Market Technical Analysis by RoboForex

[RoboForex Team]

USDCAD: the Canadian dollar loses ground against the USD again

Lower wholesale sales in Canada and positive US fundamental data may propel the USDCAD pair further to 1.4440. More details in our analysis for 27 January 2025.

USDCAD technical analysis

On the H4 chat, the USDCAD price formed an Inverted Hammer reversal pattern near the lower Bollinger band. At this stage, it continues developing a growth wave following the signal received. Since the quotes remain within an ascending channel, the upward wave is expected to continue to the nearest resistance level at 1.4440. A breakout above this level would open the potential for a more substantial uptrend.

Alongside the USDCAD technical analysis, low fundamental indicators from Canada suggest growth to the 1.4440 resistance level.

Read more - USDCAD Forecast

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.

Sincerely,
The RoboForex Team

 

[RoboForex Team]

EURUSD: the euro may lose ground again after a correction

The ECB President’s speech may impact the current EURUSD forecast and push the price down to 1.0330. Discover more in our analysis for 28 January 2025.

EURUSD technical analysis

Having tested the upper Bollinger band, the EURUSD price has formed a Stick Sandwich reversal pattern on the H4 chart. At this stage, it continues to develop a downward wave following the signal received. The price will likely decline further to the nearest support level at 1.0330 as it remains within a descending channel. A breakout below this level will open the potential for a more substantial downtrend.

Together with the EURUSD technical analysis, US fundamental data and the ECB president’s speech suggest a decline to 1.0330.

Read more - EURUSD Forecast

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.

Sincerely,
The RoboForex Team

 

[RoboForex Team]

Gold (XAUUSD) rises, driven by demand for safe-haven assets, with a key Fed decision ahead

XAUUSD rises to 2,765 USD on Wednesday, with demand for safe-haven assets increasing due to tariff uncertainty. More details in our analysis for 29 January 2025.

XAUUSD technical analysis

On the XAUUSD H4 chart, a sideways trading range is forming, with boundaries at 2,740-2,766 USD. An upward breakout will open the potential for growth to the previous high of 2,791 USD. With a breakout below the channel, the first selling target will be 2,724 USD.

Gold (XAUUSD) prices rose slightly, driven by demand for safe-haven assets, but there are questions about further growth.

Read more - Gold Forecast

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.

Sincerely,
The RoboForex Team

 

[RoboForex Team]

Brent prices are falling: external pressure is too great

Brent prices plunged to 76.55 USD, with US oil inventories increasing again. Find out more in our analysis for 30 January 2025.

Brent technical analysis

Prerequisites for the extension of the selling wave to 74.62 are forming on the Brent H4 chart. After testing this level, the market may turn to 75.30, but additional conditions are needed to move to a more ambitious target of 78.64.

Brent prices are falling, without halting this movement yet.

Read more - Brent Forecast

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.

Sincerely,
The RoboForex Team