16.12.202010:22 Forex Analysis & Reviews: Fractal analysis for major currency pairs on December 16

Outlook on December 16:

Analytical overview of major pairs on the H1 TF:

The key levels for the euro/dollar pair are 1.2262, 1.2234, 1.2196, 1.2167, 1.2135, 1.2110 and 1.2059. The price here forms a potential local trend for the December 9 high. In this regard, short-term growth is expected in the range of 1.2167 - 1.2196. If the last value breaks down, it will lead to a strong upward movement. Here, the target is 1.2234. On the other hand, the level of 1.2262 is considered as a potential upward target. Upon reaching which, consolidation as well as a downward pullback are expected

Short-term decline, in turn, is possible in the range of 1.2135 - 1.2110. The breakdown of the last value here will favor the development of a downward trend. In this case, the target is 1.2059.

The main trend is the local upward trend of December 9

Trading recommendations:

Buy: 1.2168 Take profit: 1.2195

Buy: 1.2197 Take profit: 1.2234

Sell: 1.2135 Take profit: 1.2112

Sell: 1.2108 Take profit: 1.2060

The key levels for the pound/dollar pair are 1.3730, 1.3679, 1.3600, 1.3534, 1.3430, 1.3400, 1.3345 and 1.3272. Here, the development of the rising trend from December 11 is being followed. Currently, we expect the initial movement to the level of 1.3534. After that, short-term growth and consolidation can be expected in the range of 1.3534 - 1.3600. If the last level breaks down, it should be accompanied by a strong upward movement. The target here is 1.3679. For the potential upward target, we can consider the level of 1.3730. Upon reaching which, price consolidation and downward pullback can be expected.

Meanwhile, short-term decline is possible in the range of 1.3430 - 1.3400. In case that the last value breaks down, a deep correction will occur. Here, the target is 1.3345. The breakdown of this level will encourage the formation of a downward trend. In this case, the potential target is 1.3272.

The main trend is the upward trend from December 11

Trading recommendations:

Buy: 1.3535 Take profit: 1.3600

Buy: 1.3602 Take profit: 1.3677

Sell: 1.3400 Take profit: 1.3347

Sell: 1.3343 Take profit: 1.3274

The key levels for the dollar/franc pair are 0.8963, 0.8928, 0.8901, 0.8868, 0.8849, 0.8804 and 0.8772. The development of the downward trend from November 30 is being monitored here. Therefore, we expect the decline to continue after the price overcomes the noise range of 0.8868 - 0.8849. In this case, the target is 0.8804. For the potential target on the downside, we consider the level of 0.8772. Upon reaching which, price consolidation and upward pullback can be expected.

On the other hand, short-term increase is possible in the range of 0.8901 - 0.8928. If the last value breaks down, a deep correction will occur. Here, the target is 0.8963, which is the key support level for the local downward trend from November 30.

The main trend is the local downward trend of November 30

Trading recommendations:

Buy: 0.8901 Take profit: 0.8927

Buy: 0.8929 Take profit: 0.8961

Sell: 0.8848 Take profit: 0.8805

Sell: 0.8803 Take profit: 0.8773

The key levels for the dollar/yen are 104.02, 103.85, 103.70, 103.43, 103.26, 103.02 and 102.87. Here, we are following the downward pattern from December 10. Now, short-term downward movement is expected in the range of 103.43 - 103.26. In case that the last value breaks down, it will lead to a strong decline. Here, the target is 103.02. On the other hand, the level of 102.87 will be considered as a potential downward target. Price consolidation and upward pullback are expected after this level is reached.

In this case, short-term growth is expected in the range of 103.70 - 103.85. If the last value breaks down, a deep correction will occur. The target here is 104.02, which is the key support level for the downward trend.

The main trend is the local potential trend for the low of December 10

Trading recommendations:

Buy: 103.70 Take profit: 103.83

Buy: 103.87 Take profit: 104.02

Sell: 103.41 Take profit: 103.27

Sell: 103.24 Take profit: 103.03

The key levels for the USD/CAD pair are 1.2831, 1.2784, 1.2753, 1.2700, 1.2660, 1.2610 and 1.2576. The price forms a local potential trend for the low from December 9. Now, a short-term downward movement is expected in the range of 1.2700 - 1.2660. If the last value breaks down, it will lead to a strong decline. Here, the target is 1.2610. On the other hand, price consolidation is in the range of 1.2610 - 1.2576, from which an upward pullback is expected.

In turn, short-term upward movement is possible in the range of 1.2753 - 1.2784, breaking through the last value will favor the development of an upward trend. In this case, the first target is 1.2831.

The main trend is the local downward trend from December 9

Trading recommendations:

Buy: 1.2753 Take profit: 1.2783

Buy: 1.2785 Take profit: 1.2830

Sell: 1.2700 Take profit: 1.2661

Sell: 1.2659 Take profit: 1.2610

The key levels for the AUD/USD pair are 0.7654, 0.7624, 0.7587, 0.7569, 0.7517 and 0.7488. Here, we are following the development of the upward trend from December 7. Accordingly, the upward movement is expected to continue after the price passes the noise range of 0.7569 - 0.7587. In this case, the target is 0.7624. For the potential upward target, we consider the level of 0.7654. Upon reaching which, price consolidation and downward pullback are expected.

On the other hand, short-term downward movement is expected in the range of 0.7517 - 0.7488; hence, an upward reversal is very likely. If the last level breaks down, it will encourage the formation of a potential downward trend. In this case, the targets are not defined.

The main trend is the local upward trend of December 7, correction stage

Trading recommendations:

Buy: 0.7588 Take profit: 0.7624

Buy: 0.7625 Take profit: 0.7653

Sell: Take profit:

Sell: 0.7515 Take profit: 0.7488

The key levels for the euro/yen pair are 126.68, 126.31, 126.07, 125.69, 125.38, 125.01 and 124.75. The formation of the downward trend from December 10 is being followed here. In this regard, short-term decline is expected in the range of 125.69 - 125.38. In case that the last value breaks down, it will lead to a strong decline. Here, the target is 125.01. As for the potential downward target, the level of 124.75 can be considered. Upon reaching which, price consolidation and upward pullback is expected.

On the other hand, short-term growth is expected in the range of 126.07 - 126.31. If the last value breaks down, it will encourage the formation of initial conditions for an upward trend. In this case, the potential target is 126.68.

The main trend is the downward trend from December 10

Trading recommendations:

Buy: 126.07 Take profit: 126.30

Buy: 126.33 Take profit: 126.68

Sell: 125.69 Take profit: 125.40

Sell: 125.36 Take profit: 125.01

The key levels for the pound/yen pair are 142.00, 141.18, 140.63, 139.74, 139.05, 138.67, 138.06 and 137.55. Here, we are following the upward trend from December 11. Thus, the upward movement is expected to continue after the level of 139.74 breaks down. In this case, the target is 140.63. On the other hand, short-term growth and consolidation are in the range of 140.63 - 141.18. For the potential upward target, we consider the level of 142.00. A downward pullback can be expected upon reaching this level.

Short-term decline, in turn, is possible in the range of 139.05 - 138.67. If the last value breaks down, it will lead to a deep correction. Here, the target is 138.06, which is the key support level. The price breaking through this level will cancel to the formation of the initial conditions for the downward trend. In this case, the potential target is 137.55.

The main trend is the upward trend from December 11

Trading recommendations:

Buy: 139.76 Take profit: 140.63

Buy: 140.65 Take profit: 141.16

Sell: 139.05 Take profit: 138.68

Sell: 138.65 Take profit: 138.06