Fractal analysis for major currency pairs on Jan 3, 2020

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Forecast for January 3:

Analytical review of currency pairs on the scale of H1:

For the euro / dollar pair, the key levels on the H1 scale are: 1.1238, 1.1220, 1.1198, 1.1182, 1.1157, 1.1134, 1.1105 and 1.1085. Here, the price forms the potential for the downward movement of December 31 in the correction of the upward cycle on December 24. The continuation of the movement to the bottom is expected after the breakdown of the level of 1.1157. In this case, the target is 1.1134, wherein price consolidation is near this level. The breakdown of the level of 1.1134 should be accompanied by a pronounced downward movement. Here, the goal is 1.1105. For the potential value for the bottom, we consider the level of 1.1085. Upon reaching which, we expect consolidation, as well as a rollback to the top.

Short-term upward movement is expected in the range 1.1182 – 1.1198. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.1220. This level is a key support for the top. Its passage at the price will lead to the formation of initial conditions for the upward cycle. Here, the potential target is 1.1238.

The main trend is the upward cycle of December 24, the correction stage

Trading recommendations:

Buy: 1.1182 Take profit: 1.1196

Buy: 1.1199 Take profit: 1.1220

Sell: 1.1157 Take profit: 1.1136

Sell: 1.1132 Take profit: 1.1107

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For the pound / dollar pair, the key levels on the H1 scale are: 1.3417, 1.3338, 1.3282, 1.3199, 1.3097, 1.3061 and 1.3006. Here, we follow the development of the ascending structure of December 23. The continuation of the movement to the top is expected after the breakdown of the level of 1.3200. In this case, the target is 1.3282. Short-term upward movement, as well as consolidation is in the range of 1.3282 – 1.3338. For the potential value for the top, we consider the level of 1.3417. Upon reaching which, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range of 1.3097 – 1.3061. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.3006. This level is a key support for the top.

The main trend is the upward structure of December 23

Trading recommendations:

Buy: 1.3200 Take profit: 1.3280

Buy: 1.3283 Take profit: 1.3336

Sell: 1.3097 Take profit: 1.3061

Sell: 1.3058 Take profit: 1.3008

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For the dollar / franc pair, the key levels on the H1 scale are: 0.9822, 0.9798, 0.9766, 0.9738, 0.9698, 0.9678 and 0.9644. Here, the price forms the potential for the upward movement of December 31 in the correction of the downward cycle of December 24. The continuation of the movement to the top is expected after the breakdown of the level of 0.9738. In this case, the target is 0.9766, wherein price consolidation is near this level. The breakdown of the level of 0.9766 will lead to a pronounced movement. In this case, the target is 0.9798. For the potential value for the top, we consider the level of 0.9822. Upon reaching which, we expect consolidation, as well as a pullback to the bottom.

Short-term downward movement is possibly in the range of 0.9698 – 0.9678. The breakdown of the latter value will favor the development of a downward structure. In this case, the first target is 0.9644.

The main trend is the downward cycle of December 24, the correction stage

Trading recommendations:

Buy : 0.9738 Take profit: 0.9764

Buy : 0.9767 Take profit: 0.9796

Sell: 0.9698 Take profit: 0.9678

Sell: 0.9676 Take profit: 0.9645

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For the dollar / yen pair, the key levels on the scale are : 109.02, 108.78, 108.61, 108.35, 108.17, 107.94, 107.70 and 107.53. Here, we determine the subsequent goals for the bottom from the local descending structure on January 2. Short-term downward movement is possibly in the range of 108.35 – 108.17. The breakdown of the latter value will lead to movement to the level of 107.94. Price consolidation is near this level. The breakdown 107.94 will allow you to count on a pronounced movement towards a potential target – 107.53. Price consolidation is in the range of 107.53 – 107.70 and from here, we expect a correction.

Short-term upward movement is possibly in the range 108.61 – 108.78. The breakdown of the latter value will have the potential to form the top. Here, the first goal is 109.02.

Main trend: descending structure of December 26, local initial conditions for the bottom of January 2

Trading recommendations:

Buy: 108.61 Take profit: 108.76

Buy : 108.80 Take profit: 109.00

Sell: 108.35 Take profit: 108.18

Sell: 108.15 Take profit: 107.94

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For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3058, 1.3045, 1.3019, 1.3000, 1.2950 and 1.2924. Here, we are following the development of the local descending structure of December 23. The continuation of movement to the bottom is expected after the breakdown of the level of 1.2950. In this case, the target is 1.2924. We expect a key reversal to the correction from this level.

Short-term upward movement is possibly in the range of 1.3000 – 1.3019. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 1.3045. The range 1.3045 – 1.3058 is a key support for the downward structure. We expect the initial conditions for the upward cycle to be formed before it.

The main trend is the local descending structure of December 23

Trading recommendations:

Buy: 1.3005 Take profit: 1.3017

Buy : 1.3020 Take profit: 1.3045

Sell: 1.2950 Take profit: 1.2926

Sell: Take profit:

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For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.7039, 0.7007, 0.6994, 0.6975, 0.6962 and 0.6944. Here, we are following the development of the upward cycle of December 18. At the moment, the price is in the correction zone. Short-term upward movement, as well as consolidation are expected in the range of 0.6994 – 0.7007. For the potential value for the top, we consider the level of 0.7039. Upon reaching this level, we expect a pullback.

Short-term downward movement is expected in the range 0.6975 – 0.6962. The breakdown of the last value will lead to an in-depth correction. Here, the target is 0.6944. This level is a key support for the top.

The main trend is a local upward cycle of December 18, the correction stage

Trading recommendations:

Buy: 0.6995 Take profit: 0.7006

Buy: 0.7010 Take profit: 0.7030

Sell : 0.6975 Take profit : 0.6964

Sell: 0.6960 Take profit: 0.6946

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For the euro / yen pair, the key levels on the H1 scale are: 121.92, 121.62, 121.42, 121.00, 120.86, 120.58 and 120.36. Here, we are following the development of the descending structure of December 27. The continuation of movement to the bottom is expected after the passage of the noise range 121.00 – 120.86. In this case, the target is 120.58. For the potential value for the bottom, we consider the level of 120.36. Upon reaching which, we expect consolidation, as well as a rollback to the top.

Short-term upward movement is possibly in the range of 121.42 – 121.62. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 121.92. This level is a key support for the downward structure.

The main trend is the descending structure of December 27

Trading recommendations:

Buy: 121.42 Take profit: 121.60

Buy: 121.64 Take profit: 121.90

Sell: 120.86 Take profit: 120.60

Sell: 120.56 Take profit: 120.36

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For the pound / yen pair, the key levels on the H1 scale are : 146.07, 145.47, 144.52, 143.74, 142.93, 142.37 and 141.75. Here, we are following the formation of the initial conditions for the top of December 23. The continuation of the movement to the top is expected after the breakdown of the level of 143.75. In this case, the goal is 144.52. Price consolidation is near this level. The breakdown of the level of 144.55 should be accompanied by a pronounced upward movement. Here, the goal is 145.47. For the potential value for the top, we consider the level of 146.07. Upon reaching which, we expect consolidation, as well as a pullback to the bottom.

Short-term downward movement, as well as consolidation are possible in the range of 142.93 – 142.37. The breakdown of the latter value will lead to an in-depth correction. Here, the goal is 141.75. This level is the key support for the ascending structure of December 23.

The main trend is the formation of initial conditions for the top of December 23

Trading recommendations:

Buy: 143.75 Take profit: 144.50

Buy: 144.55 Take profit: 145.45

Sell: 142.35 Take profit: 141.80

Sell: 141.73 Take profit: 141.10

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

Source:: Fractal analysis for major currency pairs on January 3

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