18.01.202110:30 Forex Analysis & Reviews: Fractal analysis of major pairs on January 18, 2021

Outlook on January 18:

Analytical review of popular currency pairs on the hourly chart:

The key levels for the EUR/USD pair are 1.2137, 1.2110, 1.2090, 1.2057, 1.2025, 1.2009 and 1.1969. The next targets from the local downward trend on January 13 are determined. In this case, we expect the decline to continue after 1.2057 is broken, with a target of 1.2025. There is a price consolidation in the range of 1.2025 - 1.2009. So, the next potential downward target of 1.1969 will be considered. A strong movement to which is expected after breaking through the level of 1.2009.

Short-term growth, in turn, is possible in the range of 1.2090 - 1.2110. If the last value is broken, a deep correction will occur with a potential target of 1.2137. This is the key support for the decline.

The main trend is the local downward trend from January 13

Trading recommendations:

Buy: 1.2090 Take profit: 1.2110

Buy: 1.2112 Take profit: 1.2135

Sell: 1.2055 Take profit: 1.2025

Sell: 1.2007 Take profit: 1.1970

The key levels for the GBP/USD pair are 1.3855, 1.3765, 1.3725, 1.3644, 1.3544, 1.3506 and 1.3449. Following the upward trend from January 11, the price is currently in correction. We expect it to continue rising after the level of 1.3644 is broken, with a target of 1.3725. A short-term growth in the range of 1.3725 - 1.3765. If the last value is broken, a strong rise will follow towards the next target of 1.3822. The final upward target is located at 1.3855. Once this level is reached, price consolidation and downward pullback can be expected.

Meanwhile, short-term decline is expected in the range of 1.3544 - 1.3506. If the last value is broken, it will favor the development of a downward trend with the first potential target located at 1.3449.

The main trend is the upward trend from January 11

Trading recommendations:

Buy: 1.3645 Take profit: 1.3725

Buy: 1.3725 Take profit: 1.3765

Sell: 1.3644 Take profit: 1.3608

Sell: 1.3605 Take profit: 1.3565

The key levels for the USD/CHF pair are 0.8985, 0.8966, 0.8933, 0.8909, 0.8876, 0.8855 and 0.8824. Following the bullish trend from January 6, the pair is expected to make a short-term growth in the range of 0.8909 - 0.8933. If the last value breaks down, a strong rise is expected with the target of 0.8966. The next potential upward target is considered at 0.8985. After reaching this level, price consolidation and downward pullback can be expected.

On another note, a consolidated movement is expected in the range of 0.8876 - 0.8855. If the last value is broken, a deep correction will happen. The potential target is 0.8824, which is the key support for growth.

The main trend is the upward trend from January 6

Trading recommendations:

Buy: 0.8911 Take profit: 0.8931

Buy: 0.8934 Take profit: 0.8966

Sell: Take profit:

Sell: 0.8854 Take profit: 0.8830

The key levels for the USD/JPY are 104.42, 104.08, 103.87, 103.49, 103.22, 102.88 and 102.66. The price is forming a potential for the downward trend from January 11. So, the pair is expected to make a short-term decline in the range of 103.49 - 103.22. The breakdown of the last value will lead to a strong decline with the target of 102.88. This will be followed by the potential downward target of 102.66. Once this level is reached, price consolidation and upward pullback are possible.

A consolidated movement is also expected in the range of 103.87 - 104.08. If the last value is broken, it will be conducive to the next development of an upward trend. In this case, the potential target is 104.42.

The main trend is the upward trend from January 6 and formation of bearish potential from January 11

Trading recommendations:

Buy: 103.87 Take profit: 104.08

Buy: 104.11 Take profit: 104.40

Sell: 103.49 Take profit: 103.23

Sell: 103.20 Take profit: 102.90

The key levels for the USD/CAD pair are 1.2960, 1.2908, 1.2815, 1.2796, 1.2734, 1.2700, 1.2674 and 1.2623. The price has formed the expressed initial conditions for the top of January 14. In this case, we expect the upward movement to continue after the price passes the noise range of 1.2796 - 1.2815, with a target of 1.2868. Accordingly, a short-term growth with a consolidation is located in the range of 1.2868 - 1.2908. The final upward target is 1.2960. After reaching this level, price consolidation and downward pullback are possible.

A short-term decline, on the contrary, is expected in the range of 1.2734 - 1.2700. If the last value is broken, it will allow us to move to the level of 1.2674. The key support for growth is the range of 1.2674 - 1.2700. The price overcoming which will lead to the development of a downward trend with the first target of 1.2623.

The main trend is the upward trend of January 14

Trading recommendations:

Buy: 1.2815 Take profit: 1.2868

Buy: 1.2870 Take profit: 1.2907

Sell: 1.2734 Take profit: 1.2700

Sell: 1.2674 Take profit: 1.2625

The key levels for the AUD/USD pair are 0.7809, 0.7762, 0.7735, 0.7713, 0.7675, 0.7638, 0.7589 and 0.7556. Following the formation of the downward trend from January 14, the pair is expected to continue declining after the breakdown of 0.7675, with a target of 0.7638. Price consolidation is near this level. If the target is broken, a strong decline will develop towards the new target of 0.7589. The ultimate target for the decline is the level of 0.7556. Upon reaching which, price consolidation and upward pullback are expected.

In turn, short-term growth is expected in the range of 0.7713 - 0.7735. If the last value breaks down, it will lead to a deep correction with a target of 0.7762. This is the key support level for the decline.

The main trend is the formation of a downward trend from January 14

Trading recommendations:

Buy: 0.7713 Take profit: 0.7733

Buy: 0.7736 Take profit: 0.7760

Sell: 0.7675 Take profit: 0.7640

Sell: 0.7636 Take profit: 0.7590

The key levels for the EUR/JPY pair are 126.15, 125.77, 125.54, 125.19, 124.98, 124.55 and 124.19. Following the development of the downward trend from January 7, a short-term decline is expected in the range of 125.19 - 124.98, with a consolidation of price levels. This will lead to the development of a strong decline towards the target 124.55. After its breakdown, the final target will be the level of 124.19. Once this level is reached, price consolidation and an upward pullback can be expected.

On the other hand, short-term growth is expected in the range of 125.54 - 125.77. Upon breaking the last value, a deep correction will occur. The potential target is 126.15.

The main trend is the bearish trend from January 7

Trading recommendations:

Buy: 125.54 Take profit: 125.75

Buy: 125.80 Take profit: 126.15

Sell: 124.98 Take profit: 124.57

Sell: 124.50 Take profit: 124.20

The key levels for the GBP/JPY pair are 142.22, 141.77, 141.58, 141.23, 140.62, 140.44, 139.96, 139.63 and 139.15. Following the formation of the downward trend from January 13, the pair is expected to continue its decline after the price passes the noise range of 140.62 - 140.44, with a target of 139.96. In connection to this, a short-term decline in the range of 139.96 - 139.63, with a consolidation can be considered. The final downward target is the level of 139.15. Once this level is reached, an upward pullback will occur.

Short-term growth, in turn, is possible in the range of 141.23 - 141.58. The key support for the bearish trend from January 13 is the range of 141.58 - 141.77. The price passing this range will encourage the formation of initial conditions for the upward trend.

The main trend is the downward trend from January 13

Trading recommendations:

Buy: 141.24 Take profit: 141.58

Buy: 141.78 Take profit: 142.20

Sell: 140.44 Take profit: 140.00

Sell: 139.94 Take profit: 139.65