EURUSD
The fall of the euro does not look completely exhausted – the bears will clearly want to test the long-term support in the 1.1692-1.1703 zone, which is still 70-80 points away.
The last time this zone was touched, it led to a fairly massive rally up by 570 points, so it is unlikely that such an area of interest will be ignored even now.
But, by the time of preparing this material, the bulls showed their presence in the 1.1768-1.1793 zone, which makes it possible to turn directly from the current levels. In both cases, the euro may recover to the levels of 1.1846-1.1879 and 1.1963-1.1988.
Thus, we are considering either waiting tactics to get confirmation of one of these two scenarios, or we use a more aggressive approach, which consists in serially increasing long positions, taking into account the possibility of testing the 1.1692-1.1703 zone.
GBPUSD
As in the case of the euro, the British pound is approaching a very strong medium-term demand zone of 1.3657-1.3669, from where, almost certainly, it will receive a rebound, which may lead to a complete reversal of the upward trend.
The zone looks like an obvious area for limit orders (including sellers' take profits). On the one hand, this will help to stop the decline. But, from another point of view, there will also be high risks of a so-called shake-out (i.e. a price spike down, which can remove liquidity from bullish orders).
In any case, despite the significant risks, purchases will be more justified at these levels, since the pair fell more than 600 points, without receiving a significant correction.
Thus, you can try to take the rest of the decline with short trades, and then start turning into a long in the 1.3657-1.3669 zone.
But, of course, as with any trend, it is necessary to leave 15-20% of the probability of a possible continuation of the fall of quotations.
USDJPY
The pair performed a technical corrective pullback to the trend line, which is a typical working out of a reversal of a strong directional movement. And now it is showing a clear bearish momentum.
Now the market is testing the support zone of 109.500-109.764, and there is almost no doubt that sellers will be able to push it. A bonus for them will be a 100-point free space, up to the next pivot zone 108.413-108.581.
It is not necessary to look too far beyond this goal this week. But this may be quite enough for this not the most volatile instrument in the world.
Thus, we are only trading down here. We get the profit in the zone 108.413-108.581.
USDCHF
The pair looks clamped in the range formed by the support in the 0.9125-0.9140 zone and the resistance of 0.9192-0.9221. It cannot be ruled out that the market will remain in this corridor all week, although the accumulation itself is bullish.
This means that, in case of a breakdown of the upper border of the channel (0.9192-0.9221), the pair may receive a new impulse, which would lead to an attack of the nearest top of the ascending structure in the zone 0.9269-0.9307.
If such a scenario develops, long positions can be held even higher, to 0.9369-0.9403.
Some confusion may arise from the lack of correlation in the forecasts for the Japanese yen and the Swiss franc against the dollar. But, recently, such a correlation is not mandatory. Therefore, we trade what our eyes see, without additional artificial speculation.
Thus, purchases to 0.9307, 0.9369 and 0.9403 are suggested here.
WTI
Oil collapsed under the support of 70.185-71.558 after the markets opened on Monday, confirming the forecast of the end of the bullish trend. At the moment, the quotes are falling quite actively, and the nearest stop may be the area of 66.523-67.262. This zone does not have a reversal force, but it may well provoke another intermediate correction. In this case, traders will get more optimal entry points for sales in the 70.185-71.558 zone, a retest of which from below would be very appropriate.
But we need to be prepared that the asset will continue to "fall" further without any rollback, and we will see oil in the area of 63.516-64.289 in one week.
Thus, we are still working downwards, with a possible profit-taking on the first target in the zone of 66.523-67.262 (in the case of a clear market trend to adjust to PPZ 70.185-71.558). You can also place pending sales orders from this PPZ with your broker.
XAUUSD
The upward correction of Gold, with a high probability, is completed – a massive bearish reverse candle was formed on Friday from the resistance zone of 1830.64-1848.84, which is already actively working down today.
It is logical to expect a drop in gold quotes to new lows – i.e. under support in the zone of 1750.83-1759.04. But the full potential of such a decline can be exhausted in more than one trading week.
Thus, here is a favorite case of many “set&forget” (I opened and forgot): we sell with take profits in the zone 1750.83-1759.04 and temporarily close this chart so that nothing confuses you and distracts you from a possible profit.