Last week, January 6 - 10, 2020, looking at the 1day chart and the 1week chart, we see usdjpy continue the uptrend after making a bottom at 107.657, Wednesday, January 8. Usdjpy show strong momentum uptrend with a very long white candlestick, so possibly usdjpy will continue the uptrend. However, as we see in the 1week chart, usdjpy is just near the downtrend trendline that start from the top at 114.72 that now possibly usdjpy will make top at the said downtrend trendline and usdjpy will not go much further up but instead reverse downtrend. It is then the view that if usdjpy will break through the said long-term downtrend trendline then usdjpy will further more continue uptrend.
The euro opened the session with an upward movement. Given that Friday's daily candlestick is a bullish engulfment, the price is likely to surge. However, no significant news which may affect both the euro and the US dollar will be released today. I still have hope for the pair to go up, but there are some obstacles.
Now the pair is approaching two important mirror levels: 1.1125 and 1.1145. Besides, a Wolfe Waves pattern has formed on the hourly chart. At the moment, the pair is approaching the line 1-3-5. Then the pair is expected to pull back to the line 1-4-6 and the level of 1.1110.
The euro/dollar pair doesn't inspire confidence, so I am looking for another pair to open deals.
As for the dollar/franc pair, the daily chart points to a downward movement.
On the daily chart, the ZUP indicator shows only pitchfork directed downwards. The pair formed a bullish Dragon pattern. The price tried to break through its hump, but the attempt was unsuccessful. The fourth consecutive daily candle is below it. Thursday's daily candlestick is a doji, which points to the market uncertainty. Friday's daily candlestick is a bearish pin bar with a long tail directed upwards, while the candle body is below the level of the Dragon's hump.
In addition, the upper border of Andrew's descending Pitchfork will act as another resistance on the daily chart. In a word, it is too risky to open buy deals until the pair breaks through the level of the Dragon's hump, that is, 0.9742 and tests it from above.
In the overall long-term view, looking at the 1month chart, we see nzdusd has been on the downtrend since the top at 0.7484, which is fibo50 of the down move from the last top at 0.88453 to the bottom at 0.61529, which makes it a retracement and consolidation point, and nzdusd is assumed to continue long-term downtrend. At this point, nzdusd has reached the lowest at 0.62004 which has to break the last bottom at 0.61529, and it is the view that nzdusd will further continue the downtrend. With the current uptrend momentum, we now then wait for a top and nzdusd will then continue the downtrend.
Last week, January 13 - 17, 2020, looking at the 1day chart and the 1week chart, we see eurusd continue the uptrend, but on Thursday, June 16, it made top at 1.11720 and reversed down. Reversing just about the forming downtrend, we can't help but speculate that eurusd is continuing downtrend, more so that on Friday, June 17, eurusd formed a very long black candlestick, indicating strong momentum downtrend. In the 1day chart, both the macd and the ao show continuing downtrend signal, while the bbands is already crossed in the middle from the upside. Further, what maybe more interesting is the 1week chart which shows the current flat and sideways movement which would appear that eurusd is encountering strong resistance and has recently bounced-down and is continuing the downtrend.
Last week, January 13 - 17, 2020, looking at the 1day chart and the 1week chart, we see gbpusd made bottom at 1.29529 and reversed uptrend, Tuesday, January 14. However, Friday, January 17, gbpusd made a long black candlestick and being inline with the forming downtrend that start from the top at 1.35135, then most possibly gbpusd resumes the downtrend. In the 1day chart, the macd and ao both continue to show downtrend signal, while the bbands is already crossed from above, and appears to be consistently bouncing-off down the middle of the bbands.
In the overall long-term view, looking at the 1month chart, we see gold continuing uptrend starting from the latest long-term bottom at 1046.21. It would be quite certain that gold is continuing uptrend because looking a long time back, we see that the current uptrend extends further to that long time back. If the strong momentum uptrend will still continue, then gold will further continue the uptrend and break the last top at 1919.90. However, gold may just make top and reverse down just near below top/resistance above at 1795.10 or 1919.90. Break of the current long-term uptrend should be very indicative, such as if it is broke, then the uptrend is completed and the downtrend resumes
Last week, January 13 - 17, 2020, looking at the 1day chart and the 1week chart, we see usdjpy further continue the uptrend breaking the last top at 109.711. Usdjpy has now reached the highest at 110.295 and it would seem that usdjpy has to show signs of reversal yet. Approaching the long-term downtrend just near above, we may speculate for usdjpy to make top and reverse down to continue the downtrend, but it would appear that usdjpy show strong uptrend momentum that it will break the said long-term downtrend trendline. So if usdjpy breaks the long-term downtrend trendline then usdjpy is continuing the uptrend.
Last week, January 13 - 17, 2020, looking at the 1day chart and the 1week chart, we see usdchf made bottom at 0.96117 and reversed up, Thursday, January 16. It appears that the uptrend should be shortlived as usdchf has just recently made top and start to show black candlestick. Incidentally the said top aligns with the current downtrend which consistently show running below the middle of the bbands which is sma20. In the 1week and 1month charts, we see that usdchf show strong momentum down and usdchf is continuing the downtrend, which appears to be showing that usdchf is targeting the bottom/resistance at 0.91870.
Euro. H1. The target for the wave c2, defined two weeks ago, is achieved and there is a set for a proposed wedge. But since the triangle was not formed yesterday, the price is likely to move in the wave C(5) according to the red scenario. The breakout of yesterday's high will be a signal for the beginning of a significant upward movement, while the breakout of 1076 will cancel the downtrend.
Dollar index. H1. If the price breaks through yesterday’s low, this will indicate that the pair has started to move in a downtrend. It should be noted that the trend will be confirmed sooner than that of the euro. That's why we use the index as a leading signal for the euro. At the same time, the target of 97.85-82 is not achieved and the pair is still likely to draw a wedge in the wave C(5). That is, it will go down right away or since Monday. There are no conditions for strong growth at all.
Swiss franc. H1. I do not expect the pair to go down from the current levels. In order to complete the plan (2) and meet the minimum requirements according to Fibo and indicators, a strong upward movement till the end of the day is required. If the price reaches the level of 9760, I will consider sales, otherwise I won't open deals.
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