BTCUSD, “Bitcoin vs US Dollar”

In the H4 chart, after several correctional waves to the downside, BTCUSD is trying to form a sideways channel. Later, the market may break this channel upwards to reach the high at 42017.50 and then continue growing towards the post-correctional extension area between 138.2% and 161.8% fibo at 47080.00 and 50213.00 respectively However, an alternative scenario suggests that the channel may be broken downwards. In this case, the asset may try to reach 38.2%, 50.0%, and 61.8% fibo at 27480.00, 22970.00, and 18507.00 respectively again.

The H1 chart shows a new rising wave and the price is re-testing 38.2% fibo. If the price reaches 50.0%, 61.8%, and 76.0% fibo at 35430.00, 37000.00, and 38870.00 respectively, it will be a signal to confirm further growth. On the other hand, a breakout of the low at 28812.50 may hint at a further mid-term correction to the downside.

The H4 chart shows a new correctional wave to the downside after a divergence on MACD, which is heading towards 23.6% fibo at 1146.24. Later, ETHUSD may continue falling to reach 38.2%, 50.0%, and 61.8% fibo at 943.74, 778.63, and 615.08 respectively. The resistance is the new all-time high at 1476.46.

4-часовой таймфрейм Эфириума (Ethereum) демонстрирует развитие новой волны коррекционного спада после обновления последнего максимума и дивергенции. Снижение нацелено на уровень 23,6% по Фибоначчи (1146,24). Дальнейшее снижение может быть направлено к уровням 38,2% (943,74), 50,0% (7778,63) и 61,8% (615,08). Сопротивлением служит новый исторический максимум – 1476,46.

As we can see in the H1 chart, the pair is correcting after completing the descending wave and has already reached 61.8% fibo. Later, the price may continue growing towards 76.0% fibo at 1411.52. The correction may transform into a proper rising wave and update the high. A breakout of the local low at 1207.60 may hint at a further mid-term downtrend.

After a short pause last night, EURUSD resumed falling.

The major currency pair is falling on Friday after a short pause last night. The current quote for the instrument is 1.2100.

Yesterday, the USA published an advance GDP for the fourth quarter of 2020, which showed 4.0% q/q against the first estimate of 4.2% q/q. This slowdown may be forced by the low consumption due to the pandemic and quarantine restrictions in everyday life.

In the first quarter of 2021, the country’s economy is expected to add 5%, while in the second – 7-8%, provided that the White House continues the stimulus measures.

The Unemployment Claims showed 847K over the week after being 914K the week before and against the expected reading of 880K. It’s a good signal for the American economy.

Later today, the USA is scheduled to publish a lot of reports. For example, investors should pay attention to the Personal Spending and Income for December, which may show -0.4% m/m (the same as the month before) and +0.1% m/m (better than -1.1% m/m in November). The stronger the readings, the better for the USD.

Also, it will be interesting to see the revised report on the Consumer Sentiment from the University of Michigan. Most likely, the indicator will remain at 79.2 points but any improvement might support the “greenback”.

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the descending tendency continues. Right now, after forming several reversal patterns, such as Engulfing, close to the resistance level, EURUSD is reversing. In this case, the correctional target remains at 1.2020. After that, the pair may rebound from the support level and resume trading upwards to reach the channel’s upside border. However, an alternative scenario implies that the price may start a new growth to reach 1.2175 without testing 1.2020.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after rebounding from the channel’s downside border, completing the correction, and forming a Hammer pattern, the pair is reversing. The upside target is the resistance area at 104.85. After completing another correction, USDJPY may resume trading upwards. At the same time, an opposite scenario implies that the price may continue its decline to return to 103.95 before resuming its ascending movement.

EURGBP, “Euro vs. Great Britain Pound”

НAs we can see in the H4 chart, after forming several reversal patterns, such as Doji, not far from the support level, EURGBP is reversing and may start another pullback. In this case, the correctional target may be the resistance area at 0.8900. However, judging by previous movements, the pair may yet continue its decline to reach 0.8785 without testing the resistance area.

BRENT

In the H4 chart, Brent is consolidating between 3/8 and 4/8. The instrument made several attempts to break the resistance at 4/8 but failed each time. In this case, the asset is expected to break 3/8 and then correct downwards to reach the support at 2/8. However, this scenario may no longer be valid if the price breaks 4/8 to the upside. After that, the instrument may continue growing towards the resistance at 5/8.

As we can see in the M15 chart, the price has broken the downside line of the VoltyChannel indicator and, as a result, may continue the descending tendency.

S&P 500

In the H4, after breaking the 200-day Moving Average, the S&P Index is moving below it. In this case, the asset is expected to break the closest support at 3/8 and then continue falling towards the next support at 2/8. However, this scenario may no longer be valid if the price fixes above 4/8. After that, the instrument may recover and reach the resistance at 5/8.

As we can see in the M15 chart, the price has broken the downside line of the VoltyChannel indicator and, as a result, may continue its decline.

EURUSD, “Euro vs US Dollar”

After finishing the ascending wave at 1.2130, EURUSD is moving downwards. Possibly, today the pair may break 1.2100 and then continue falling with the target at 1.2044. Later, the market may start a new growth to break 1.2100 and then continue trading upwards to reach 1.2200.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the ascending wave at 1.3740, EURUSD is expected to fall and break 1.3673. After that, the instrument may continue falling and finish the correction at 1.3590. Later, the market may form one more ascending structure to break 1.3740 and then continue trading within the uptrend with the target at 1.3820.

USDRUB, “US Dollar vs Russian Ruble”

After breaking 74.50, USDRUB is still correcting towards 77.07. After that, the instrument may form a new descending structure to test 75.15 from above and then resume trading upwards with the target at 77.40.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY continues forming the ascending wave towards 104.66. After that, the instrument may form a new descending structure to reach 104.10 at least and then resume trading upwards with the target at 104.88.

USDCHF, “US Dollar vs Swiss Franc”

After completing the descending wave at 0.8870 and forming a new consolidation range above this level, USDCHF has broken it to the upside; right now, it is growing towards 0.8927. Later, the market may form a new descending structure to break 0.8870 and then continue trading downwards with the target at 0.8838.

AUDUSD, “Australian Dollar vs US Dollar”

After finishing the descending wave at 0.7628, AUDUSD is growing towards 0.7694. Today, the pair may continue trading downwards with the target at 0.7552.

BRENT

After finishing the ascending structure at 56.15 and rebounding from this level to the downside, Brent has completed the descending wave at 55.15; right now, it is still consolidating around the latter level and this range may be considered as a downside continuation pattern. If later the price breaks this range to the downside, the market may fall to complete the correction at 54.10 and then form one more ascending structure with the target at 56.20.

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating around 1850.50. Possibly, the metal may start another growth to reach 1866.60 and then resume trading downwards with the target at 1827.87.

BTCUSD, “Bitcoin vs US Dollar”

After completing the ascending wave at 32000.00 and forming an upside continuation pattern, BTCUSD has extended this growth up to 34000.00; right now, it is falling to return to 32000.00. Later, the market may break this level and start another decline with the target at 27400.00.

S&P 500

After finishing the correction at 3832.0, the S&P index is falling to break 3720.2. After that, the instrument may continue trading downwards with the short-term target at target at 3606.0.

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.2100; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2135 and then resume moving downwards to reach 1.1975. Another signal in favor of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may be canceled if the price breaks the cloud’s upside border and fixes above 1.2160. In this case, the pair may continue growing towards 1.2255. To confirm further decline, the asset must break the support area and fix below 1.2055. The bulls managed to hold this area twice.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2824; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.2785 and then resume moving upwards to reach 1.2955. Another signal in favor of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2635. In this case, the pair may continue falling towards 1.2545.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is trading at 104.22; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 103.95 and then resume moving upwards to reach 105.10. Another signal in favor of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 103.35. In this case, the pair may continue falling towards 102.45.