USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, after breaking the 200-day Moving Average, USDJPY is trading below it, thus indicating a descending tendency. In this case, the price is expected to test 2/8, break it, and then continue falling to reach the support at 1/8. However, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may grow towards the resistance at 4/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue the descending tendency.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD is trading below the 200-day Moving Average, thus indicating a descending tendency. In this case, the price is expected to continue falling towards the closest support at 2/8. Still, this scenario may no longer be valid if the price breaks 3/8 to the upside. After that, the instrument may continue growing to reach the resistance at 4/8.

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

EURUSD, “Euro vs US Dollar”

After finishing the ascending structure at 1.2215 and forming a new consolidation range around this level, EURUSD has broken it to the upside to reach the short-term target at 1.2260. Today, the pair may correct to test 1.2215 from above and then form one more ascending structure to reach 1.2270. Later, the market may break this level and continue trading downwards with the target at 1.2150.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is still consolidating around 1.4170. Possibly, today the pair may form a new descending structure to break 1.4115 and then continue falling with the short-term target at 1.4038.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB has completed the descending wave at 73.22. Today, the pair may correct towards 73.50 and then resume trading within the downtrend with the target at 73.14 or even reach 72.00.

USDJPY, “US Dollar vs Japanese Yen”

After updating 108.55 and then finishing the ascending impulse at 109.04, USDJPY is correcting towards 108.64, thus forming a new consolidation range at the lows. Possibly, the pair may break the range to the upside and form one more ascending structure with the target at 109.55.

USDCHF, “US Dollar vs Swiss Franc”

After reaching the downside target at 0.8937 and then completing the ascending impulse towards 0.8974, USDCHF has finished the correction at 0.8942, thus forming a new consolidation range around the two latter levels. Possibly, today the pair may break the range to the upside and then resume trading upwards with the target at 0.9030.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has broken 0.7777 to the upside. Today, the pair may continue growing to reach 0.7830 and then resume trading downwards with the target at 0.7777.

BRENT

Brent is still growing towards 69.27. After that, the instrument may correct to reach 67.00 and then resume trading upwards with the target at 72.00.

XAUUSD, “Gold vs US Dollar”

After reaching the first upside target at 1900.00, Gold is consolidating at the top. Possibly, the metal may expand the range up to 1911.00 or even 1918.70. However, the main scenario implies a new descending correction with the first target at 1850.00.

S&P 500

The S&P index is still consolidating around 4141.0. Today, the asset may expand the range up to 4230.1 and then resume trading downwards to reach the downside border of the range at 4080.4. After breaking it, the instrument may continue falling with the target at 3944.4.

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.2255; 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 1.2195 and then resume moving upwards to reach 1.2345. 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 1.2125. In this case, the pair may continue falling towards 1.2035.

CHFJPY, “Swiss Franc vs Japanese Yen”

CHFJPY is trading at 121.54; 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 120.95 and then resume moving upwards to reach 122.45. 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 120.55. In this case, the pair may continue falling towards 119.45.

NZDCHF, “New Zealand Dollar vs Swiss Franc”

NZDCHF is trading at 0.6538; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.6515 and then resume moving upwards to reach 0.6635. 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 0.6435. In this case, the pair may continue falling towards 0.6335.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, the sideways tendency continues. After forming several reversal patterns, including Hammer, close to the support area, USDCAD may reverse and start a new correction towards 1.2180. After testing this level, the price may rebound and resume its descending tendency. However, an alternative scenario implies that the asset may fall to reach the support area at 1.1990 without any corrections.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed several reversal patterns, such as Harami and Hammer, not far from the support level. At the moment, the asset is reversing in favor of the ascending tendency. In this case, the upside target may be the resistance area at 0.7850. At the same time, an opposite scenario implies that the price may fall towards the support level at 0.7740, rebound from it, and then resume trading upwards.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the asset is still testing the support area, where it has formed an Engulfing reversal pattern. At the moment, USDCHF may reverse and start a new pullback. In this case, the correctional target may be the resistance level at 0.9010. Still, there might be an alternative scenario, according to which the asset may fall to reach 0.8900 without reversing and correcting.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the pair is consolidating between the high (1.4241) and 76.0% fibo after a divergence on MACD. In this case, GBPUSD is expected to break the high and continue growing towards the long-term high at 1.4376. An alternative scenario implies that the price may rebound from the high and extend the correction to 61.8% fibo, which may act as the local support here.

The H1 chart shows a more detailed structure of the current consolidation range after a divergence on MACD. The chart also shows correctional targets, which may be reached after the price breaks the downside border of the above-mentioned range – 23.6% and 38.2% fibo at 1.4101 and 1.4018 respectively. the local resistance is the high at 1.4234.

EURJPY, “Euro vs. Japanese Yen”

In the daily chart, after breaking 76.0% fibo, EURJPY is still trading upwards to reach its key high at 137.50. At the same time, a divergence on MACD may hint at a possible descending correction after the price reaches its target. The short-term target of this correction may be the support at 61.8% fibo (128.66). If the instrument breaks this level, is may form a new descending impulse towards the low at 114.40.

The H4 chart shows possible correctional targets after a divergence on MACD – 23.6%, 38.2%, 50.0%, and 61.8% fibo at 133.74, 131.45, 129.57, and 127.69 respectively.

EURUSD reached its January highs; the USD remains weak.

The major currency pair moved upwards on Tuesday evening and remains quite strong on Wednesday, the current quote for the instrument is 1.2247.

The US Federal Reserve System continues providing the USD with negative news as its representatives, who were mostly “dovish”, confirmed yesterday that the regulator would stick to its soft monetary policy. It seems like financial markets are starting to get used to the Fed’s plans to support the US economy as long as it requires for a complete recovery. It means that the regulator isn’t planning to wind up its stimulus programs ahead of the schedule no matter how inflation behaves. This is bad news for the USD and financial markets reflect it in the prices quite well.

FOMС members that spoke yesterday said that recent CPI surges might be temporary and would die out soon because they were mostly connected with low deliveries.

In general, the rhetoric of the Fed and its representatives lies in the statement of the fact that the pandemic continues, that’s why the time for discussing any changes it the monetary policy hasn’t come yet.

The Fed told investors about this earlier but they wouldn’t believe it. Now, it seems like they really started to listen.

Other members of the Fed will speak later today, so the “nervous” period of the “greenback” is surely not over.

EURUSD, “Euro vs US Dollar”

After finishing the ascending structure at 1.2200 and breaking this level, EURUSD is expected to expand the consolidation range up to 1.2248. Later, the market may resume trading downwards to reach the downside border at 1.2152.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is still correcting towards 1.4191. After that, the instrument may form a new descending structure with the first target at 1.4084 and start another growth to reach 1.4150.

USDRUB, “US Dollar vs Russian Ruble”

After rebounding from 74.85, USDRUB is falling towards 73.22. Later, the market may correct to reach 73.65 and then resume trading within the downtrend with the target at 73.00.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still a narrow consolidation range around 108.74. Possibly, the pair may fall to reach 108.48 and then form one more ascending structure with the target at 109.00.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is consolidating around 0.8970. Possibly, today the pair may fall towards 0.8940 and then resume trading upwards with the first target at 0.9000.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still correcting. Today, the pair may reach 0.7770 and then resume falling to break 0.7700. Later, the market may continue trading downwards with the target at 0.7600.

BRENT

Brent has broken 66.93 to the upside. Possibly, today the asset may continue growing to reach 69.27 and start a new correction to return to 66.93. After that, the instrument may resume trading upwards with the target at 71.50.

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating around 1873.00 without particular direction; right now, it is rebounding from 1887.30 to the downside. Possibly, the metal may fall to return to 1873.00 and break this level. Later, the market may continue trading downwards to reach the downside border of the range at 1852.25.

S&P 500

The S&P index is still consolidating around 4141.0. Today, the asset may expand the range up to 4226.0 and then resume trading downwards to reach the downside border of the range at 4080.4.