This/Next Week Forecast (January 18 – 22, 2021)
Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 78.50, which will be followed by reaching resistance level 85.00.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 78.50, which will be followed by moving down to support level 71.00.
Previous week forecast
Fundamental Analysis
Difference between supply and demand showing fair price on the level 66.
Monthly forecast, January 2021
Uptrend scenario
The uptrend may be expected to continue in case the market rises above resistance level 78.50, which will be followed by reaching resistance level 85.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 71.80 , which will be followed by moving down to support level 67.00 and if it keeps on moving down below that level, we may expect the market to reach support level 57.10.
Previous month forecast
All information provided by Anton Kolhanov is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to buy or sell any trading instrument. Anton Kolhanov is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained. You should do your own thorough research before making any investment decisions and seek advice from an independent financial advisor.
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EUR/USD stays depressed toward 1.0950 ahead of EU data
EUR/USD holds lower ground, approaching 1.0950 in the early European session on Monday. The pair struggles despite the risk-on market mood, as the US Dollar clings to strong US Nonfarm Payrolls-led gains. Eurozone data and Fedspeak remain in focus.
GBP/USD turns south toward 1.3100, Fedspeak awaited
GBP/USD defends 1.3100 in European trading on Monday, erasing early gains. The US Dollar finds fresh demand, shrugging off the risk flows, as attention toward speeches from several Fed policymakers for fresh impetus after Friday's bumper Nonfarm Payrolls report.
Gold price keeps the red below $2,650, remains confined in a familiar trading range
Gold price remains on the defensive amid reduced bets for a 50 bps Fed rate cut in November. The USD consolidates last week’s strong gains and exerts some pressure on the XAU/USD. Geopolitical risks might continue to act as a tailwind and limit losses for the precious metal.
Bitcoin breaks above its $62,000 resistance barrier
Bitcoin has surged past its resistance barrier, signaling a potential rally, while Ethereum is testing a critical resistance level near $2,500, a close above suggesting further gains. In contrast, Ripple is approaching its resistance, and a rejection here could lead to a continuation of its downtrend.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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