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  1. #1381
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    Forex Analysis & Reviews: Forecast for EUR/USD on January 14, 2021

    EUR/USD
    Yesterday, the euro dropped 48 points and returned to the consolidation range of 1.2132/77. Leaving the range for growth can be mistaken for a false movement when the price falls below the lower border of the range, and this will boost traders' confidence for an attack not only on the nearest target of 1.2050 along the MACD line on the daily chart, but also below, to the target level of 1.1920 ( high on November 9 and September 10).

    The four-hour chart shows that the Marlin oscillator operates on the zero neutral line, which to some extent weakens its leading role as a leading indicator. But on the other hand, if the price falls, the oscillator will have enough margin for a downward movement. We are waiting for the development of the situation. Before the price falls below 1.2132, the price may once again try to test the MACD line at 1.2225.

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    Forex Analysis & Reviews: Forecast for EUR/USD on January 15, 2021

    EUR/USD
    On Thursday, the euro traded in the consolidation range of 1.2132/77 with a short exit from it to the downside, with an attempt to pull down the price below the balance line on a daily timescale. If the price settled below this line, it would mean a shift in market sentiment towards short positions in the medium term.

    The Marlin Oscillator has been in a downward trend zone for a week now, a sign that the euro will strengthen its attempts to break down the remaining rising technical signs. The price continues to develop above the MACD indicator line on the daily chart. Getting the pair to settle below it, under 1.2050, will strengthen the market's downward sentiment and send the price towards the 1.1920 target (November 9 high).

    The price is consolidating in the 1.2132/77 range on the four-hour chart, but a more pronounced consolidation is observed on the Marlin oscillator. The main direction of the oscillator signal line's exit from the range is to the downside, but taking into account that it could form on the border of the positive area following the previous growth (technical figure "flag"), there is still a possibility that the price could rise to the MACD line (1.2220) or even to the target level of 1.2273 - the high on December 17. In order to confirm the price's intention to fall, the price would have to settle below the lower border of the 1.2132 range.

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    USDCAD is facing bearish pressure, potential for further downside!



    Price is facing bearish pressure from our first resistance in line with our horizontal swing high resistance, 78.6% fibonacci retracement and 78.6% fibonacci extension where we could see a drop below this to our first support target.


    Trading Recommendation Entry:

    1.2790

    Reason for Entry:

    horizontal swing high resistance, 78.6% fibonacci retracement and 78.6% fibonacci extension

    Take Profit: 1.2745

    23.6% fibonacci retracement

    Stop Loss: 1.2832

    Reason for Stop Loss:

    horizontal swing high resistance

    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

  4. #1384
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    Forex Analysis & Reviews: Forecast for AUD/USD on January 19, 2021

    AUD / USD
    Yesterday, the Australian dollar fell slightly under the strengthening of the US currency. Today, the major currency pairs are undergoing a correction as the US dollar is weakening and counter dollar currencies are strengthening. The growth of the "Australian" today has already blocked yesterday's decline in the Asian session. After the correction is completed with the price overcoming the target level of 0.7641, it will most likely increase the fall to the target of 0.7465, which is approaching the Kruzenshtern line. The Marlin oscillator is in the negative zone and this circumstance will restrain the growth of the currency.

    Based on the four-hour scale, the Marlin oscillator makes its way into the growth zone, strengthening the previously formed convergence. The end of the corrective growth is expected on the Kruzenshtern line in the area of 0.7743. Growth is also possible above the target level of 0.7770. The nature of the development of the oscillator indicates the completion of the correction tomorrow.

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    Forex Analysis & Reviews: Forecast for USD/JPY on January 20, 2021

    USD/JPY
    Yesterday, the USD/JPY pair rose by 20 points without working out the trend line of the price channel of the higher timeframe (104.20). This creates a prerequisite for a repeated attack of the price on this resistance in the near future. The price is higher than the balance indicator line. If the quote moves below the signal level 103.57, which coincides with the support of the Kruzenshtern Indicator line (blue), it will create a condition for the implementation of an alternative scenario where there will be a decline to the level of 103.00.

    On the four-hour scale chart, the price breaks under the Kruzenshtern line. The Marlin Oscillator turns down from the border with the growth territory. A price decline to at least 103.57 is possible, after which we also expect a rapid increase to 104.20.

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    Forex Analysis & Reviews: Forecast for AUD/USD on January 21, 2021

    AUD/USD
    Yesterday and this morning, the Australian Dollar rose by almost 80 points. Today, positive data was released on employment. Unemployment in Australia fell from 6.8% to 6.6%, while the share of the economically active population increased from 66.1% to 66.2%. Fixing the price above 0.7770 may lead the dollar to the target level of 0.7905. The Marlin Oscillator, which has moved into the growth zone, pushes the price to this level.

    On the four-hour scale chart, the price is already fixed above the Kruzenshtern Indicator Line. The price remains to gain a foothold above the reached level of 0.7770. If the price does not succeed and the consolidation occurs under the Kruzenshtern line below the level of 0.7744, the scenario for growth will be cancelled. The price will again pay attention to the target level of 0.7641.

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    Forex Analysis & Reviews: Forecast for EUR/USD on January 25, 2021

    EUR/USD
    As we expected in last Friday's review, the euro settled in the 1.2132/77 range. The trading volumes were similar to those of the previous two days, that is, purchases were indeed closed, but not as intensely as we expected. Today this process may continue, which can be helped by the German IFO indices for January; the forecast for the business climate assumes a decrease in the index from 92.1 to 91.8, the index of current expectations may decrease from 91.3 to 90.6.

    The daily chart shows the price met the resistance of the balance indicator line and the upper border of the consolidation range of 1.2132/77. The Marlin oscillator is turning to the downside. We are waiting for the price to leave the area under the lower border of the consolidation range and a subsequent attack on the MACD line in the 1.2070 area, getting the price to settle below it opens the 1.1915 target.

    The four-hour chart shows that the 1.2132 level coincides with the MACD indicator line, respectively, the level, like the consolidation range itself, gains strategic importance in the short-term current situation.

    Analysis are provided by InstaForex

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    Forex Analysis & Reviews: Forecast for GBP/USD on January 26, 2021

    GBP/USD
    Yesterday, the British pound tested support at 1.3648. So far it has been unsuccessful and there are several technical reasons for this; the signal line of the Marlin oscillator met the lower line of its own wedge on the daily chart; on the four-hour chart, the MACD line is located at this price level.

    But Marlin has penetrated the negative area in the four-hour chart, this is a sign that the price would overcome support at 1.3648, probably by today. The target for the decline is the 1.3480 level - the low on December 9 and September 1, 2020.

    The four-hour chart shows that the 1.2132 level coincides with the MACD indicator line, respectively, the level, like the consolidation range itself, gains strategic importance in the short-term current situation.

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  9. #1389
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    Forex Analysis & Reviews: Trading plan for EURUSD for January 27, 2021

    Technical outlook:
    EURUSD dropped to 1.2108 lows yesterday before finding support again. It is quite possible that the European currency has managed to carve a higher low and bulls are now inclined to extend the counter trend rally towards 1.2250/70 in the near term. The single currency pair is seen to be trading at around 1.2163 levels at this point in writing and is expected to continue pushing higher towards 1.2250/70 levels before resuming lower again.

    Immediate resistance remains fixed at 1.2350 mark, while interim support comes in around 1.2053 levels respectively. The recent boundary which is being worked upon is between 1.2350 and 1.2053 and the fibonacci 0.618 retracement is seen towards 1.2250 levels respectively (not shown here). High probability remains for a bearish reversal, if prices manage to reach through 1.2250/70 zone. Bears are expected to be back in control until prices stay below 1.2350 highs.

    On the flip side, even if prices break above 1.2350 in the near term, upside remains limited and a sharp bearish reversal could be underway. The larger wave structure also remains constructive for bears since the entire rally between 1.0636 and 1.2350 seems to be complete. Probability remains high for a drop through 1.1250/1.1300 levels, which is fibonacci 0.618 retracement for the above rally.

    Trading plan:
    Remain short, add more @ 1.2250/70, stop @ 1.2500, target is open.
    Good luck!

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  10. #1390
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    Forex Analysis & Reviews: Forecast for EUR/USD on January 29, 2021

    EUR/USD
    Yesterday, the euro slightly corrected after the hype of Wednesday's fall, supported by the MACD line on the daily chart. Yesterday's growth was offset by a decline in today's Asian session. It looks like the euro is going to attack the support of the MACD line at 1.2077. Getting the price to settle below this line will further strengthen the euro's decline to the target range of 1.1870-1.1915. Interim target of 1.1980.

    The price is breaking the support of the MACD line on the four-hour chart. Ahead of it there is a range of support at 1.2058/77, leaving it will become a signal to reach the nearest target of 1.1980.

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  11. #1391
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    Forex Analysis & Reviews: Forecast for EUR/USD on February 1, 2021

    EUR/USD
    The euro traded in a limited range last Friday, as it did on Thursday, staying between the MACD indicator line (1.2080) and the reference level of 1.2177 on the daily chart. Here we see that at the moment the Marlin oscillator's indicator line is slightly increasing, which will make it possible for the price to continue consolidating for at least another day. The euro will accelerate its decline only when the price goes under the MACD line, below 1.2080. The first target is 1.1980, then the range is 1.1870-1.1915.

    The price is also developing above the MACD indicator line on the four-hour chart. The 1.2080 level coincides with the lows of January 28 and 20, which makes it more significant. The Marlin oscillator is growing, reaching the border of the territory of positive values. The sideways movement of the euro is likely to continue today.

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    Forex Analysis & Reviews: Forecast for EUR/USD on February 2, 2021

    EUR/USD
    Yesterday, the euro finally decided to overcome the support of the MACD indicator line. The euro fell by 75 points. Now the 1.1980 target is open. The 1.1870-1.1915 range, which is the second target, is just below it. A weak risk of such a decline is seen in the initial stage when forming a price convergence with the Marlin oscillator. But this is still an alternative to today's scenario.

    The situation is completely decreasing on the four-hour chart; the price is below the balance and MACD indicator lines, while the Marlin oscillator is in the zone of negative values, there is no convergence according to Marlin. Since the price surpassed yesterday's low (1.2056), we are waiting for it to move to the first target of 1.1980.

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  13. #1393
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    Forex Analysis & Reviews: Forecast for EUR/USD on February 3, 2021

    EUR/USD
    Yesterday, the euro settled below the MACD indicator line on the daily chart. This suggests that now the road to a medium-term decline with the 1.1760 target and, probably, below, in the target range of 1.1550/75 is open. The goals are still to be specified.

    But at the moment there is a circumstance that can disrupt the plan to pull down the price to the nearest targets: 1.1980 and 1.1915. This is a sign of the price convergence with the Marlin oscillator. If this convergence is completed and it turns out to be strong, the price will be able to return to the area above the MACD line and then a new downward momentum will be carried over for several more days. In the meantime, the correction is limited by the resistance of the MACD line at 1.2083.

    There are no clear reversal signs on the 4-hour chart. The Marlin oscillator is growing in a downward trend zone. The price and the oscillator are growing within a moderate correction. The main scenario - the imminent end of the correction and the price falling to the first target of 1.1980 and to the second target at 1.1915 has higher chances, about 70%.

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    Forex Analysis & Reviews: Technical Analysis of GBP/USD for February 4, 2021

    Technical Market Outlook:
    The bearish pressure on GBP/USD has increased and the market has broke below the technical support located at the level of 1.3608. This level will now act as an intraday technical resistance. The local low was made at the level of 1.3586, so the next target for them is the intraday technical support located at the level of 1.3519. The market is coming off the overbought conditions and the momentum is weak and negative, pointing down. The key mid - term technical support is seen at the level of 1.3428, but please pay attention to any breakout below the trend line support around the level of 1.3500 first. This might be the first indication of a potential move lower.

    Weekly Pivot Points:
    WR3 - 1.4011
    WR2 - 1.3877
    WR1 - 1.3788
    Weekly Pivot - 1.3646
    WS1 - 1.3564
    WS2 - 1.3416
    WS3 - 1.3342

    Trading Recommendations:
    The GBP/USD pair keeps developing the up trend and the trigger for this trend was the breakout above the level or 1.3518 on the weekly time frame chart. The recent top was made at the level of 1.3744 and this was the higher close in over two years. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370.

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    Forex Analysis & Reviews: Forecast for AUD/USD on February 8, 2021

    AUD / USD
    The Australian dollar rose by 77 points last Friday, breaking the level of 0.7641. Now, you should wait for the price to go back under this level so that you can start selling again. Today, the important macroeconomic data are not released, and the weakened indicators on the trade balance in Germany are expected tomorrow, which can move European currencies going down even more and along with them the "Australian" will weaken.

    As we can see on the daily chart, the signal line of the Marlin oscillator has almost reached the upper limit of its own descending channel, and here the indicator may linger.

    Based on the four-hour chart, the price is fixed above the indicator lines of the balance and the Kruzenshtern line. The Marlin is at the top but it is turning slightly. It is quite possible that the AUD/USD pair will have enough potential to stay here for a day.

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    Forex Analysis & Reviews: Forecast for AUD/USD on February 9, 2021

    AUD / USD
    On the back of yesterday's pronounced increase in risk appetites given by the large-scale growth of cryptocurrencies - the value of this market for the day increased by 143 billion dollars, which led by bitcoin with a trading volume of 120 billion dollars, and the total capitalization of this market yesterday was 1.316 trillion dollars. Dollars, increased to 1.363 trillion, which strongly affected the market of real national currencies and stock markets: the Australian dollar rose by 26 points, the S & P500 added 0.74%.

    As we can see on the daily chart, the signal line of the Marlin oscillator has left the descending channel up and is currently preparing to enter the zone of positive values. The price itself went to the target range of 0.7765 / 83 (defined by the peaks of January 21 and 13), after which it can go to storm the January high of January 6, the target of which is slightly higher - 0.7830.

    Based on a four-hour scale, the situation is completely growing: the price rises above the indicator lines, the Marlin oscillator rises without signs of a reversal. So, the nearest target of the Australian dollar is 0.7765/83.

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    Forex Analysis & Reviews: Forecast for AUD/USD on February 10, 2021

    AUD / USD
    Yesterday, the Australian dollar rose by 36 points. There is still much time left to go to work out the target range of 0.7765 / 83. Thus, it is already becoming much more difficult for the "Australian". The Marlin oscillator outlines a reversal from the border with the territory of growth. The price can work out the target range with a declining oscillator, but the growth should slow down, respectively, the goal will be reached only tomorrow.

    Based on the four-hour chart, the Marlin is not pronounced but it is only discharged perhaps before the further growth. But be that as it may, the time for purchases is not suitable, it is only possible to hold previously opened positions.

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  18. #1398
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    NEW ZEALAND ELECTRONIC CARD TRANSACTIONS SLIP 0.4% IN JANUARY

    The total value of electronic card transactions in New Zealand was down a seasonally adjusted 0.4 percent on month or NZ$24 million in January, Statistics New Zealand said on Thursday - following the 19.2 percent spike in December.

    Spending in the core retail industries slipped 0.7 percent on month or NZ$39 million.

    On a yearly basis, electronic retail card spending was up 1.9 percent - slowing from 3.5 percent in the previous month.

    By industry, the movements were: durables, up NZ$34 million (2.1 percent); motor vehicles (excluding fuel), up NZ$3 million (1.7 percent); fuel, down NZ$1 million (0.3 percent); apparel, down NZ$7 million (2.0 percent); and consumables, down NZ$31 million (1.3 percent).

    Analysis are provided by InstaForex

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    Forex Analysis & Reviews: Forecast for USD/JPY on February 11, 2021

    USD/JPY
    The yen has been lingering suspiciously long at 104.62, forming a new consolidation on it. Such consolidation indicates the intention of the market to continue the decline, in this case, the target is to support the embedded line of the price channel in the area of 104.02. The signal for such a breakthrough will be the transition of the price under yesterday's low of 104.42.

    If the price still intends to continue to grow, then it must do it today, overcoming the top of yesterday's 104.85. The Marlin oscillator on the four-hour chat is turning up, this sign preserves the probability of price growth.

    But before reaching the main target of 105.33, the price will need to overcome two previous levels: the already specified 104.85 and 105.05 along the MACD line on H4. It is the MACD line that is now of the greatest importance; if the price cannot overcome it, then a trend reversal will occur with the intention of working out 104.02.

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    Forex Analysis & Reviews: Hot forecast for EUR/USD on 02/15/2021

    We can absolutely calmly say that the single European currency has actually stood still for several days in a row. Of course it gradually decreased for nearly the entirety of Friday, and it completely won back all these losses closer to the end of the US session. But the scale of these movements, at best, can be called extremely modest. Something in the region of thirty points one way and the other. Which, in general, is not surprising, since the macroeconomic calendar was completely empty on Friday. So there was simply nothing for investors to grab onto.

    Today the situation is somewhat different, as data on retail sales will be published in Europe, which should show zero growth. More precisely, they can show no change in annual terms. And oddly enough, this can be perceived as an extremely positive factor, since the European industry has been declining for twenty-five consecutive months. That is, it has been decreasing since November 2018. The data for December last year will be published today. In general, despite the depressing state of affairs in the European industry, the fact that the recession has stopped already seems like incredible growth, which will contribute to the euro's appreciation. Industrial production (Europe):

    After a short pullback from the resistance point of 1.2150, the EURUSD pair returned to the area of last week's high, while showing interest in growth.

    The market dynamics is below average, while local jumps are slipping in the market, which indicates that speculators are on it.

    Based on the quote's current location, it is clear that market participants are already practically touching the resistance level of 1.2150, where, given the recent pullback, a regrouping of trading forces could have occurred, which will positively affect the volume of long positions.

    Considering the trading chart in general terms, the daily period, you can see that the quote follows in the structure of the corrective move from the high of the medium-term trend of 1.2349, where, taking into account the recovery, we are about halfway from the high of the trend.

    We can assume that the recovery process relative to the corrective move may continue to be present in the market, but in order to do so, the quote needs to stay above 1.2155, which will open the way in the direction of 1.2190, this is the first point of a possible move.

    In case the price does not surpass the 1.2155 level on a four-hour period, then a fluctuation along the 1.2110/1.2160 range is not excluded.

    From the point of view of a comprehensive indicator analysis, we see that the indicators of technical instruments signal a buy, since the quote can be found in the 1.2150 region.

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