Currency Pairs Market Analysis

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NZDUSD Touches the Second Target​

The NZDUSD pair managed to touch our second waited target at 0.6510 and bounced downwards clearly from there, to test the intraday bullish channel’s support line now, accompanied by witnessing positive signals through stochastic, waiting to motivate the price to resume the bullish wave that its next target reaches 0.6600.

Therefore, we suggest the continuation of the main positive scenario, noting that failing to consolidate above 0.6415 will put the price under additional negative pressure that targets 0.6345 followed by 0.6275 levels as next main stations. The expected trading range for today is between 0.6360 support and 0.6500 resistance.​

 

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AUDUSD - Growth is possible.​

On the daily chart, the first wave of the higher level (1) formed, a downward correction formed 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 ended, a local correction has formed as the wave (iv) of i, and the wave (v) of i is forming.

If the assumption is correct, the AUDUSD pair will grow to the area of 0.7200–0.7464. In this scenario, critical stop loss level is 0.6860.

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USDCAD Achieves Clear Gains​

The USDCAD pair rallied upwards yesterday to breach 1.2420 and touch the key resistance 1.3500, noticing that the price finds difficulty to surpass this level, accompanied by witnessing negative signals through stochastic, which supports the chances of bouncing bearishly to resume the bearish trend, which targets 1.3415 followed by 1.3350 levels as next negative stations.

Therefore, we expect to witness bearish bias in the upcoming sessions unless the price managed to breach 1.3500 and hold with a daily close above it. The expected trading range for today is between 1.3415 support and 1.3560 resistance.​

 

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USDCHF Achieves the Negative Targets​

The USDCHF pair succeeded to achieve our suggested negative targets, as it reached 0.9100 level, showing some temporary bullish bias affected by stochastic positivity, waiting to resume the main bearish trend that moves within the bearish channel that appears on the chart, to achieve negative targets that extend to 0.9020.

Therefore, the bearish trend scenario will remain valid unless the price rallied to breach 0.9215 followed by 0.9275 levels and hold above them. The expected trading range for today is between 0.9080 support and 0.9215 resistance.​

 

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USDCAD - macroeconomic statistics did not support the position of the Canadian currency

The industrial goods price index lost 1.1% in December, exceeding the previous month's –0.5% decline, with annual growth slowing to 7.6% from 9.4% earlier. The value for commodities declined 3.1% after the –0.8% correction in November and from 7.9% to 7.5% YoY. The main reason for the negative dynamics is the fall in oil prices on world exchanges, where quotes of the benchmark Brent Crude Oil fell to 86.00.

The US dollar fell below the key support level of 102.000 in the USD Index against the negative statistics from the housing market: the volume of construction of new houses in December amounted to 1.382M, which was lower than 1.401M earlier, and the number of building permits issued amounted to 1.330M compared to 1.351M in November. Investors ignored data on initial jobless claims, which fell to 190.0K from 205.0K in a week.

On the daily chart, the trading instrument is growing within the global Triangle pattern with dynamic boundaries 1.3620–1.3300 towards the resistance line, and the technical indicators maintain a sell signal and hint at a correction.

Resistance levels: 1.3523, 1.3697 | Support levels: 1.3409, 1.3224​

 

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EURGBP Takes Advantage of the Additional Support Line Stability​

The EURGBP pair faced additional negative pressures to form strong negative waves and suffer some losses by crawling towards 0.8722, to face additional support and settle above it, noting that the main stability within the bullish channel that appears on the chart allows us to wait to gather the additional positive momentum to manage to form bullish waves and target 0.8820 followed by pressing on 0.8880 barrier in order to find a way to resume the bullish rally in the upcoming period.

The expected trading range for today is between 0.8740 and 0.8820.​

 

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EURUSD - Growth is possible.

On the daily chart, the downward wave of the higher level А ended, within which the fifth wave (5) of А formed, and the development of the upward wave B started. Now, the entry first wave 1 of (А) of B is developing, within which the third wave of the lower level iii of 1 has formed, a local correction has ended as the fourth wave iv of 1, and the fifth wave v of 1 is developing.

If the assumption is correct, the EURUSD pair will grow to the area of 1.1100 – 1.1300. In this scenario, critical stop loss level is 1.0755.

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GBPUSD - Growth is possible.​

On the daily chart, the downward fifth wave of the higher level 5 of (V) ended, within which the wave (5) of 5 formed, and the development of the upward first wave (1) started. Now, the third wave of the lower level 3 of (1) is forming, within which the wave iii of 3 has ended, a correction has formed as the wave iv of 3, and the wave v of 3 is developing.

If the assumption is correct, the GBPUSD pair will grow to the area of 1.2900–1.3500. In this scenario, critical stop loss level is 1.1835.

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EURJPY Keeps the Bearish Bias​

EURJPY pair provided negative close below the additional barrier 142 yesterday, to increase the chances of activating the negative attack again, while the current weak trades are caused by stochastic contradiction against the moving average 55 that provides negative signals by settling below the mentioned barrier.

These factors allow us to expect forming temporary sideways fluctuation until gathering the additional negative momentum to ease the mission of starting the negative attack and press on 140.25 level soon, while breaking it will confirm the continuation of the negativity by targeting 139.4 and 138.2 levels.​

 

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USDJPY - The price is in a correction and a fall is possible.​

On the daily chart, the third wave of the higher level 3 ended, and a downward correction develops as the fourth wave 4, within which the wave of the lower level a of 4 formed. Now, the wave b of 4 has ended, and the wave c of 4 is forming, within which the wave (iv) of c is developing.

If the assumption is correct, the USDJPY pair will fall to the area of 121.67 – 118. In this scenario, critical stop loss level is 134.54.

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USDCHF Negotiates the Resistance ​

USDCHF pair provided new positive trades to test the bearish channel’s resistance, noticing that stochastic shows new negative signals now, waiting to motivate the price to resume the main bearish trend, which its targets begin at 0.9100 and extend to 0.9100.

We remind you that breaching 0.9230 will push the price to start bullish correction that its targets begin by testing 0.9335 areas. The expected trading range for today is between 0.9140 support and 0.9275 resistance.​

 

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GBPJPY Provides Sideways Trades​

The GBPJPY pair continued to provide sideways trades to keep its stability within the bearish track that depends on the stability of the major resistance at 163.40, in addition to the continuous barrier formed at 162.10.

Note that stochastic reach to the overbought areas hint getting rid of the positive pressures, to increase the chances of gathering the required negative momentum to provide new negative trades and wait to reach 158.60 followed by 157.10 levels soon. The expected trading range for today is between 161.80 and 159.25.​

 

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USDCHF Exits the Bearish Channel​

The USDCHF pair traded with strong positivity yesterday to breach the bearish channel’s resistance and settles above it, to head towards building expected correctional bullish wave in the upcoming sessions, targeting 0.9335 areas initially.

Therefore, the bullish bias will be suggested for today, taking into consideration that breaking 0.9195 will stop the expected rise and press on the price to resume the main bearish trend again. The expected trading range for today is between 0.9160 support and 0.9300 resistance.​

 

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GBPCAD forms new bullish channel​

The GBPCAD pair formed minor bullish wave recently as appears on the chart, to support the chances of resuming the bullish attack, as the continuous stability of 1.6420 support line and stochastic attempt to provide the positive momentum allow us to expect targeting 1.6745 level soon, while surpassing it will increase the chances of providing strong pressures on 1.6930 barrier, to form the next main target for the bullish trades.
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The expected trading range for today is between 1.6550 and 1.6745.​

 

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USDCAD - Growth is possible.​

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

If the assumption is correct, the USDCAD pair will grow to the area of 1.3978 – 1.4500. In this scenario, critical stop loss level is 1.3315.

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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 has started, within which the first wave of the lower level 1 of (3) is forming.

If the assumption is correct, the USDCHF pair will grow to the area of 0.9600–0.9900. In this scenario, critical stop loss level is 0.9081.

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EURJPY settles below the moving average​

The EURJPY pair returned to provide some negative trades to settle below the moving average 55, to form additional barrier at 141.70 and support the domination of the previously suggested bearish bias. Also, stochastic attempt to exit the overbought areas will increase the negative pressures, providing chances to form strong negative trades, waiting to target 140.25 and 139.15 levels soon.

The expected trading range for today is between 142.00 and 140.25.​

 

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USDCAD breaks the support​

The USDCAD pair succeeded to break 1.3350 level and closed the daily candlestick below it, which supports the continuation of our bearish overview efficiently for the upcoming sessions, opening the way to head towards our next target that reaches 1.3205.
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The EMA50 continues to support the suggested bearish wave, which will remain valid unless breaching 1.3350 and holding above it again. The expected trading range for today is between 1.3260 support and 1.3400 resistance.​

 

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USDJPY attempts to recover​

The USDJPY pair returned to rise yesterday to attack 129.80 level, noticing that stochastic provides clear negative signals on the four hours’ time frame, which encourages us to suggest the bearish bias for today, and the targets start by breaking 128.90 to confirm extending the bearish wave towards 127.20.

On the other hand, we should note that breaching 130.50 will stop the suggested negative scenario and lead the price to achieve new gains on the intraday basis. The expected trading range for today is between 128.90 support and 130.70 resistance.​

 

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EURUSD Tests the Moving Average​

The EURUSD pair continues to provide weak trades around the EMA50, noticing that stochastic attempts to provide positive signals, waiting to motivate the price to resume the bullish wave that targets 1.1030 as a next station.

Therefore, the positive scenario will remain active as long as 1.0845 level remains intact, reminding you that breaking this level will put the price under intraday pressure to test 1.0745 areas before any new attempt to rise. The expected trading range for today is between 1.0800 support and 1.0960 resistance.​