 1 has formed, and a local correction is developing as the wave iv of 1.

If the assumption is correct, the XAGUSD pair will grow to the area of 25 – 26. In this scenario, critical stop loss level is 21.82.

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GBPUSD Technical Analysis

The GBPUSD pair shows calm positive trades to test the EMA50, waiting for more rise to surpass 1.2235 followed by rallying towards our positive targets that start at 1.2330 followed by 1.2445, reminding you that the continuation of the bullish wave requires holding above 1.2135.

The expected trading range for today is between 1.2100 support and 1.2280 resistance.​

 

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EURUSD under the negative pressure

The EURUSD pair traded negatively in the previous sessions to break the bullish channel’s support line and settles below it, but we notice that the EMA50 forms good support to protect the price from suffering more losses, accompanied by witnessing positive signals through stochastic, which supports the chances of regaining the bullish trend again. Therefore, we believe that the chances valid to trade positively today, and the targets begin by surpassing 1.0650 to ease the mission of heading towards 1.0745, noting that breaking 1.0580 will stop the expected rise and press on the price to test 1.0515 direct.

The expected trading range for today is between 1.0540 support and 1.0710 resistance.​

 

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NZDUSD - economic activity slows down in New Zealand

In recent weeks, macroeconomic data from New Zealand suggest a significant slowdown in economic activity, with Westpac's Q4 domestic consumer sentiment index at 75.6 points, down from Q3 87.6. Business confidence from Australia and New Zealand banking group ANZ fell in December to –70.2 points from –57.1 points a month earlier, which was the lowest on record since 1998, while the business activity indicator from the National Bank of New Zealand (NBNZ) accelerated the fall to –25.6% from –13.7% before.

The trading instrument is moving within a corrective uptrend with a local decline.

Resistance levels: 0.639, 0.651 | Support levels: 0.626, 0.613​

 

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USDCHF - Growth is possible.

On the daily chart, the third wave of the higher level 3 develops, within which the upward first wave (1) of 3 formed, and a downward correction ended as the second wave (2) of 3. Now, the wave C of (2) has ended, and the development of the upward wave (3) of 3 is starting.

If the assumption is correct, the USDCHF pair will grow to the area of 0.99 – 1.0151. In this scenario, critical stop loss level is 0.9085.

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USDCAD - The price is in a correction and may grow.

On the daily chart, the fifth upward wave of the higher level 5 develops, within which the wave (3) of 5 forms. Now, the third wave of the lower level 3 of (3) has formed, a downward correction has ended as the fourth wave 4 of (3), and the wave 5 of (5) is developing, within which the wave i of 5 has ended, and the local correction ii of 5 is forming.

If the assumption is correct, USDCAD pair will grow to the area of 1.3978 – 1.45. In this scenario, critical stop loss level is 1.3380.

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EURUSD - Low gas price in the EU supports the euro

Thus, according to data from the TTF exchange, the price for gas contracts with delivery in February is now 1120.0 dollars per 1.0K cubic meters, which was last observed in June, when the Nord Stream gas pipeline maintained maximum pumping levels. The current low quotations provide an opportunity for countries in the region to conclude long-term deals for supplies in the spring, as the storage facilities are almost full now. Meanwhile, in November, the German producer price index lost 3.9%, which led to a slowdown in growth to 28.2% YoY from 34.5% earlier.

On the daily chart, the trading instrument continues its corrective growth and confidently holds in the local ascending corridor. Technical indicators point to continued growth.

Resistance levels: 1.0675, 1.09 | Support levels: 1.0525, 1.032​

 

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AUDUSD - Growth is possible.​

On the daily chart, the first wave of the higher level (1) formed, a downward correction ended as the second wave (2), and the third wave (3) develops, within which the first entry wave of the lower level i of 1 of (3) forms. Now, the wave (iii) of i has formed, and a local correction has ended as the wave (iv) of i.

If the assumption is correct, the AUDUSD pair will grow within the wave (v) of i to the area of 0.7040 – 0.7142. In this scenario, critical stop loss level is 0.6584.

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NZDUSD - The price is in a correction, a fall is possible.​

On the daily chart, the upward wave of the higher level (А) formed, a downward correction ended as the wave (B), and the wave (C) develops. Now, the first entry wave of the lower level i of 1 of (C) has formed and a local correction has started to develop as the second wave ii of 1 of (C).

If the assumption is correct, the NZDUSD pair will fall to the area of 0.6008 – 0.5890. In this scenario, critical stop loss level is 0.6515.

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EURUSD breaches the minor resistance​

The EURUSD pair begins today with new positivity to breach the resistance that appears on the chart and attempts to hold above it, reinforcing the expectations of continuing the bullish trend, opening the way to head towards our waited target at 1.0745. The EMA50 and stochastic provide positive signals that support the expected rise, which will remain valid conditioned by the price stability above 1.0580.

The expected trading range for today is between 1.0570 support and 1.0745 resistance.​