Fractal analysis for major currency pairs on Jan 20, 2020

Forecast for January 20:

Analytical review of currency pairs on the scale of H1:

For the euro / dollar pair, the key levels on the H1 scale are: 1.1131, 1.1115, 1.1102, 1.1079, 1.1064 and 1.1031. Here, the price canceled the development of the upward structure from January 10 and at the moment, we are defining key targets from the downward structure on January 16. Short-term downward movement is expected in the range of 1.1079 – 1.1064. The breakdown of the last value will lead to a pronounced movement. Here, the potential target is 1.1031. We expect a pullback to the top from this level.

Short-term upward movement is possibly in the range 1.1102 – 1.1159. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.1131. This level is a key support for the downward structure.

The main trend is the descending structure of January 16

Trading recommendations:

Buy: 1.1102 Take profit: 1.1113

Buy: 1.1116 Take profit: 1.1130

Sell: 1.1078 Take profit: 1.1065

Sell: 1.1063 Take profit: 1.1034

For the pound / dollar pair, the key levels on the H1 scale are: 1.3243, 1.3178, 1.3126, 1.3082, 1.2994 and 1.2953. Here, we are following the formation of the ascending structure of January 14. At the moment, the price is close to its cancellation. In this case, a breakdown of 1.2994 is needed, also in this case, the first goal is 1.2953. Short-term upward movement is expected in the range 1.3082 – 1.3126. The breakdown of the latter value will allow us to expect movement to the level of 1.3178. Price consolidation is near this value. For the potential level for the top, we consider the level of 1.3243. Upon reaching which, we expect a pullback.

The main trend is the formation of the ascending structure of January 14, the stage of deep correction

Trading recommendations:

Buy: 1.3082 Take profit: 1.3124

Buy: 1.3127 Take profit: 1.3176

Sell: Take profit:

Sell: 1.2992 Take profit: 1.2954

For the dollar / franc pair, the key levels on the H1 scale are: 0.9778, 0.9758, 0.9725, 0.9699, 0.9668, 0.9654, 0.9632 and 0.9610. Here, the price forms the expressed initial conditions for the top of January 16. The continuation of the movement to the top is expected after the breakdown of the level of 0.9700. In this case, the target is 0.9725. Price consolidation is near this level. The breakdown of the level of 0.9725 will lead to pronounced movement. Here, the target is 0.9758. For the potential value for the top, we consider the level of 0.9778. Upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 0.9668 – 0.9654. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 0.9632. This level is a key support for the top.

The main trend is the formation of initial conditions for the top of January 16

Trading recommendations:

Buy : 0.9700 Take profit: 0.9725

Buy : 0.9727 Take profit: 0.9756

Sell: 0.9667 Take profit: 0.9655

Sell: 0.9652 Take profit: 0.9635

For the dollar / yen pair, the key levels on the scale are : 111.38, 110.78, 110.39, 109.81, 109.58 and 109.23. Here, we are following the development of the upward cycle of January 8. At the moment, we expect to reach the level of 110.39. The breakdown of which will allow us to count on movement to the level of 110.78. Price consolidation is near this value. The breakdown of the level of 110.80 should be accompanied by a pronounced upward movement. Here, the potential target is 111.38.

Short-term downward movement is possibly in the range 109.81 – 109.58. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 109.23. This level is a key support for the top.

The main trend: the upward cycle of January 8.

Trading recommendations:

Buy: 110.40 Take profit: 110.76

Buy : 110.80 Take profit: 111.35

Sell: 109.80 Take profit: 109.58

Sell: 109.55 Take profit: 109.25

For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3157, 1.3126, 1.3112, 1.3090, 1.3062, 1.3040 and 1.3015. Here, we are following the development of the upward cycle of January 7. The continuation of the movement to the top is except after the breakdown of the level of 1.3090. In this case, the target is 1.3112. Price consolidation is in the range of 1.3112 – 1.3126. For the potential value for the top, we consider the level of 1.3157. Upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement, as well as consolidation are possible in the range of 1.3040 – 1.3015. The breakdown of the latter value will lead to the formation of initial conditions for the downward cycle. In this case, the potential target is 1.2988.

The main trend is the upward cycle of January 7, the correction stage

Trading recommendations:

Buy: 1.3090 Take profit: 1.3112

Buy : 1.3126 Take profit: 1.3155

Sell: 1.3038 Take profit: 1.3017

Sell: 1.3013 Take profit: 1.2990

For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.6972, 0.6955, 0.6933, 0.6915, 0.6887, 0.6871, 0.6851, 0.6827 and 0.6793. Here, we are following the formation of the ascending structure of January 9. At the moment, the price is close to the cancellation of this structure, which requires a breakdown of the level of 0.6871. In this case, the first target is 0.6851. Short-term movement to the top is expected in the range of 0.6915 – 0.6933. The breakdown of the latter value will lead to a pronounced movement. Here, the target is 0.6955. For the potential value for the top, we consider the level of 0.6972. Upon reaching this value, we expect consolidation, as well as a pullback to the bottom.

The main trend is the formation of potential for the top of January 9, the stage of deep correction

Trading recommendations:

Buy: 0.6915 Take profit: 0.6930

Buy: 0.6935 Take profit: 0.6955

Sell : 0.6870 Take profit : 0.6852

Sell: 0.6850 Take profit: 0.6828

For the euro / yen pair, the key levels on the H1 scale are: 123.89, 123.32, 123.06, 122.68, 122.09, 121.80 and 121.47. Here, we are following the development of the upward cycle of January 8. The continuation of the movement to the top is expected after the breakdown of the level of 122.68. In this case, the first target is 123.06. Short-term upward movement, as well as consolidation is in the range of 123.06 – 123.32 . The breakdown of the level of 123.35 will lead to a movement to a potential target – 123.89, from this level, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 122.09 – 121.80. The breakdown of the latter value will lead to an in-depth correction. Here, the goal is 121.47. This level is a key support for the upward structure.

The main trend is the upward cycle of January 8, the correction stage

Trading recommendations:

Buy: 122.70 Take profit: 123.05

Buy: 123.06 Take profit: 123.30

Sell: 122.07 Take profit: 121.84

Sell: 121.80 Take profit: 121.50

For the pound / yen pair, the key levels on the H1 scale are : 146.41, 145.55, 144.93, 144.53, 143.98, 143.07, 142.59 and 142.11. Here, we are following the development of the ascending structure of January 3. At the moment, the price is in correction. The resumption of movement to the top is expected after the breakdown of the level of 144.00. In this case, the first goal is 144.53. Short-term upward movement is expected in the range of 144.53 – 144.93. The breakdown of the latter value will lead to a movement to the level of 145.55, and near which, we expect consolidation. For the potential value for the top, we consider the level of 146.41, from which we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 143.07 – 142.59. The breakdown of the latter value will lead to the formation of initial conditions for the downward cycle. In this case, the potential target is 142.11.

The main trend is the upward structure of January 3, the correction stage

Trading recommendations:

Buy: 144.00 Take profit: 144.51

Buy: 144.53 Take profit: 144.91

Sell: 143.05 Take profit: 142.65

Sell: 142.54 Take profit: 142.11

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Fractal analysis for major currency pairs on January 20