GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.3934; 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 1.3870 and then resume moving upwards to reach 1.4045. Another signal in favor of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.3675. In this case, the pair may continue falling towards 1.3605.

EURJPY, “Euro vs Japanese Yen”

EURJPY is trading at 128.08; 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 127.55 and then resume moving upwards to reach 128.95. Another signal in favor of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 126.25. In this case, the pair may continue falling towards 125.25. To confirm further growth, the asset must break the rising channel’s upside border and fix above 128.55.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is trading at 105.51; 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 105.15 and then resume moving upwards to reach 106.05. Another signal in favor of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 104.65. In this case, the pair may continue falling towards 103.85.

GBPUSD continues rising and updating its highs.

The British Pound continues growing against the USD on Tuesday. The current quote for the instrument is 1.3940.

The Pound is feeling pretty confident amid an aggressive vaccination against the COVID-19 in the United Kingdom: more than 15 million people are believed to have been already vaccinated. Weekly deliveries of the vaccines are expected to increase, thus giving hope to beat the pandemic quite soon. The coronavirus did a lot of damage to the British economy and the quarantine restrictions in the country were some of the toughest in Europe.

This week, the United Kingdom will pretty active in publishing the macroeconomic statistics. For example, on Wednesday there will be a lot of reports on prices for January, such as the CPI, PPI, RPI, and HPI. On Friday, the country is scheduled to publish the Retail Sales for January and the Consumer Confidence from GFK in February.

In general, market players are ready for controversial data but still quite sure that the vaccination procedure will take effect really soon. In this case, there might be an impressive rebound in the British economy in the second quarter od 2021.

EURUSD is slightly growing on Tuesday afternoon and looking quite confident.

The major currency pair remains positive on Tuesday. The current quote for the instrument is 1.2149.

At the same time, the statistics published by the Euro Area don’t put significant pressure on the pair but probably temporarily. The data revealed yesterday showed that the Industrial Production in the region dropped 1.6% m/m in December after adding 2.6% m/m the month before and against the expected reading of -0.4% m/m. On YoY, the indicator lost 0.8% against the expected reading of -0.3%.

By the way, it’s the first decline in the indicator over the previous three months. As for 2020, the Industrial Production in the Euro Area lost 8.7%.

The components of the report show that the capital goods lost 3.1% and the non-durable goods shrank by 0.6%. On the other hand, energy and intermediate goods rose by 1.4% and 1.0% respectively.

Cold winter and active lockdowns in major economies maintained the demand for energies, while needs for capital goods did go down. January and February readings might be pretty similar but the situation may dramatically change in March.

Later today, the Euro Area is scheduled to report on the GDP for the fourth quarter of 2020 and that may be very interesting. The indicator is expected to drop 0.7% q/q. As always, the stronger the reading, the better for the Euro.

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after completing the correction at 50.0% fibo, EURUSD has started a new rising wave; right now, it is consolidating and may later resume growing. On the other hand, the pair may yet form another descending wave to reach 61.8% fibo at 1.1888 but this scenario is rather unlikely. The key scenario implies a further growth towards the high at 1.2350 and then the long-term fractal high at 1.2555.

The H1 chart shows a sideways movement after a divergence on MACD – the asset is moving between 38.2% and 50.0% fibo. Later, the price may break the range to the upside and resume growing towards 61.8% and 76.0% fibo at 1.2198 and 1.2254 respectively. A breakout of the local low at 1.1952 will hint at a further downtrend.

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after finishing a deep pullback, USDJPY has formed another rising wave; right now, the pair is heading to reach 38.2% fibo at 106.07. After breaking it and forming a slight correction, the price may continue growing towards 50.0% fibo at 107.15. On the other hand, if the asset breaks the low at 102.59, the instrument may continue falling to reach the fractal low at 101.18.

The H1 chart shows that a convergence on MACD made the pair complete the correctional downtrend at 38.2% fibo. The asset may yet continue falling towards 50.0% fibo at 104.18 but this scenario is rather unlikely. The key idea implies that the instrument may break the high at 105.77, thus completing the correction, and continue growing to reach the long-term 38.2% fibo at 106.07.

EURUSD, “Euro vs US Dollar”

After finishing the correctional structure at 1.2082 and then returning to 1.2125, EURUSD continues consolidating. Possibly, today the pair may expand the range up to 1.2145 and then start another decline to reach 1.2121. Later, the market may form one more ascending structure with the target at 1.2155.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the correctional structure at 1.3775, GBPUSD is moving upwards to reach 1.3812. After that, the instrument may resume falling with the target at 1.3770.

USDRUB, “US Dollar vs Russian Ruble”

After finishing the correction at 74.4 and rebounding from this level to the downside, USDRUB is still falling towards 72.50. After that, the instrument may break this level and then continue trading downwards with the target at 72.00.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating above 104.84. Possibly, the pair may test this level from above and then resume growing to break 105.25. Later, the market may continue trading upwards with the target at 105.85.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is consolidating around 0.8914. If later the price breaks this range to the upside, the market may form one more ascending structure to reach 0.8955; if to the downside – resume trading downwards with the target at 0.8888.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is growing towards 0.7799. Today, the pair may reach this level and then resume trading downwards with the target at 0.7679.

BRENT

After completing the ascending structure at 62.50 and then breaking it to the upside, Brent is expected to continue growing towards 64.90. After that, the instrument may break start a new correction with the target at 59.59.

XAUUSD, “Gold vs US Dollar”

Gold has finished the descending wave at 1813.00. Today, the metal may start another growth to reach 1833.60 and then form a new descending structure with the target at 1803.70.

BTCUSD, “Bitcoin vs US Dollar”

After completing another ascending wave at 49000.00, BTCUSD is forming a new descending structure towards 45100.00. After that, the instrument may correct to reach 47400.00 and then resume trading downwards with the short-term target at 41400.00.

S&P 500

After finishing the ascending wave at 3950.2, the S&P index is expected to consolidate there. Later, the market may break the range to the downside and start a new decline with the target at 3700.0.

EURUSD, “Euro vs. US Dollar”

In the H4 chart, after breaking the 200-day Moving Average, EURUSD is trading above it, thus indicating an ascending tendency. In this case, the price is expected to break 3/8 and then continue growing to reach the resistance at 4/8. However, this scenario may no longer be valid if the price breaks 2/8 to the downside. After that, the instrument may continue falling towards the support at 1/8.

As we can see in the M15 chart, the pair has broken the upside line of the VoltyChannel indicator and, as a result, may continue its growth.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD is trading within the “overbought area”. In this case, the price is expected to rebound from +1/8 and then resume falling towards the support at 8/8. However, this scenario may no longer be valid if the price breaks +1/8 to the upside. After that, the instrument may continue growing and reach the resistance at +2/8.

In the M15 chart, the price may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming an Engulfing reversal pattern not far from the resistance level, USDCAD is reversing and falling towards the support level. In this case, the downside target is at 1.2610. After that, the asset may continue forming the descending impulse. However, an alternative scenario implies a further pullback towards 1.2755 before the asset resumes the descending tendency.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, the uptrend continues. Right now, after forming several reversal patterns, such as Engulfing, not far from the support area, the pair may reverse and resume growing to reach the resistance level at 0.7830. At the same time, an opposite scenario says that the price may correct towards 0.7755 before resuming its growth.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the downtrend continues. At the moment, after forming an Engulfing reversal pattern not far from the resistance area, USDCHF is reversing. The downside target is the support level at 0.8850. Still, there might be an alternative scenario, according to which the asset may return to 0.8960 before testing the support area.

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.2139; 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 1.2105 and then resume moving upwards to reach 1.2265. Another signal in favor of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may be canceled if the price breaks the cloud’s downside border and fixes below 1.2015. In this case, the pair may continue falling towards 1.1935.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2663; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.2700 and then resume moving downwards to reach 1.2545. Another signal in favor of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.2775. In this case, the pair may continue growing towards 1.2855.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.7242; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.7205 and then resume moving upwards to reach 0.7295. Another signal in favor of a further uptrend will be a rebound from the support level. However, the bullish scenario may be canceled if the price breaks the cloud’s downside border and fixes below 0.7185. In this case, the pair may continue falling towards 0.7095. To confirm further growth, the asset must break the resistance area and fix above 0.7255, thus implying a Head & Shoulders reversal pattern materialization with the target at 0.7315.

Early in another February week, EURUSD is rising and wants to keep its positive momentum.

The major currency pair is “in the black” on Monday, while today’s trading session is expected to be calm. The current quote for the instrument is 1.2138.

The USA is celebrating President’s Day, so financial markets aren’t active there.

Among the reports scheduled for today, one should pay attention to the Industrial Production in the Euro Area, which is expected to lose 0.4% m/m in December after adding 2.5% m/m the month before. In addition to that, the Eurogroup Meetings are starting today and the German Central Bank is planning to publish its Monthly Report.

Market layers continue keeping a close eye on the approval of the $1.9T stimulus plan in the USA. The procedure is going pretty fast but the plan won’t be implemented at least until March 15th, when some of the previous programs are over.

The statistics published by the USA last Friday showed the preliminary reading on the Consumer Sentiment from the University of Michigan, which dropped to 76.2 points in February after being 79.0 points in January and against the expected number of 80.0 points, and that’s the lowest reading over the last six months. The components of the report show that the consumer expectations and the current conditions went from 74.0 and 86.7 points to 69.8 and 86.2 points respectively.

One of the probable reasons for the degradation of the situation with household income. If so, it’s a pretty huge risk for the American economic recovery outlook.