Forecast for December 16:
Analytical review of currency pairs on the scale of H1:
For the euro / dollar pair, the key levels on the H1 scale are: 1.1261, 1.1239, 1.1198, 1.1156, 1.1134, 1.1103, 1.1078 and 1.1046. Here, the price is in the correction zone from the ascending structure on November 29. Short-term movement to the top is expected in the range of 1.1134 - 1.1156. The breakdown of the last value will lead to a movement to the level of 1.1198. Price consolidation is near this level. The breakdown of the level of 1.1200 will allow you to count on movement towards a potential target - 1.1261. Upon reaching this level, we expect consolidation in the range of 1.1261 - 1.1239.
A short-term downward movement is expected in the range 1.1103 - 1.1078. The breakdown of the latter value will have the downward structure development from December 13. In this case, the potential target is 1.1046.
The main trend is the upward structure of November 29, the correction stage
Trading recommendations:
Buy: 1.1134 Take profit: 1.1154
Buy: 1.1158 Take profit: 1.1196
Sell: 1.1103 Take profit: 1.1080
Sell: 1.1076 Take profit: 1.1046
For the pound / dollar pair, the key levels on the H1 scale are: 1.3732, 1.3598, 1.3534, 1.3454, 1.3360, 1.3268 and 1.3164. Here, the price is in correction from the upward structure on November 27. The continuation of the movement to the top is expected after the breakdown of the level of 1.3454. In this case, the first target is 1.3534. Short-term upward movement is possibly in the range of 1.3534 - 1.3598, Here, price consolidation is expected. The breakdown of the level of 1.3600 will lead to a movement to a potential target - 1.3732. We consider the movement to this level as unstable.
Short-term downward movement is possibly in the range of 1.3360 - 1.3268. The breakdown of the last value will lead to a long correction. Here, the target is 1.3164. This level is a key support for the upward trend.
The main trend is the upward cycle of November 27, the correction stage
Trading recommendations:
Buy: 1.3455 Take profit: 1.3534
Buy: 1.3535 Take profit: 1.3596
Sell: 1.3358 Take profit: 1.3280
Sell: 1.3365 Take profit: 1.3170
For the dollar / franc pair, the key levels on the H1 scale are: 0.9915, 0.9884, 0.9864, 0.9820, 0.9789 and 0.9745. Here, we are following the development of the downward structure of November 29. The continuation of the movement to the bottom is expected after the breakdown of the level of 0.9820. In this case, the target is 0.9789. Price consolidation is near this level. The breakdown of the level of 0.9789 should be accompanied by a pronounced downward movement. In this case, the potential target is 0.9745. We expect a rollback to correction from this level.
Short-term upward movement is possibly in the range of 0.9864 - 0.9884. The breakdown of the latter value will lead to in-depth movement. Here, the target is 0.9915. This level is a key support for the downward structure of November 29.
The main trend is the downward structure of November 29
Trading recommendations:
Buy : 0.9864 Take profit: 0.9883
Buy : 0.9885 Take profit: 0.9913
Sell: 0.9820 Take profit: 0.9791
Sell: 0.9787 Take profit: 0.9745
For the dollar / yen pair, the key levels on the scale are : 110.52, 110.20, 109.96, 109.62, 109.23, 109.08 and 108.85. Here, we are following the formation of the initial conditions for the top of December 12. The continuation of the movement to the top is expected after the breakdown of the level of 109.62. In this case, the target is 109.96. We expect a short-term upward movement, as well as consolidation in the range of 109.96 - 110.20. For the potential value for the top, we consider the level of 110.52. Upon reaching which, we expect a rollback to the correction.
Short-term downward movement is expected in the range 109.23 - 109.08. The breakdown of the last value will lead to an in-depth correction. Here, the target is 108.85. This level is the key support for the upward structure from December 12.
Main trend: initial conditions for the top of December 12
Trading recommendations:
Buy: 109.63 Take profit: 109.96
Buy : 109.98 Take profit: 110.20
Sell: 109.23 Take profit: 109.08
Sell: 109.06 Take profit: 108.85
For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3256, 1.3217, 1.3196, 1.3146, 1.3118 and 1.3094. Here, we continue to monitor the long-term descending structure of December 3. The continuation of movement to the bottom is expected after the breakdown of the level of 1.3146. Here, the target is 1.3118. Price consolidation is near this level. For the potential value for the bottom, we consider the level of 1.3094. Upon reaching which, we expect a consolidated movement.
Short-term upward movement is possibly in the range of 1.3196 - 1.3217. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 1.3256. We expect the expressed initial conditions to formulate for the upward cycle up to this level.
The main trend is the long-term descending structure of December 3
Trading recommendations:
Buy: 1.3196 Take profit: 1.3215
Buy : 1.3218 Take profit: 1.3252
Sell: 1.3145 Take profit: 1.3119
Sell: 1.3116 Take profit: 1.3095
For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.7032, 0.7012, 0.6980, 0.6957, 0.6909, 0.6866, 0.6853 and 0.6832. Here, we continue to monitor the development of the ascending structure of December 10. The continuation of the movement to the top is expected after the breakdown of the level of 0.6909. In this case, the target is 0.6957. Short-term upward movement is possibly in the range 0.6957 - 0.6980. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is 0.7012. For the potential value for the top, we consider the level of 0.7032. Upon reaching this value, we expect a pullback to the bottom.
Short-term downward movement is expected in the range of 0.6866 - 0.6853. The breakdown of the last value will lead to an in-depth correction. Here, the target is 0.6832. This level is a key support for the upward structure.
The main trend is the local structure for the top of December 10
Trading recommendations:
Buy: 0.6910 Take profit: 0.6955
Buy: 0.6958 Take profit: 0.6980
Sell : 0.6853 Take profit : 0.6834
Sell: 0.6830 Take profit: 0.6800
For the euro / yen pair, the key levels on the H1 scale are: 122.87, 122.39, 122.04, 121.80, 121.38, 121.00 and 120.52. Here, the price is in a deep correction from the upward structure on December 9 and forms the potential for the bottom of December 13. The continuation of the movement to the bottom is possibly after the breakdown of the level of 131.38. Here, the first goal is 121.00. Price consolidation is near this level. The breakdown of the level of 121.00 will lead to a pronounced downward movement. Here, the potential target is 120.52.
Short-term upward movement is possibly in the range of 121.80 - 122.04. The breakdown of the last value will have the subsequent development of the upward trend. Here, the first goal is 122.39. This level is the key resistance for the top.
The main trend is the rising structure of December 9, the stage of deep correction
Trading recommendations:
Buy: 121.80 Take profit: 122.02
Buy: 122.06 Take profit: 122.35
Sell: 121.38 Take profit: 121.05
Sell: 121.00 Take profit: 120.60
For the pound / yen pair, the key levels on the H1 scale are : 149.76, 148.43, 147.70, 146.86, 146.26, 145.21, 144.52 and 143.50. Here, the price is in correction from the upward structure on December 4. Short-term movement to the top is expected in the range of 146.26 - 146.86. The breakdown of the latter value will lead to a movement to the level of 147.70. Price consolidation is in the range of 147.70 - 148.43. The breakdown of the level of 148.45 will lead to a pronounced movement. Here, the potential target is 149.76. We expect price consolidation near this level.
Short-term downward movement is possibly in the range of 145.21 - 144.52. The breakdown of the latter value will lead to the development of a downward trend. Here, the potential target is 143.50.
The main trend is the local ascending structure of December 4, the correction stage
Trading recommendations:
Buy: 146.26 Take profit: 146.82
Buy: 146.90 Take profit: 147.70
Sell: 145.20 Take profit: 144.60
Sell: 144.48 Take profit: 143.55
The material has been provided by InstaForex Company - www.instaforex.com