XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. Right now, XAUUSD is moving to reach the rising channel’s upside border. In this case, the target is at 1492.00 where the price may form a reversal pattern. Later, the pair may start a new correction and resume falling with the target at 1474.00. At the same time, we shouldn’t exclude an opposite scenario, which implies that the instrument may continue trading upwards without any corrections.

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After forming several reversal patterns, including Shooting Star, near the channel’s upside border, NZDUSD is still trading inside the range; the downside target may be the closest support level at 0.6561. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may update its highs and grow towards 0.6645.

EURUSD, “Euro vs US Dollar”

After finishing the first ascending impulse along with the correction at 1.1070, EURUSD is forming the second one. Possibly, the pair may consolidate around 1.1091. If later the price breaks this range to the upside, the market may resume moving upwards to break 1.1099 and then continue growing with the short-term target at 1.1126.

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the first ascending impulse along with the correction at 1.2919, GBPUSD is forming the second one. Today, the pair may reach 1.2983 and then start a new correction towards 1.2930. Later, the market may resume moving upwards with the target at 1.3030.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF continues growing towards 0.9838. After that, the instrument may start another correction with the target at 0.9803.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 109.42 without any particular direction; right now, it is correcting inside Flag pattern with the target at 109.14. After that, the instrument may form one more ascending structure to reach to 109.84.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still growing with the target at 0.6944, at least. Later, the market may form a new descending structure to break 0.6892 and then resume moving downwards with the first target at 0.6857.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is correcting towards 62.42. Later, the market may resume trading inside the downtrend with the target at 61.88.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD has finished the descending impulse towards 1.3136 along with the correction at 1.3157, thus forming a new consolidation range. If later, the price breaks this range to the upside at 1.3160, the market may start another growth with the target at 1.3185; if to the downside at 1.3135 – resume falling to reach 1.3104.

XAUUSD, “Gold vs US Dollar”

Gold continues trading upwards; it has reached 1488.68 to return to the downside continuation pattern. The main scenario implies that the price may form a new descending structure with the first target at 1477.33.

BRENT

Brent has returned to 66.20; right now, it is consolidating around it. According to the main scenario, the price is expected to continue forming the third ascending wave towards 67.07.

BTCUSD, “Bitcoin vs US Dollar”

After finishing the ascending wave at 7600.00, BTCUSD has completed the descending impulse towards 7350.00; right now, it is forming a downside continuation pattern with the target at 6999.00. After that, the instrument may grow to break 7350.00 and then continue moving upwards with the first target at 8200.00.

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD continues the correctional uptrend towards 38.2% fibo at 1488.16. After breaking this level, the pair may continue growing to reach 50.0% and 61.8% fibo at 1501.30 and 1514.30 respectively. After completing the correction, the instrument may break the local low at 1445.60 and continue falling towards its mid-term target, which is 50.0% fibo at 1413.85.

In the H1 chart, after falling towards 61.8% fibo at 1461.34, the pair is forming a pullback towards the local high at 1486.69. If the instrument fails to break the high, the next descending wave will be heading towards 76.0% fibo at 1455.50.

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, the convergence made the pair complete the descending correctional wave at 61.8% fibo. To confirm a new rising impulse, USDCHF must break the resistance at 50.0% fibo (0.9844). After breaking this level and fixing above it, the price may grow towards the high at 1.0028. However, if the pair choose to continue falling towards 76.0% at 0.9748, it may reach the low at 0.9660 very quickly.

As we can see in the H1 chart, the convergence made USDCHF start a new growth, which has already reached 23.6% fibo. The next upside targets are 38.2 and 50.0% % fibo at 0.9867 and 0.9897 respectively. The support is the low at 0.9770.

EURUSD, “Euro vs US Dollar”

After reaching the key correctional target at 1.1066, EURUSD is forming a new ascending wave towards 1.1099. After that, the instrument may resume falling to reach 1.1083 and then start another growth with the target at 1.1132.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD has reached another downside target at 1.2980; right now, it is moving upwards to reach 1.3028. Later, the market may form a new descending structure with the target at 1.2920.

USDCHF, “US Dollar vs Swiss Franc”

After completing the ascending impulse at 0.9832, USDCHF is correcting towards 0.9802. After that, the instrument may start a new growth with the target at 0.9836.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is consolidating around 109.42; right now, it is forming Triangle pattern with the target at 109.14. Later, the market may form one more ascending structure towards 109.84.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is growing towards 0.6945. After that, the market may start a new correction to reach 0.6899 and then resume moving upwards with the target at 0.6959.

USDRUB, “US Dollar vs Russian Ruble”

After reaching 62.02, USDRUB is growing to reach 62.42. Possibly, the pair may test this from below and rebound from it. Later, the market may resume trading inside the downtrend with the target at 61.88.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD has finished the ascending impulse towards 1.3171; right now, it is correcting to reach 1.3134. Possibly, the pair may reach this level and then form one more ascending structure towards 1.3157, thus forming a new consolidation range. If later, the price breaks this range to the upside, the market may start another growth with the target at 1.3200; if to the downside – resume falling to reach 1.3111.

XAUUSD, “Gold vs US Dollar”

Gold is moving upwards. Possibly, the pair may expand the range up to 1484.33 and then form a new descending structure with the target at 1477.33.

BRENT

Brent is correcting towards 65.44. Today, the pair may reach it and then form one more ascending structure to break 66.60. After that, the instrument may continue the uptrend with the target at 67.75.

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD is moving upwards; it has formed an upside continuation pattern at 7355.00. Possibly, today the pair may test this level from above and then resume growing with the short-term target at 7688.00. Later, the market may start a new correction to return to 7355.00 and then resume the uptrend with the key target is at 8280.00.

On Monday morning, the major currency pair is trying to correct after last Friday’s decline, but market players are very cautious.

EURUSD is growing a little bit on Monday morning. The current quote for the instrument is 1.1084.

Reports published last Friday turned out to be very positive for the American currency. First of all, it’s the final GDP reading in the third quarter of 2019, which showed the same 2.1% q/q as expected without any surprise.

The Personal Income showed +0.5% m/m in November after adding 0.1% m/m in the previous month and against the expected reading of +0.3% m/m. The Personal Spending, in its turn, was +0.4% m/m after being +0.3% m/m the month before. Improvement of both these indicators is very positive for the country’s economy in general and the Retail Sales index, which may be affected by them and skyrocket.

The Revised University of Michigan Consumer Sentiment increased up to 99.3 points in December, which is the highest reading since this May. By the way, in November the indicator was 96.8 points, while the expected reading was 99.2 points. The components of the report show that the Current Conditions went from 111.6 points in November to 115.5 points this month, while the Consumer Expectations increased from 87.3 points to 88.9 points over the same period of time.

The Inflation Expectations reduced to 2.3%, the lowest reading over three years.

GBPUSD remains weak despite the BoE’s stable monetary policy.

On Friday morning, the British Pound is still under pressure against the USD. The current quote for the instrument is 1.3020.

Yesterday, the December meeting of the Bank of England was over. The entire monetary policy of the British regulator remained unchanged, including the interest rate and Quantitative Easing.

In the comments, the BoE made it pretty clear that it was intending to watch the Brexit talks very closely because this topic was the key issue. In case the Brexit situation remains uncertain, the regulator’s monetary policy may require stimulus measures. That’s when the BoE is going to start interfering.

One should pay attention to the fact that the regulator revised its economic outlook for the fourth quarter of 2019 from 0.2% to 0.1%. As for inflation, it is also expected to slow down and be 1.25%, while the target is 2.0%.

Taken together, all these factors are pushing the British currency. By the way, market players are in anticipation: today the regulator may announce the name of its next governor.

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, there was a gap on the price chart and a divergence on MACD, after which the pair reached 61.8% fibo. We can see that GBPUSD has already eliminated the gap and right now is correcting to the downside. After completing the pullback, the instrument may start another rising wave towards 76.0% fibo at 1.3794.

The H1 chart shows the more detailed structure of the current descending correction. At the moment, the pair is getting close to 38.2% fibo at 1.3011 and may later reach 50.0% and 61.8% fibo at 1.2856 and 1.2700 respectively. The resistance is the high at 1.3514.

EURJPY, “Euro vs. Japanese Yen”

In the H4 chart, EURJPY continues the uptrend to break 76.0% fibo and reach its mid-term high at 123.36. At the same time, there is a divergence on MACD, which may indicate a possible pullback. The support is at 61.8% fibo (120.50).

As we can see in the H1 chart, the first descending wave has reached 38.2% fibo. The next wave to the downside may be heading towards 50.0% and 61.8% fibo at 121.32 and 121.00 respectively. The local resistance is the high at 122.65.

GBPUSD, “Great Britain Pound vs US Dollar”

In the H4 chart, there was a gap on the price chart and a divergence on MACD, after which the pair reached 61.8% fibo. We can see that GBPUSD has already eliminated the gap and right now is correcting to the downside. After completing the pullback, the instrument may start another rising wave towards 76.0% fibo at 1.3794.

The H1 chart shows the more detailed structure of the current descending correction. At the moment, the pair is getting close to 38.2% fibo at 1.3011 and may later reach 50.0% and 61.8% fibo at 1.2856 and 1.2700 respectively. The resistance is the high at 1.3514.

EURJPY, “Euro vs. Japanese Yen”

In the H4 chart, EURJPY continues the uptrend to break 76.0% fibo and reach its mid-term high at 123.36. At the same time, there is a divergence on MACD, which may indicate a possible pullback. The support is at 61.8% fibo (120.50).

As we can see in the H1 chart, the first descending wave has reached 38.2% fibo. The next wave to the downside may be heading towards 50.0% and 61.8% fibo at 121.32 and 121.00 respectively. The local resistance is the high at 122.65.

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, XAUUSD continues the correctional uptrend towards 38.2% fibo at 1488.16. After breaking еры level, the pair may continue growing to reach 50.0% and 61.8% fibo at 1501.30 and 1514.30 respectively. After completing the correction, the instrument may break the local low at 1445.60 and continue falling towards its mid-term target, which is 50.0% fibo at 1413.85.

In the H1 chart, the divergence made the pair start a quick descending impulse, which has reached 61.8% fibo at 1461.34. Right now, the price is forming a pullback towards the local high at 1486.69. If the instrument fails to reach and break the high, the next descending wave will be heading towards 76.0% fibo at 1455.50 and then the low at 1445.60.

USDCHF, “US Dollar vs Swiss Franc”

The H4 chart shows the descending correctional wave. After the price reached its mid-term high, there was a divergence on MACD, which made the pair start a quick descending wave. By now, it has almost reached 61.8% fibo at 0.9801. After breaking this level and fixing below it, USDCHF may continue falling towards 76.0% at 0.9748. At the same time, there is a convergence on MACD, which may indicate a possible reverse soon.

As we can see in the H1 chart, USDCHF is trading downwards to reach 61.8% fibo at 0.9801. At the same time, there is a convergence on MACD.

AUDUSD is falling early in the week influenced by the strong USD and rather mixed statistics.

The Australian Dollar is retreating against the USD in the middle of December. The current quote for the instrument is 0.6870.

In the morning, Australia reported on the Manufacturing PMI, which dropped down to 49.4 points in December after being 49.9 points in the pre3vious month, thus indicating a continual decline in the sector. The Services PMI in Australia decreased down to 49.5 points after showing 49.7 points in November, which is also pretty bad for the Aussie because should be vice versa due to the seasonality.

Numbers from China, no matter how positive they were, couldn’t support the Australian Dollar. The Industrial Production added 6.2% y/y in November and reached its five-month high after showing +4.7% y/y the month before and against the expected reading of +5.1% y/y. Apparently, the indicator improved because of more active domestic demand – the Chinese government put a lot of effort for that.

The Fixed Asset Investment showed +5/2% ytd/y, just as expected. The Retail Sales added 8.0% y/y in November after expanding by 7.2% y/y in October.

News relating to a possible signature of the first phase of the US-China trade agreement should have a positive influence on the Australian currency.