Current trading recommendations from December 19, 2019

Trading recommendations for currency pairs: usd/jpy, eur/usd, bgp/usd, usd/cad, nzd/usd and aud/cad using a three-wave cycle, fibonacci levels and technical indicators. Enjoy!

USD/JPY Forecast

If we take the global trend and switch to the weekly chart, we can see how the price works out the final corrective upward wave in the global three-wave pattern, which should end at the bottom (indicated by the arrow on the chart), according to the wave cycle.

We also take into account the indicator in the lower basements, which have accumulated at the top, indicating strong overbought (corrective indicators: blue, black and white).

But this is global, if you switch to a younger TF, for example, H4, then the price may still shoot up, just to the fibonacci golden ratio - to the level of 61.8

Forecast for EUR/USD

On the hourly chart, you can see that the price is running out of steam and there is a possibility that it can return to the lower support level (indicated by the arrow) + everything, approximately there the three-wave cycle should end, and the indicators suggest this.

Forecast for GBP/USD

After a strong fall, it will be difficult for the price to rise immediately, moreover, the price never reverses without an accumulation stage. The price can still fall at least to the first mark, which is approximately at the level of 1.29500 (indicated by the arrow).

Forecast for USD/CAD

According to our forecasts, the three-wave cycle of corrective movement in the global three-wave upward movement has already ended and the next movement is expected upwards, approximately to the level of 1.34100 (indicated by the arrow). But this is a daily chart, so you need to understand that it will take time for the price to reach this value, maybe a couple of weeks.

Also, small drops on short-term TFs are not ruled out, but now it’s better not to sell this pair, but to wait for a good entry point for buying.

Forecast for NZD/USD

On the H1 timeframe, there is a strong reaction from the 61.8 fibonacci level, probably a downward movement - just in continuation of the downward three-wave pattern, since the price is now in a corrective wave. The indicators also show that the price is fizzling out and a fall is quite likely (the approximate price mark is indicated by an arrow).

Forecast for AUD/USD

We look at TF H4, the last three-wave period has ended, now there is a corrective movement in the second wave, and judging by the indicators, this movement has already come to an end. The next movement will be downward and end approximately in the price range of 0.68000 and 0.67800 (indicated by the white arrow).

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