Forecast for January 16:
Analytical review of currency pairs on the scale of H1:
For the euro / dollar pair, the key levels on the H1 scale are: 1.1204, 1.1177, 1.1151, 1.1115, 1.1087, 1.1058, 1.1031 and 1.1015. Here, the price is close to the cancellation of the downward structure from January 6, for which we expect a breakdown of the level of 1.1177. In this case, the first potential target is 1.1204, while we expect a short-term upward movement, as well as consolidation in the range 1.1151 – 1.1177. The continuation of the movement to the bottom is possibly after the breakdown of the level of 1.1115.
Here, the first goal is 1.1087. The breakdown of which will allow counting on the movement to 1.1058. Price consolidation is near this level. The breakdown of the level of 1.1056 will lead to movement to a potential target – 1.1015. Price consolidation is in the range of 1.1015 – 1.1031, and from here.
The main trend is the local descending structure of January 6, the potential for the top of January 10
Trading recommendations:
Buy: 1.1153
Take profit: 1.1175
Buy: 1.1178
Take profit: 1.1204
Sell: 1.1058
Take profit: 1.1090
Sell: 1.1085
Take profit: 1.1060
For the pound / dollar pair, the key levels on the H1 scale are: 1.3113, 1.3073, 1.3027, 1.2937, 1.2874 and 1.2838. Here, the price is in correction from the downward structure on December 31. The continuation of movement to the bottom is expected after the breakdown of the level of 1.2937. In this case, the target is 1.2874. For the potential value for the bottom, we consider the level of 1.2838. Upon reaching this level, we expect consolidation, as well as a rollback to the top.
Short-term upward movement, as well as consolidation, are expected in the range 1.3027 – 1.3073. The breakdown of the latter value will lead to an in-depth correction. Here, the goal is 1.3113. This level is a key support for the bottom, its passage through the price will have the formation of initial conditions for the upward cycle. Here, the potential target is 1.3178.
The main trend is the descending structure of December 31, the correction stage
Trading recommendations:
Buy: 1.3027
Take profit: 1.3073
Buy: 1.3074
Take profit: 1.3113
Sell: 1.2935
Take profit: 1.2875
Sell: 1.2872
Take profit: 1.2838
For the dollar / franc pair, the key levels on the H1 scale are: 0.9691, 0.9667, 0.9650, 0.9623, 0.9597, 0.9581 and 0.9551. Here, we are following the development of the downward cycle of January 10. The continuation of the movement to the bottom is expected after the breakdown of the level of 0.9623. In this case, the target is 0.9597. Price consolidation is in the range of 0.9597 – 0.9581. For the potential value for the bottom, we consider the level of 0.9551. Upon reaching which, we expect a pullback to the top.
Short-term upward movement is possibly in the range of 0.9650 – 0.9667. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 0.9691. This level is a key support for the bottom.
The main trend is the initial conditions for the bottom of January 10
Trading recommendations:
Buy: 0.9650
Take profit: 0.9665
Buy: 0.9668
Take profit: 0.9690
Sell: 0.9621
Take profit: 0.9598
Sell: 0.9580
Take profit: 0.9551
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 a movement to 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 latter value will lead to an in-depth correction. Here, the goal is 109.23. This level is 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 expected 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. We consider the level 1.3157 to be a potential value for the top; 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. Short-term movement to the top is expected in the range of 0.6915 – 0.6933. The breakdown of the last 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.
Short-term downward movement is expected in the range 0.6887 – 0.6871. The breakdown of the last value will have the subsequent development of the downward structure. Here, the first goal is 0.6851. As a potential value for the bottom, we consider the level of 0.6793. The movement to which is expected after the breakdown of the level of 0.6825.
The main trend is the descending structure of December 31, the formation of potential for the top of January 9
Trading recommendations:
Buy: 0.6915
Take profit: 0.6930
Buy: 0.6935
Take profit: 0.6955
Sell: 0.6887
Take profit: 0.6873
Sell: 0.6870
Take profit: 0.6852
For the euro / yen pair, the key levels on the H1 scale are: 123.89, 123.32, 123.06, 122.33, 122.09 and 121.80. 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 122.70. 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. We expect a pullback to the bottom from this level.
Short-term downward movement is possibly in the range of 122.33 – 122.09. The breakdown of the latter value will lead to an in-depth correction. Here, the goal is 121.80. This level is a key support for the upward structure.
The main trend is the upward cycle of January 8
Trading recommendations:
Buy: 122.70
Take profit: 123.05
Buy: 123.06
Take profit: 123.30
Sell: 122.33
Take profit: 122.10
Sell: 122.07
Take profit: 121.84
For the pound / yen pair, the key levels on the H1 scale are : 145.11, 144.53, 143.68, 142.34, 141.87, 141.31 and 140.66. Here, we are following the development of the ascendant structure of January 3. The continuation of the movement to the top is expected after the passage at the price level of 143.70. In this case, the target is 144.53. Price consolidation is near this value. For the potential level for the top, we consider level 145.11, from which we expect a pullback to the bottom.
Short-term downward movement is possibly in the range of 142.34 – 141.87. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 141.31. This level is a key support for the upward structure.
The main trend is the upward structure of January 3
Trading recommendations:
Buy: 143.70
Take profit: 144.50
Buy: 144.55
Take profit: 145.10
Sell: 142.34
Take profit: 141.90
Sell: 141.85
Take profit: 141.35
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services to individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
