| Analytics and trading signals for novice traders. How to trade EUR/USD on January 6? Plan for opening and closing deals on Wednesday 2021-01-06 Hourly chart of the EUR/USD pair 
The EUR/USD pair reached the 1.2309 level last night, which is the peak for the last 2.5 years, and even went a little higher, thus updating the high. Last night's situation was rather complicated and strange. On the one hand, the high has been updated, which means that the upward trend has resumed. Therefore, it is already necessary to consider bullish trading. On the other hand, the price failed to overcome the 1.2309 level and a correction began. On the third hand, a new upward trend line has been created, which supports growth, although just a couple of days ago the quotes settled below the previous upward trend line, thus breaking the upward trend. In general, novice traders can clearly see what a strong trend is. There are no reasons for further strengthening of the euro, technical sell signals are worked out poorly, there are many false signals. In such conditions, we would not recommend opening sell orders, although formally such a signal was generated last night. Therefore, we recommend considering bull trading, but, as before, only if the level 1.2309 is overcome. In terms of foundation, there is still little to say. At night, of course, there was no important news that could push the dollar to fall. However, traders don't need reasons now. In such conditions, it is difficult to say whether it makes sense to pay attention to macroeconomic reports? But we still advise you to pay attention to today's reports on business activity in the US and EU services sectors, as well as the ADP report on changes in the number of employees in the US private sector. First, the EU business report can show how bad the sector is after the lockdown. Secondly, the ADP report will show how well the labor sector is doing in the midst of the next wave of the coronavirus pandemic. However, this or that report can still provoke a certain reaction (by 30-40 points). This morning it has been noticeable that the EUR/USD pair will strive to renew highs. Thus, the upward movement is likely to continue today. Possible scenarios on January 6: 1) Long positions have suddenly become relevant, since a new upward trend line was created last night, and the price is about to overcome the 1.2309 level. If this happens, then we advise you to buy the euro again while aiming for the resistance levels of 1.2343 and 1.2381. Volatility is not at its highest now, so the first target looks more realistic. 2) Trading for a fall has lost its relevance, since a new upward trend has been created. Therefore, you are advised to open new short positions with targets at the support levels of 1.2259 and 1.2221 if the pair settles below the new trend line, which can happen today. You should also be prepared for new false signals that can form in pairs and severely filter them out. On the chart: Support and Resistance Levels are the Levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels. Red lines are the channels or trend lines that display the current trend and show in which direction it is better to trade now. Up/down arrows show where you should sell or buy after reaching or breaking through particular levels. The MACD indicator (14,22,3) consists of a histogram and a signal line. When they cross, this is a signal to enter the market. It is recommended to use this indicator in combination with trend lines (channels and trend lines). Important announcements and economic reports that you can always find in the news calendar can seriously influence the trajectory of a currency pair. Therefore, at the time of their release, we recommended trading as carefully as possible or exit the market in order to avoid a sharp price reversal. Beginners on Forex should remember that not every single trade has to be profitable. The development of a clear strategy and money management are the key to success in trading over a long period of time. Technical analysis EUR/USD for January 6, 2021 2021-01-06 
A break below 1.2166 will confirm that a top has been seen and a correction towards 1.1621 is developing. Remember that the trend and patience are your friends Elliott wave analysis of EUR/JPY for January 6, 2021 2021-01-06 
We continue to look for more upside pressure towards the 129.06 target as long as support in the 125.71 - 126.00 area is able to protect the downside for a break break above 126.79. Longer-term the picture is dominated by a huge triangle consolidation that started way back in July 2008 and was completed in May 2020 and a new impulsive rally to above 169.57 is now unfolding. The new impulsive uptrend is still in its infancy and has a long way to go and should continue to push higher in the years to come. Therefore it's important not to lose sight of the larger picture, because of short-term noise. R3: 127.72 R2: 127.30 R1: 126.78 Pivot: 126.39 S1: 126.00 S2: 125.71 S3: 125.50 Trading recommendation: We are long EUR from 126.25 with or stop placed at 125.70 Technical Analysis of GBP/USD for January 6, 2021 2021-01-06 Technical Market Outlook: The GBP/USD pair has been consolidating in a narrow range around the level of 1.3624 after the 50% pull-back towards the level of 1.3540 was done. Please notice, that one of the candles at the recent top is a Doji candle, which indicates a possible termination of the up trend. The level of 1.3624 will now act as an intraday resistance for the price. The next target for bears is seen at the level of 1.3428. Moreover, the RSI indicator is starting to break down from the neutral level and the market is coming off the overbought conditions. Any violation of the recent local low at 1.3540 might trigger another the pull-back or even a sell-off. Weekly Pivot Points: WR3 - 1.4033 WR2 - 1.3841 WR1 - 1.3765 Weekly Pivot - 1.3599 WS1 - 1.3521 WS2 - 1.3349 WS3 - 1.3262 Trading Recommendations: The GBP/USD pair might have started a long term up trend and the trigger for this trend was the breakout above the level or 1.3518 on the weekly time frame chart. All the local corrections should be used to open a buy orders as long as the level of 1.2674 is not broken. The long-term target for bulls is seen at the level of 1.4370. 
Technical Analysis of EUR/USD for January 6, 2021 2021-01-06 Technical Market Outlook: The EUR/USD pair has hit the recent swing high at 1.2309 again, but then reversed quickly towards the lower trend line support. The market has made Bearish Engulfing candlestick patterns twice and a Pin Bar with a new high located at 1.2325, but it did not stop the bulls yet. For now, the zone located between the levels of 1.2154 - 1.2177 remains the key demand zone for bulls. The positive momentum supports the short-term bullish outlook as long as the demand zone is not clearly violated. The next target for bulls is seen at the level of 1.2555, but this might be the last push up for EUR/USD before the correction. Any violation of the level of 1.2154 invalidates this scenario. The Broadening Wedge price pattern is still in progress, so please notice that this particular pattern is a trend reversal pattern, which indicates a possible major correction on the EUR/USD soon. Weekly Pivot Points: WR3 - 1.2419 WR2 - 1.2360 WR1 - 1.2290 Weekly Pivot - 1.2236 WS1 - 1.2163 WS2 - 1.2103 WS3 - 1.2035 Trading Recommendations: Since the middle of March 2020 the main trend is on EUR/USD pair has been up. This means any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken. The key long-term technical resistance is seen at the level of 1.2555. The market might be making the Broadening Wedge trend reversal pattern around the levels of 1.2200 - 1.2300. Any violation of the level of 1.2154 supports the trend change/corrective cycle scenario. 
Indicator Analysis. Daily review for the GBP/USD currency pair 01/06/21 2021-01-06 Yesterday, the pair went up and failed to reach the pullback level of 76.4% at 1.3676 (yellow dotted line). Today, the price will try to continue going up according to the economic calendar news, it is expected at 9.30, 14.00 UTC (pound), 13.15, 15.30, 19.00 UTC (dollar). Trend Analysis (Figure 1). Today, the market will try to continue going up from the level of 1.3623 (closing of yesterday's daily candle) with the aim of reaching the upper fractal of 1.3702 (red dotted line) at the daily candle from 04/01/2021. If this level is tested, there will be a further work going up with a target of 1.3825 in the upper limit of the Bollinger line indicator (black dotted line). 
Figure 1 (daily chart). Comprehensive Analysis: General Conclusion: Today, the price will try to continue going up from the level of 1.3623 (closing of yesterday's daily candle) with the aim of reaching the upper fractal of 1.3702 (red dotted line) at the daily candle from 04/01/2021. If this level is tested, there will be a work going up with a target of 1.3825 in the upper limit of the Bollinger line indicator (black dotted line). Unlikely scenario: the price will try to continue going up from the level of 1.3623 (closing of yesterday's daily candle) with the goal of reaching the pullback level of 76.4% at 1.3676 (yellow dotted line). If this level is tested, there will be a work going down with the target of 1.3481 in the historical support level (blue dotted line). Trading plan for EUR/USD on January 6. COVID-19 incidence grew again. The euro is trying hard to remain rising. 2021-01-06 
Latest data indicates that COVID-19 cases jumped again, adding a huge 680,000 to the global incidence. In the United States, the number of new cases increased by 225,000. Most likely, this is due to the celebration of New Year around the world. Aside from that, there are also reports of very sluggish vaccinations in the US. But in the UK, the pace remains stable. However, so far, the effect is yet to be seen. Perhaps, it will appear before the end of January. 
EUR/USD - Euro bulls are trying their best to maintain the upward trend. Open long positions from 1.2190. Open short positions from 1.2210 Important economic reports, which could influence the direction of the market, are scheduled for release today in the United States. Indicator analysis. Daily review for the EUR/USD currency pair on January 6, 2021 2021-01-06 The pair moved up yesterday and once again tested the upper fractal - 1.2309 (red dotted line) - daily candle from 30.12.2020. But the price closed the daily candle at 1.2296. Today, the market may continue to move up. As per the economic calendar, news is expected at 13.15, 15.30, 19.00 UTC (dollar). Trend analysis (Fig. 1). Today, the market from the level of 1.2296 (closing of yesterday's daily candle) will try to continue moving up in order to reach the upper limit of the Bollinger line indicator - 1.2373 (black dotted line). After reaching this level, further upward movement is possible with the target of 1.2462 – the historical resistance level (blue dotted line). 
Figure 1 (Daily Chart). Comprehensive analysis: - Indicator analysis - up;
- Fibonacci levels - up;
- Volumes - up;
- Candlestick analysis - up;
- Trend analysis - up;
- Bollinger bands - up;
- Weekly chart - up.
General conclusion: Today, the price may continue to move up in order to reach the upper border of the Bollinger line indicator - 1.2376 (black dotted line). After reaching this level, further upward movement is possible with the target of 1.2462 – the historical resistance level (blue dotted line). Unlikely scenario: when moving up and reaching the upper fractal - 1.2309 (red dotted line) - the daily candle from 30.12.2020, the price may start moving down to the pullback level of 14.6% - 1.2305 (red dotted line). AUD/USD. China allowed the AUD to update price highs 2021-01-06 The Australian dollar breaks records again: it has updated a 31-month price high in pair with the US currency. It is now approaching the limits of the level of 0.7800 and it is only a matter of time before it reaches this level. The general fundamental background for the AUD/USD pair contributes to the further growth of the Australian dollar, at least in the medium term. In late December and early January, the pair's buyers tried to break through the level of 0.7700 several times, however, they returned every time, failing to settle in this price area. In view of this, China acted as a kind of pressure for the AUD/USD. There are rumors circulating in the market that the growing political tension between Beijing and Canberra could develop with a new force. This time, the lever of pressure from China will be Australia's strategically important raw material product – iron ore. 
However, these rumors were unconfirmed. It became known yesterday that China has expressed its intention to increase iron ore production in Australia and West Africa. According to the PRC Ministry of Industry and Information Technology, Beijing plans to significantly increase the share of national enterprises in foreign iron ore mines by 2025. It should be recalled that China is the world's largest importer of iron ore, as almost 80% of the national demand for raw materials is covered by imports. In particular, they increased the volume of imports of yellow ore in the country last year, exceeding the mark of one billion tons in 12 months. Accordingly, Australia is the largest supplier of raw materials to China. Amid difficult relations between Beijing and Canberra, as well as the recently imposed embargo on coal from Australia, the above statement by the Chinese Ministry of Industry caused a certain resonance, but in a positive way. In this case, the Australian dollar allowed itself not only to consolidate within the 77th mark, but also approach the next price highs, which is the 78th (0.7800) mark. It should be noted that the US dollar index showed short-term growth during today's Asian session, reacting to the first results of the by-election to the US Senate. Based on the preliminary data, the Republicans are still in control of the Upper House of Congress. New York Times also reported that Republican candidate, Kelly Loeffler, won 51.1% of the vote, while Democrat Raphael Warnock received 48.9% of the vote. At the same time, Republican David Perdue is ahead of Democratic representative John Ossoff. According to other American press reports, Democrat Warnock wins, but in the other pair (Purdue-Ossoff), the victory is still on the Republican. On the one hand, this is unfortunate news for the Democrats: If they rule the Senate, they would get full power, and Joe Biden would be able to carry out reforms without looking back at the Republicans, who can block the legislative initiatives of their opponents. The US President has great powers in the field of foreign policy, but he needs the support of legislators for structural reforms in the country. Currently, the Democrats control the House of Representatives and the Republicans control the Senate, so Mr. Trump had to consider the interests of the Democratic Party in many issues, and accordingly, Mr. Biden would need to consider the interests of the Republican Party, since judging by the results of the by-elections to the Upper House of Congress, the balance of power will not change. On the other hand, traders of dollar pairs took this news quite calmly, since the Democrats initially had little chance of winning. The state of Georgia, where by-elections were actually held, is historically considered the Republicans' patrimony – representatives of the Democratic Party have not won there for decades. And although the results of the presidential election allowed experts to classify this state as "wavering", the fate of the Senate seats was actually a foregone conclusion. Local residents remained true to the tradition by electing Republicans. The dollar index reacted to this news with a small upward surge, rising from a local low of 89.403 to a local high of 89.602. However, the activity of dollar bulls disappeared: the index could not even surpass the key level (0.9000), thus showing the passivity and vulnerability of the US dollar. It was sold again during the second half of the Asian session. All this indicates the priority of long positions on the AUD/USD pair, as buyers have not yet worked out the potential of the upward trend. 
Technically, the priority is also for the growth of AUD/USD and on all upper time frames, such as H4, D1, W1 and M1. So, the price is on the upper line of the Bollinger Bands indicator on all the listed timeframes, and the Ichimoku indicator has formed a bullish signal "Parade of Lines" (except for the monthly chart). The weekly chart shows the priority of an upward scenario: the pair broke through the upper line of the Bollinger Bands indicator, so the price is above the Kumo cloud. The monthly chart, in turn, suggests that the price is on the upper line of the Bollinger Bands, but the subsequent growth in the Kumo cloud may be higher – up to the level of 0.7870 (upper limit of the above-mentioned cloud on M1). The first upside target is 0.7800. This target can act as a resistance level (i.e., a temporary corrective pullback is possible), so if we consider medium-term trading, it is advisable to go into purchases when breaking through the "round" level. GBP/USD. January 6. COT report. Third "lockdown" and traders are not bothered by Scotland's claims for a new independence referendum 2021-01-06 GBP/USD – 1H. 
According to the hourly chart, the quotes of the GBP/USD pair performed a reversal in favor of the British on January 5 and resumed the growth process. Thus, the growth of quotes can be continued today in the direction of the corrective level of 261.8% (1.3698). The key topics of recent days are the topic of a new "lockdown" in the UK and the topic of a new referendum on Scottish independence. Everything is very clear with "lockdown". New quarantine = a new contraction of the British economy, which is already going through hard times. It's more complicated with Scotland. Prime Minister Nicola Sturgeon has said for more than a year that her country does not want to leave the European Union. The Scottish people did not choose to leave the EU in the 2016 referendum. Thus, she is asking Boris Johnson for permission to hold another referendum (the last one was in 2014). However, London does not intend to grant Edinburgh a new right to hold a referendum every 5 years. According to Johnson, such events are held once in a generation. Thus, London has already refused Nicola Sturgeon several times, however, she is not going to give up and intends to strengthen her position in the Scottish Parliament, which will allow her to put even more pressure on London. Thus, the UK is currently facing a new potential problem. If Edinburgh continues to push so hard for the right to hold a referendum, it could lead to a worsening of relations between Scotland and the UK. GBP/USD – 4H. 
On the 4-hour chart, the GBP/USD pair performed a rebound from the corrective level of 127.2% (1.3701) with a reversal in favor of the US dollar. However, the process of falling quotes has already ended, the pair is again aimed at the level of 127.2%. Fixing the quotes above this level will increase the pair's chances of further growth in the direction of the next Fibo level of 161.8% (1.3977). Today, the divergence is not observed in any indicator. GBP/USD – Daily. 
On the daily chart, the pair's quotes performed a consolidation above the corrective level of 100.0% (1.3513). Thus, the growth process can be continued in the direction of the next Fibo level of 127.2% (1.4084). GBP/USD – Weekly. 
On the weekly chart, the pound/dollar pair closed above the second downward trend line. Thus, the chances of long-term growth of the pound are significantly increased. Overview of fundamentals: There were no important economic reports in the UK on Tuesday. The information background was not strong and even the news of the third "lockdown" in the UK did not put too much pressure on the Briton. The economic calendar for the US and the UK: UK - services PMI (09"30 GMT). US - change in the number of employees from ADP (13:15 GMT). UK - Bank of England Governor Andrew Bailey will deliver a speech (14:00 GMT). US - PMI for the services sector (14:45 GMT). US - publication of the minutes of the Fed meeting (19:00 GMT). On January 6, the calendars of economic events in the UK and the US contain quite a lot of interesting events. For example, Andrew Bailey's speech or the ADP report. COT (Commitments of Traders) report: 
The latest COT report from December 29 showed that speculators were getting rid of both long contracts and short contracts. In small quantities. In total, the "Non-commercial" category of traders closed 1,640 long contracts and 296 short contracts. Thus, their mood became a little more bearish. Also, the total number of contracts focused on the hands of speculators does not speak unequivocally in favor of further growth of the British dollar. The number of long contracts remains large. Since October, this distribution has changed dramatically. As of October 1, the number of long contracts was 35,000 and short – 52. Thus, over the past three months, major traders have significantly increased their "bullish" mood. GBP/USD forecast and recommendations for traders: It is recommended to buy the British dollar today when the pair closes above the level of 1.3618 with a target of 1.3698 on the hourly chart. I recommend selling the pound at a rebound from the level of 1.3701 on the 4-hour chart with a target of 1.3618. The close below the trend line has already been completed. Terms: "Non-commercial" - major market players: banks, hedge funds, investment funds, private, large investors. "Commercial" - commercial enterprises, firms, banks, corporations, companies that buy currency, not for speculative profit, but to ensure current activities or export-import operations. "Non-reportable positions" - small traders who do not have a significant impact on the price. EUR/USD. January 6. COT report. Trump gathers the protest in Washington and continue the war with the Democrats 2021-01-06 EUR/USD – 1H. 
On January 5, the EUR/USD pair resumed the growth process to the corrective level of 323.6% (1.2308). The rebound from it again allowed the pair to perform a reversal in favor of the US currency and begin the process of falling in the direction of the level of 1.2272. However, it did not last long and now the pair's quotes have returned to the Fibo level of 323.6% (1.2308). Fixing the pair's rate above the level of 323.6% will increase the probability of further growth in the direction of the level of 1.2353. Meanwhile, the so-called power struggle is once again gaining momentum in Washington. Donald Trump, after weeks of relative calm, has announced a "hell of a battle" if Democrats take over the Senate and the White House. The US President means that he will not allow Democrats to control the House of Representatives, the Senate, and the White House. However, with the first and third point, Trump will not be able to do anything. It was the Democrats who formed the majority in Congress, Nancy Pelosi (Democrat) was re-elected Speaker of the House of Representatives, and Joe Biden will become president of the country. Thus, questions remain only on the Senate, where Democrats can match the number of seats with Republicans if they win the state of Georgia, which is currently holding a second round of voting for senators. Trump continues to claim that he won the presidential election by a huge margin, however, the victory was stolen from him. Therefore, he intends to fight to the end. He also said that people, supporters of Donald Trump, are coming to Washington to hold a protest. The action is scheduled for January 6, when the US Congress will begin ratifying the results of the presidential election. EUR/USD – 4H. 
On the 4-hour chart, the pair's quotes performed a reversal in favor of the European currency and resumed the growth process in the direction of the corrective level of 200.0% (1.2353). The upward trend line continues to characterize the mood of traders as "bullish". Fixing the pair's rate under the trend line will work in favor of the US currency and some fall in the direction of the Fibo level of 161.8% (1.2027). The rebound of quotes from the level of 1.2353 will also work in favor of a certain drop in quotes. EUR/USD – Daily. 
On the daily chart, the quotes of the EUR/USD pair continue the process of growth in the direction of the corrective level of 423.6% (1.2495). Until the moment when the pair makes a consolidation under the level of 323.6%, there are still high chances of growth. EUR/USD – Weekly. 
On the weekly chart, the EUR/USD pair performed a consolidation above the "narrowing triangle", which preserves the prospects for further growth of the pair in the long term. Overview of fundamentals: On January 5, the US ISM business activity index for the services sector was released, which was significantly better than traders' expectations. However, this report did not affect the general mood of traders and the US currency continued to fall. News calendar for the United States and the European Union: EU - index of business activity in the service sector (09:00 GMT). US - change in the number of employees from ADP (13:15 GMT). US - PMI for the services sector (14:45 GMT). US - publication of the minutes of the Fed meeting (19:00 GMT). On January 6, a rather important ADP report will be released in America, and in the evening the minutes of the last FOMC meeting will be published. Indices of business activity in the service sector have a lower priority for traders. COT (Commitments of Traders) report: 
The activity of major players in the last two weeks of 2020 was very weak. The "Non-commercial" category of traders, according to the latest COT report of December 29, got rid of 57 long contracts and opened new 1,660 short contracts. Thus, their mood has once again become more "bearish", but in general remains strongly "bullish", as the number of contracts focused on their hands remains strongly in favor of long (224,000 – 79,000). Nevertheless, their mood may become more "bearish", but this does not have much effect on the euro currency yet. Thus, I can conclude that speculators continue to look closely at the sales of the euro currency, but are waiting for the right moment or some kind of push. EUR/USD forecast and recommendations for traders: On Wednesday, I recommend selling the euro in case of a rebound from the level of 1.2353 on the 4-hour chart with the target of a trend line. New purchases of the pair can be opened with a target of 1.2353 when the quotes are fixed above the level of 323.6% (1.2308) on the hourly chart. Terms: "Non-commercial" - major market players: banks, hedge funds, investment funds, private, large investors. "Commercial" - commercial enterprises, firms, banks, corporations, companies that buy currency, not for speculative profit, but to ensure current activities or export-import operations. "Non-reportable positions" - small traders who do not have a significant impact on the price. Technical analysis of EUR/USD for January 06, 2021 2021-01-06  Overview : The EUR/USD pair will continue to rise from the level of 1.2289. The support is found at the level of 1.2289, which represents the 61.8% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 1.2289, while immediate resistance is seen at 1.2370. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of a high at 1.2335. So, buy above the level of 1.2335 with the first target at 1.2370 in order to test the daily resistance 1 and move further to 1.2409. Also, the level of 1.2409 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the EUR/USD pair to climb from 1.2289 to 1.2409 today. However, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.2275, a further decline to 1.2215 can occur, which would indicate a bearish market.  On the H4 chart : The EUR/USD pair opened above the weekly pivot point (1.2263). It continued to move upwards from the level of 1.2263 to the top around 1.2345. Today, the first resistance level is seen at 1.2370 followed by 1.2409, while daily support 1 is seen at 1.2237. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bullish opportunity above 1.2263. Hence, it will be good to buy at 1.2263 with the first target of 1.2370. It will also call for an uptrend in order to continue towards 1.2409. The strong daily support is seen at the 1.2263 level, which represents the double bottom on the H1 chart. According to the previous events, we expect the EUR/USD pair to trade between 1.2263 and 1.409 in coming hours. The price area of 1.2263 remains a significant support zone. Consequently, the trend is still bullish as long as the level of 1.2263 is not broken. On the contrary, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.2237, then a stop loss should be placed at 1.2130. GBP/USD: Pound is expected to decline, but it ignore these signals 2021-01-06  According to many analysts, the pound's current strengthening is deceptive. Experts believe that it may decline in the near future, despite encouraging factors such as the signing of the Brexit agreement and the adoption of a package of business support measures. On Tuesday, the British currency moved around the range of 1.3580-1.3585, then slightly fell due to the announcement of the next lockdown in the UK amid the appearance of a new strain of COVID-19. But the situation improved on Wednesday. Experts have recorded a growth in the pound, who managed to ignore the introduction of the lockdown. The GBP/USD pair was trading near the range of 1.3642-1.3643 and is not going to stop there.  However, many experts are sure that this upward movement is just temporary and so, the pound is expected to resume its decline in the near future. This is facilitated by coronavirus restrictions, which worsen the mood of investors. The debilitating financial uncertainty is also another factor that puts pressure to the pound. It should be noted that the business sector accounts for about 7% of the UK economy, but it is not regulated by the Brexit agreement. The agreement signed between London and Brussels regulates not financial, but economic relations, primarily controversial issues related to agriculture and fisheries. The British currency has significantly strengthened against the US and European currencies after the conclusion of a trade deal on Brexit. Currently, the British authorities' adoption of a new fiscal stimulus package worth 4.6 billion pounds ($6.26 billion) has provided significant support for the GBP. Experts emphasize that this measure is necessary to support the national business. According to the heads of large companies, a number of British economic sectors will be in a deplorable state by the spring of 2021. It should be recalled that by this time, many business support programs will be completed, and the fiscal measures taken by the authorities will not be sufficient to restore the economy. According to Adam Marshall, head of the British Chamber of Commerce, a long-term business support plan is needed for long-term economic rehabilitation. He emphasized that it should cover the period after spring and until the end of 2021. At the moment, the UK Ministry of Finance will allocate 4 billion pounds for one-time subsidies for 600 thousand retail, hotel and entertainment companies. An additional 594 million pounds will be received by other business areas most affected by the introduction of quarantine measures. The Financial Times estimates that the UK government has allocated 280 billion pounds to support the economy during the COVID-19 pandemic. Nevertheless, the pound is recently rising, despite the economic issue and the introduction of lockdowns. However, experts and market participants negatively assess its short-term prospects. Many believe that the pound's current rise is a small respite before the next decline. Analysts warn that the situation may change any time, although the pound has taken a break in declining. Technical analysis of GBP/USD for January 06, 2021 2021-01-06  Overview : On the H1 chart : The GBP/USD pair continued to move upwards from the level of 1.3568. Since yesterday, the pair has risen from the level of 1.3568 (the level of 1.3568 coincides with the ratio of 50% Fibonacci Expansion) to the top around 1.3650. In consequence, the GBP/US pair broke resistance at 1.3568, which turned into strong support at the level of 1.3568. In the H1 time frame, the level of 1.3568 is expected to act as major support today. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish market. The price is still above the moving average (100). From this point, we expect the GBP/USD pair to continue moving in the bullish trend from the support level of 1.3568 towards the target level of 1.3703. If the pair succeeds in passing through the level of 1.3703, the market will indicate the bullish opportunity above the level of 1.3703 so as to reach the second target at 1.3760. Next objective 1.3814. According to the previous events, the GBP/USD pair is still moving between the levels of 1.3568 and 1.3814; so we expect a range of 264 pips in coming three days. At the same time, if the GBP/USD pair is able to break out the level of 1.35233, the market will decline further to 1.3418 (last bearish wave).  Four-hour chart : The GBP/USD pair will continue rising from the level of 1.3578 today. The support is found at the level of 1.3578, which represents the 78% Fibonacci retracement level in the H4 time frame. Since the trend is above the 78% Fibonacci level, the market is still in an uptrend. Therefore, the GBP/USD pair is continuing with a bullish trend from the new support of 1.3578. The current price is set at the level of 0.6695 that acts as a daily pivot point seen at 0.6695. Equally important, the price is in a bullish channel. According to the previous events, we expect the GBP/USD pair to move between 0.6671 and 0.6749. Therefore, strong support will be formed at the level of 0.6695 providing a clear signal to buy with the targets seen at 1.3703. If the trend breaks the support at 1.3703 (first resistance), the pair will move upwards continuing the development of the bullish trend to the level 1.3760, then reach 1.3814 in order to test the daily resistance 3. The stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 1.3418. Forex forecast 01/06/2021 on EUR/GBP, EUR/USD, USD/JPY and Crude Oil from Sebastian Seliga 2021-01-06 Let's take a look at the technical analysis of EUR/GBP, EUR/USD, USD/JPY and Crude Oil on the daily time frame chart.
Author's today's articles: Stanislav Polyanskiy  Graduated from Odessa State Economic University. On Forex since 2006. Writes analytical reviews about international financial markets for more than 3 years. Worked as a currency analyst in different finance companies for a long time including the biggest companies of Russia and Ukraine. Torben Melsted  Born in November 1962. Graduated from CBS, got Diploma in Finance. Began trading on Forex in 1986 and since that time held various positions such as advising clients, hedging client flows on FX and commodity markets. Also worked for major corporations as Financial Risk Manager. Uses Elliott wave analysis in combination with classic technical analysis, and has been using a Calmar Ratio of 5.0 for over 3 years. Has his own blog, where he uses Elliott wave and technical analysis on all financial markets. Sebastian Seliga  Sebastian Seliga was born on 13th Oсtober 1978 in Poland. He graduated in 2005 with MA in Social Psychology. He has worked for leading financial companies in Poland where he actively traded on NYSE, AMEX and NASDAQ exchanges. Sebastian started Forex trading in 2009 and mastered Elliott Wave Principle approach to the markets by developing and implementing his own trading strategies of Forex analysis. Since 2012, he has been writing analitical reviews based on EWP for blogs and for Forex websites and forums. He has developed several on-line projects devoted to Forex trading and investments. He is interested in slow cooking, stand-up comedy, guitar playing, reading and swimming. "Every battle is won before it is ever fought", Sun Tzu Sergey Belyaev  Born December 1, 1955. In 1993 graduated from Air Force Engineering Academy. In September 1999 started to study Forex markets. Since 2002 has been reading lectures on the technical analysis . Is fond of research work. Created a personal trading system based on the indicator analysis. Authored the book on technical analysis "Calculation of the next candlestick". At present the next book is being prepared for publishing "Indicator Analysis of Forex Market. Trading System Encyclopedia". Has created eleven courses on indicator analysis. Uses classical indicators. Works as a public lecturer. Held numerous seminars and workshops presented at international exhibitions of financial markets industry. Is known as one of the best specialists in the Russian Federation researching indicator analysis. Mihail Makarov  - Irina Manzenko  Irina Manzenko Grigory Sokolov  Born 1 January, 1986. In 2008 graduated from Kiev Institute of Business and Technology with "Finance and Credit" as a major. Since 2008 has studied the behavior of various currency pairs and their correlation on Forex. In his works and trading practice he uses candlestick analysis and Fibonacci technique. Since 2009 has written analytical reviews and articles which are published on popular Internet resources. Interests: music, computers and cookery. "Out of five deadly sins of business and as a rule, the most widespread, excessive striving to get profit is the worst". P. Drucker Mourad El Keddani  Was born in Oujda, Morocco. Currently lives in Belgium. In 2003 obtained B.S. in Experimental Sciences. In 2007 obtained a graduate diploma at Institut Marocain Specialise en Informatique Applique (IMSIA), specialty – Software Engineering Analyst. In 2007–2009 worked as teacher of computer services and trainer in a professional school specializing in computer technologies and accounting. In 2005 started Forex trading. Authored articles and analytical reviews on Forex market on Forex websites and forums. Since 2008 performs Forex market research, and develops and implements his own trading strategies of Forex analysis (especially in Forex Research & Analysis, Currency Forecast, and Recommendations and Analysis) that lies in: Numerical analysis: Probabilities, equations and techniques of applying Fibonacci levels. Classical analysis: Breakout strategy and trend indicators. Uses obtained skills to manage traders' accounts since 2009. In April 2009 was certified Financial Technician by the International Federation of Technical Analysts. Winner of several social work awards: Education Literacy and Non-Formal Education (in Literacy and Adult Education in The National Initiative for Human Development).
Languages: Arabic, English, French and Dutch.
Interests: Algorithm, Graphics, Social work, Psychology and Philosophy. l Kolesnikova  text
Subscription's options management Theme's:
Fundamental analysis, Fractal analysis, Wave analysis, Technical analysis, Stock Markets
Author's :
A Zotova, Aleksey Almazov, Alexander Dneprovskiy, Alexandr Davidov, Alexandros Yfantis, Andrey Shevchenko, Arief Makmur, Dean Leo, Evgeny Klimov, Fedor Pavlov, Grigory Sokolov, I Belozerov, Igor Kovalyov, Irina Manzenko, Ivan Aleksandrov, l Kolesnikova, Maxim Magdalinin, Mihail Makarov, Mohamed Samy, Mourad El Keddani, Oleg Khmelevskiy, Oscar Ton, Pavel Vlasov, Petar Jacimovic, R Agafonov, S Doronina, Sebastian Seliga, Sergey Belyaev, Sergey Mityukov, Stanislav Polyanskiy, T Strelkova, Torben Melsted, V Isakov, Viktor Vasilevsky, Vladislav Tukhmenev, Vyacheslav Ognev, Yuriy Zaycev, Zhizhko Nadezhda
Edit data of subscription settings
Unsubscribe from the mailing list Sincerely,
Analysts Service | If you have any questions, you can make a phone call using one of the
InstaForex Toll free numbers right now:
|  | InstaForex Group is an international brand providing online trading services to the clients all over the world. InstaForex Group members include regulated companies in Europe, Russia and British Virgin Islands. This letter may contain personal information for access to your InstaForex trading account, so for the purpose of safety it is recommended to delete this data from the history. If you have received this letter by mistake, please contact InstaForex Customer Relations Department. |
No comments:
Post a Comment