| Analytics and trading signals for novice traders. How to trade EUR/USD on January 7? Plan for opening and closing deals on Thursday 2021-01-07 Hourly chart of the EUR/USD pair 
The EUR/USD pair began a new round of downward movement last night. The trend line that has supported the upward movement several times is no longer relevant. The pair's quotes settled below it yesterday, so there is no upward trend. Thus, you can now consider short positions in hopes that this time the trend reversal will mean some tangible downward movement, and not 30 points. Let us remind you that just a few days ago the price also settled below the previous upward trend line. Then it fell by another 30 points and resumed the upward trend. In general, we can say that it is absolutely not a favorable time for trading right now, especially for beginners. On the one hand, the upward trend remains, on the other hand, it is extremely difficult to work it out. Maybe the holiday factor is still working. Maybe traders themselves understand that the euro has climbed unprecedentedly high, where it does not belong, given the fundamental factors. The fact remains. There is no movement according to the textbook now - the main movement, correction, new signal according to the trend. Quotes move absolutely chaotically. Trendlines are often ignored. Signals are often either false or weak. Thus, beginners should clearly understand the essence of the market at a given time. There is still little to say in terms of foundation. Ordinary macroeconomic reports have recently been published in the US and the European Union, which, of course, did not have any particular impact on the pair's movement. Yesterday, for example, it became known that business activity in the services sector of the eurozone fell to 46.4, but the euro was growing at that time. The ADP report was released afterwards, which showed the reduction in the number of employees in the US private sector, and so what? At this time, the US dollar was strengthening (falling EUR/USD = rising dollar). Thus, the markets successfully ignored all the reports yesterday. However, this is understandable, since the euro has been growing without stopping for two months now, and the general trend has been 10 months. Naturally, yesterday's publication of the minutes of the last Federal Reserve meeting did not cause any reaction either. EU inflation for December will be released today, which is likely to remain negative and could cause the euro to fall, while the US ISM Service PMI will be released in the afternoon, which could support the US dollar. Possible scenarios on January 7: 1) Long positions are no longer relevant again, if you follow the canons of technical analysis, since the trend line is crossed. Thus, those who wish to buy the EUR/USD pair in such a market should wait for a new upward trend or at least a strong buy signal. For example, rebounding from a trend line, which we deliberately left in the chart. Considering how the pair is moving now, it is possible that this irrelevant line will still be followed by a rebound. The targets for growth are 1.2361 and 1.2397. 2) Trading for a fall is more relevant now, since buyers did not keep the pair above the trend line. Thus, you are advised to open new short positions (at your own peril and risk) while aiming for support levels of 1.2278 and 1.2231, since the MACD indicator created a sell signal a couple of hours ago. However, you should remember that many signals are false now, and this is not the most favorable time to trade. 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 of AUD/USD for January 07, 2021 2021-01-07  Overview : - The article will be relevant : 5 days (From Thursday 07, 2021 to Monday 11, 2021).
The AUD/USD pair (Australian Dollar) is struggling to get a daily close above the level of 0.7684. The AUD/USD pair has already formed minor support at 0.7742. The strong support is seen at the level of 0.7684 because it represents the weekly support 1. A bounce would place the upper line of an ascending channel as weekly support 1 (0.7684). The RSI is still signaling that the trend is upward as it is still strong above the moving average (100). Positive RSI divergence warns that the pair may turn higher in the near-term. This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. Buy orders are recommended above the region of 0.7742 - 0.7684 with the first target at the level of 0.7821. The level of 0.7821 will act as strong resistance and the double top is already set at the point of 0.7821 From this point, the pair is likely to begin an ascending movement to the point of 0.7875 and further to the level of 0.7920.  Looking at the four-hours chart shows a rather interesting development on the January 2021 high around 0.7742. First, the pair seems to be confined in an ascending channel. Now, the price is set above the level of 0.7684 to act as a daily pivot point. It should be noted that volatility is very high for that the AUD/USD pair is still moving between 0.7684 and 0.7875 in coming hours. Furthermore, the price has been set above the strong support at the levels of 0.7684 and 0.7742, which coincides with the 61.8% and 78% Fibonacci retracement level respectively. Additionally, the price is in a bullish channel now. Amid the previous events, the pair is still in an uptrend. The GBP/USD pair is continuing in a bullish trend from the new support levels of 0.7684 and 0.7742. Thereupon, the price area of 0.7684/0.7742 remains a significant support zone. Therefore, a possibility that the GBP/USD pair will have upside momentum is rather convincing and the structure of a rise does not look corrective; in order to indicate a bullish opportunity above 0.7684/0.7742. Buy above 0.7684 or/and 0.7742 with the first targets at 0.7821, 0.7875, then continue towards the next objective 0.7920. On the other hand, a break below support via a daily close below 0.7642 exposes the 50% Fibonacci retracement at 0.7642. If the pair can get below that, the next target seems to by the December 2020 low around 0.7642 . There may be some heightened volatility in the Australian Dollar. However, if a breakout happens at the support level of 0.7642, then this scenario may become invalidated. Conclusion : The market is indicating a bullish opportunity above the above-mentioned support levels (0.7500, 0.7574, 0.7600, 0.7642), for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. - On the M30 chart :
- Trading recommendations :
According to the previous events the price is expected to remain between 0.7684 and 0.7920 levels. Buy-deals are recommended above 0.7684 with the first target seen at 0.7821. The movement is likely to resume to the point 0.7875 and further to the point 0.7920. The major support level is seen at 0.7500, currently, the price is moving in a bullish channel now.  Technical Analysis of EUR/USD for January 7, 2021 2021-01-07 Technical Market Outlook: The EUR/USD pair has made another marginal swing high at 1.2349 again, but no follow through towards higher levels had occurred. 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 Falling 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. 
Technical Analysis of GBP/USD for January 7, 2021 2021-01-07 Technical Market Outlook: The GBP/USD pair keeps consolidating in a narrow range around the level of 1.3624 after the 50% pull-back towards the level of 1.3540 was done. The market participants wait for a range breakout in either direction. 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 1.3567 and 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 located 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. 
EUR/USD: U.S Capitol attack is not the beginning of US revolution 2021-01-07 
EUR/USD: Politics: A large group of Trump supporters, who were dissatisfied with the election, attacked the US Capitol yesterday. But why did not and will not become a revolution? There are two reasons for this and the ff are: The first reason is that the elections in the United States, which were just held in November with Trump not having the victory, were fair. Moreover, there are also fair courts in the US and all courts (and there are many Trump supporters among judges) have denied Trump's claims, as there is no hard evidence that Trump is right. Therefore, even most Pro-Trump supporters know that Mr. Donald Trump has lost. The second reason is that Trump, who himself told his supporters to go to the Capitol, was afraid of the consequences. He called on everyone to disperse an hour later. And although he was not the leader behind the protest, his deputy Mike Pence sent special forces to disperse the protesters. At least 4 people were killed due to the clash. It can be concluded that it was the right thing that Trump was not elected. Trading plan for EUR/USD on January 7. Trump supporters have taken the Capitol. Meanwhile, COVID-19 has again reached its peak. 2021-01-07 
Reports show that morbidity and mortality of COVID-19 has grown again. In particular, the total number of new cases jumped to 780,000, which indicates that the coronavirus is not backing down. Deaths have also increased to 14.5 thousand, that is, approximately 2% of the cases. Leading countries are the US, UK and Brazil. On the bright side, vaccinations are underway, but its effect will appear only by February. Washington: Supposedly, the US Congress is set to approve the results of the presidential election. However, Trump urged his supporters to "go to the Capitol '', as a result of which people swept a few guards and burst into the building. Then, Trump got scared of responsibility, therefore, an hour later, he urged everyone to disperse. But special forces have already been used and 4 people have died already. EUR/USD: Open short positions from 1.2265. Open long positions from 1.2350. Technical analysis of USD/JPY for January 07, 2021 2021-01-07  Overview : Bears could aim to reclaim 102.60 mark amid Japan stimulus hopes. The overnight move beyond the previous double-bottom support near the 102.60 - 103.11 region might have already set the phase for additional profits. This week, the USD/JPY pair reached a new minimum at the price of 102.60; but the pair rebounded to close at 103.30. So, today the price may reach one more minimum around the spot of 102.60 - 102.10, which coincides major support levels. Today, the USD/JPY pair is challenging the psychological resistance at 103.68. Hence, the resistance is seen at the level of 103.68 in the one-hour time frame. We expect the USD/JPY pair to continues moving in a downtrend below the level of 103.68 towards the first target at 102.60, while major resistance is found at 103.93 (100% Fibonacci). On the downside, a clear break at the level of 102.60 could trigger further bearish pressure testing 102.10, then continue towards the next objective of 101.65.  In four-hour time frame : Resistance of the USD/JPY pair is seen at the level of 103.68. The pair is trading below its resistance for a while. It is likely to trade in a lower range as long as it remains below resistance (103.68). Furthermore, you should bear in mind that resistance has set at 103.68. The USD/JPY pair has not made a significant movement from yesterday. The bias remains bearish in the nearest term testing 102.60 or lower. If the trend can break the first target at 102.60, the market will call for a strong bearish trend towards the next target at 102.10 on the four-hour chart. Please, note that the prices of 103.68 and 103.93 coincide with the Fibonacci of 50% and 61.8% respectively. On the other hand, stop loss has always been in consideration. Thus it will be useful to set it above the last double top at the level of 103.93 (notice that the major resistance today has set at 104.76). Forecast : - As a result, it is gainful to sell below this price of 103.68 with targets at 102.60, 102.10 and then 101.65. However, the bullish trend is still expected for the upcoming days as long as the price is above 103.93.
Daily Technical level : - Resistance 3 : 104.76
- Major resistance : 104.28
- Minor resistance : 103.93
- Intraday pivot point : 103.68
- Minor support : 102.60
- Major support : 102.10
- Support 3 : 101.65
Forex forecast 01/07/2021 on USD/CAD, EUR/USD, SP500 and Dow Jones from Sebastian Seliga 2021-01-07 Let's take a look at the EUR/USD and USD/CAD technical analysis ahead of the key data release. SP500 and Dow Jones indices analysis on the daily time frame chart included as well. Trading idea for the USD/JPY pair 2021-01-07 
A strong bullish impulse occurred at USD / JPY yesterday, as a result of which the pair traded above 103. Taking this into account, it would be best to open long positions in the market, following this plan below: 
As we can see in the chart, the quotes have formed three wave patterns (ABC), in which wave A is the upward movement observed yesterday. Since the market has pulled back to the 50% retracement level, trading positions may be set from 103 to 103.9, in order to trigger a rise in the USD/JPY pair. The risk/profit ratio of this transaction is 2.5:1. Of course, traders have to monitor the risk to avoid losing money. Trading is very precarious, but also profitable as long as the right approach is used. This strategy uses Price Action and Stop Hunting methods. Good luck! Indicator analysis. Daily review for the GBP/USD currency pair on January 7, 2021 2021-01-07 The pair moved in a side channel yesterday. First, it moved up and tested the pullback level of 76.4%, 1.3676 (yellow dotted line), and then went down, in turn, and tested the 13th average EMA 1.3537 (yellow thin line). Today, the price is likely to continue to work down. As per the economic calendar, news is expected at 9.30 UTC (pound), and 13.30 and 15.00 UTC (dollar). Trend analysis (Fig. 1). Today, the market from the level of 1.3604 (closing of yesterday's daily candle) can continue to move down with the target of 1.3481 - the historical support level (blue dotted line). When testing this line, it is possible to continue working upward with the target of 1.3676 - a pullback level of 76.4% (yellow dotted line). 
Figure 1 (Daily Chart). Comprehensive analysis: - Indicator analysis - down;
- Fibonacci levels - down;
- Volumes - down;
- Candlestick analysis - down;
- Trend analysis - up;
- Bollinger bands - up;
- Weekly chart - down.
General conclusion: Today, the price from the level of 1.3604 (closing of yesterday's daily candle) can continue to move down with the target of 1.3481 - the historical support level (blue dotted line). When testing this line, it is possible to continue working upwards with the target of 1.3676 - a pullback level of 76.4% (yellow dotted line). Alternative scenario: the pair from the level of 1.3604 (closing of yesterday's daily candle) may continue to move down with the target of 1.3543 - 13 EMA (yellow thin line). When testing this line, it is possible to work up, with the target of 1.3702 - the upper fractal (red dotted line).
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. 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. Sebastian Seliga  Sebastian Seliga was born on 13th Oัtober 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 Mihail Makarov  - Andrey Shevchenko  Andrey Shevchenko 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.
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