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Wave Analysis by InstaForex

This is a discussion on Wave Analysis by InstaForex within the Analytics and News forums, part of the Trading Forum category; EUR/USD - through thorns to the stars! Greetings, dear traders. It is time to remember about EUR/USD, which has successfully ...

      
   
  1. #521
    Senior Member InstaForex Gertrude's Avatar
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    EUR/USD - through thorns to the stars!

    Greetings, dear traders. It is time to remember about EUR/USD, which has successfully fulfilled our previous plans. Following GBP/USD, the European currency is now demonstrating a strong bullish direction. It's easy to guess that all these movements are connected with the next portion of news regarding Brexit. If you omit all the fundamental details and focus on how to make money from it, the answer is simple. To take a neat positions in the purchases with a pullback. At the same time, wherever you try to buy, the extreme point of the scenario cancellation is today's minimum at the quote of 1.0991. Therefore, you can limit losses to this level. It is recommended to holding purchases (at least partially) at the level of 1.1064, since this is an important level for sellers over the past few days.



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  2. #522
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    GBPUSD: The evening promised to be hot. Michel Barnier was optimistic about the agreement on Brexit, but the main move for the Unionist party. The risk of extending the UK's exit

    The British pound continues to storm, and after the morning "stuffing" that the deal could be disrupted due to a number of disagreements, the pound resumed its growth on statements from representatives of the EU and the UK. As it became known, according to representatives of the parties, negotiations between the UK and the EU are coming to an end, but the key problems have not yet been resolved. On Wednesday afternoon, EU chief negotiator Michel Barnier is due to meet with diplomatic representatives of the bloc countries. However, the meeting has been postponed to a later time.



    This was done so that the British prime minister could manage to negotiate an agreement with the Democratic Union Party, since it is precisely its leaders who are still threatening to disrupt Downing Street's plans. Let me remind you that the deal will include the establishment of a regulatory and customs border for the Irish Sea.

    Barnier's meeting with European leaders will give an assessment and recommendations on whether to sign an agreement at the EU summit scheduled for late this week or not. European Commissioner Dimitris Avramopoulos has already stated that significant unresolved issues remain in the negotiations on Brexit, noting that Barnier has already submitted his report to the European Commission. In it, the chief negotiator described the negotiations as constructive. Barnier was also optimistic that a deal with Brexit could be reached before the end of this week, but, according to some sources, the report also contains information on the need to extend the UK term for EU membership, which is scheduled for October 31. An extension is necessary even if a deal is reached.



    The market completely ignored the data that the inflation rate in the UK remained stable in September this year. Most of the growth was maintained due to higher prices for hotel services and furniture. According to a report by the National Bureau of Statistics, CPI increased by 1.7% in September compared with the same period last year. In August of this year, the UK CPI was also 1.7%. Let me remind you that the target level of the Bank of England is 2%.

    Slowing inflation will help the regulator resort to lower interest rates and stimulate the economy, which is seriously affected by the situation with Brexit and trade conflicts.

    As for the technical picture of the GBPUSD pair, only a breakthrough of the resistance of 1.2840 can lead to the continuation of the upward rally to the area of highs at 1.2920 and 1.2980. In case the pound declines on the evening news, which I mentioned above. Support will be provided by levels 1.2680 and 1.2560.

    EURUSD

    Eurozone data today did not cause major changes in the EURUSD pair. According to a Eurostat statistics agency report, annual inflation in the eurozone slowed again, which is bad news for the European Central Bank, which in September announced the start of a new phase of stimulating the economy. Thus, the CPI Eurozone CPI in September rose by 0.8% compared to the same period last year.



    Meanwhile, the positive balance of foreign trade in the eurozone increased and amounted to 14.7 billion euros in August 2019 against 11.9 billion euros in August 2018. However, trade conflicts, for which there are no solutions, continue to negatively affect the indicator.

    As for the technical picture of the EURUSD pair, it remained unchanged. Bulls will continue to fight for the resistance of 1.1060, consolidation above which can provide risky assets to new buyers. If pressure on the euro returns, and this can happen after another unsuccessful attempt to break the resistance at 1.1060, then you can still return to long positions from support in the area of 1.1020, but larger long positions are best postponed until the low of 1.0990 is updated.

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  3. #523
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    GBP/USD. Turns of the British currency: Johnson repeats the path of Theresa May

    Passion for Brexit reaches its zenith. In the afternoon, the pound paired with the dollar soared to the borders of the 30th figure (that is, to 5-month highs), responding to a statement by European Commission President Juncker that the deal between London and Brussels is "ready." But literally an hour later, the pair collapsed 200 points down after the first comments by representatives of the British Parliament. The opposition did not skimp on epithets: in particular, Jeremy Corbyn called the draft deal "corrupt", adding that Johnson's dealings were "even worse than Theresa May". However, despite such harsh comments, the market still expects the British prime minister to submit the draft deal to the House of Commons on Saturday.



    For the sixth consecutive day, the pound is subject to strong volatility, showing unprecedented price fluctuations, both in the direction of growth and a downward course. The last time such powerful price spurts were observed in October 2018, when the parties were one step away from signing the deal. The pair jumped from the 34th to the 42nd figure in a few weeks. But then the events did not unfold so rapidly, although in general, the situations are of a similar nature.

    At that time, Michel Barnier, the chief negotiator from the European Union, was the main newsmaker. Exactly a year ago, he said that the deal could already be concluded during the EU summit, which, like this year, was held on October 17-18. Brussels and London then were able to find a common denominator in many key issues, moreover, within the framework of Theresa May's Chequers plan, which the future Prime Minister Boris Johnson so eagerly criticized. May proposed to solve the Irish question in a different way: she agreed to establish checkpoints on the border and introduce "certain administrative procedures". EU representatives refused to consider other options, and interpreted the proposed conditions as a compromise. As you know, the deputies of the House of Commons categorically rejected the proposed conditions, failing the vote three times.

    The Irish question is still a central issue today. On the one hand, Johnson made more significant concessions from the European Union: the customs border will pass through the Irish Sea, and the same customs rules will apply in Northern Ireland as in the rest of the UK. But on the other hand, such concessions did not satisfy the Northern Irish Unionists. After a two-day political bidding, the DUP issued an official statement declining the deal. In their opinion, the proposed agreement "does not meet the long-term interests of Northern Ireland", and in the short term, residents of this region may face a significant increase in prices.

    As mentioned above, Labour also criticized Johnson's deal. And not just because of the Irish border. According to Jeremy Corbyn, the economic part of the agreement threatens the food security of Great Britain, and can also lead to "violation of the rights of workers and environmental standards." Also, according to the Labour leader, the deal will be a blow to the British health care system. Representatives of the Scottish National Party (which has 35 members of the British Parliament) have joined Johnson's critics, adding that they will not vote for the deal.

    Thus, at the moment it is not clear how the prime minister plans to "push through" the deal through the millstones of Parliament. Without the support of the Youth Democratic Party, the Labour Party and the Scottish nationalists, he will have to rely on the consolidation of Conservative deputies (20 of whom he expelled from the party for indiscipline) and representatives of other political forces.



    At the same time, according to information from the British press, Johnson in Parliament may express his readiness to violate the law, obliging him to ask Brussels to postpone Brexit. This information may be the usual "bluff" on the part of the current prime minister, but, given the odiousness of his personality, such a scenario cannot be ruled out.

    In general, according to most experts, if Johnson fails to agree on a deal in Parliament, he will initiate early parliamentary elections to bring the draft deal back to the new House of Commons.

    Thus, Johnson will have a difficult battle in the walls of Parliament. Judging by the dynamics of the pound, traders do not lose hope of agreeing on a deal this Saturday: otherwise, the GBP/USD pair will return first to the middle of the 24th figure, and then (less impulsive) to the levels of annual lows, that is, to the bottom of the 20th figure. If a "miracle" happens and the prime minister finds votes in Parliament, the pound paired with the dollar will fly up to 1.35-1.37, up to the 40th figure, after the deal between London and Brussels is officially agreed. And although these price values look abnormally high, it is worth recalling that on the eve of the 2016 referendum, the GBP/USD pair was trading in the area of 1.43-1.46, and after the announcement of the results, the plebiscite plunged to 1.25-1.27 in a few weeks, followed by a decline to the bottom of 20- x figures. "The return trip to an upward direction" may not be so impulsive, but at the same time, the resolution of many years of intrigue will allow the pair to grow by at least 500-600 points. As the saying goes, The Show Must Go On ...

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  4. #524
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    Forecast for EUR/USD on October 21, 2019

    The euro exceeded the closest target level of 1.1155 at the Fibonacci level of 110.0% on Friday, probably on the optimism of investors on a new EU deal with the British prime minister about more favorable conditions for themselves than they were before (Theresa May's options). Today, the British Parliament begins to finalize the deal.



    On the daily chart, the price has consolidated above the line of the descending price channel, the Marlin oscillator shows a reversal only to insignificant depth, therefore the next target of 1.1215 as the Fibonacci level of 100.0% becomes relevant.



    On the four-hour chart, Marlin is expanding deeper, but it has not yet formed a divergence as a reversal formation, which also speaks in favor of the rising scenario. A trend reversal, of course, does not have to be accompanied by divergences, but then the fall of the signal line should be sharp, with the formation of a spike. So, we are waiting for the euro to grow by around 70 points, after which reversal elements may be added to the technical picture.

    *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

  5. #525
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    Pound rushes to the clouds

    Despite the almost bare economic calendar, all the attention of investors on forex is focused on the British pound. According to Mark Carney, Great Britain marked the beginning of global uncertainty in 2016, which slowed business activity and GDP in most countries of the world. It can put an end to this by voting for a draft dissolution agreement with the EU. Boris Johnson also called for support of the document, arguing that any delay would harm the interests of the United Kingdom, its EU partners and relations between them. However, the British Parliament may have a different opinion.

    The sterling has not responded to macro statistics for a long time and is calling for political news. In this regard, an increase in unemployment from 3.8% to 3.9% and disappointing inflation statistics (fact +1.7%, forecast + 1.8% YOY) remained almost unnoticed by investors. All their attention has shifted to Brexit. The prime minister of Great Britain managed to find a common language with the EU. Now he needs 320 votes in Parliament to enter, and not get into the story. In fact, the head of the Cabinet of Ministers needs to lure 61 opponents to his side, which does not seem unrealistic.

    According to Goldman Sachs, the chance of a disorderly Brexit dropped to 5%. This circumstance makes the correction potential of GBP/USD limited. MUFG expects the pound to find haven in the range of $1.3-1.35 if lawmakers approve the deal. UBS Global Wealth Management also talks about the $1.35 level. TD-Bank believes that the pair is able to rewrite the May high near 1.3185, however, the contract rejected by the Parliament will trigger a wave of correction to 1.264-1.266. Robobank sees an even deeper low at around 1.22.

    Pound Forecasts



    The fact that the bulls continue to dominate the market was shown by the sterling reaction to the decision of MPs to vote for the proposal to postpone the approval of the deal. As a result, Boris Johnson, in order to obey the law, was forced to write a letter to the EU asking that they prolong the transition period. The prime minister did not sign this document and sent another to Donald Tusk, in which he expressed confidence that Britain would leave the EU on October 31. The opposition party believes that the head of the Cabinet of Ministers behaves childishly and threatens him with court in the event of a disorderly Brexit.

    In my opinion, everything goes to the point that the deal will be approved by the British Parliament on the falling flag. The bulls on GBP/USD believe this, pushing the pair to the psychologically important mark of 1.3. The fact that they managed to gain a foothold above 1.29 indicates the seriousness of the intentions of sterling buyers.

    Technically, after a clear combination of patterns "Shark" and 5-0, the upward trend of the analyzed pair is directed to the target of 261.8% on the AB = CD model. It is located near 1.309. A necessary condition for maintaining control over the pound by the bulls and continuing the rally is to consolidate GBP/USD quotes above the Pivot level of 1.29.

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  6. #526
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    GBPUSD and Brexit: Brexit deal may be approved, but its opponents have one more trump card

    The pound slightly fell in the morning after reports that the UK government may withdraw its Brexit bill. If the British Parliament votes against the deal today, official London may withdraw the bill he proposed. This will jeopardize the work of Parliament, which will lead to the next election, which may take place before Christmas. Such a situation



    In the meantime, discussion of the bill itself has begun, and the debate may last until late at night, which will periodically exert pressure or support to the British pound. However, many lawmakers would prefer to have more time to study the conditions proposed by Johnson, which has been repeatedly stated. But here we are already talking about moving the Brexit date from October 31 to 2020, which clearly does not suit Boris Johnson.

    Even if the prime minister succeeds this week in approving the deal in Parliament, and this happens only if the date of the deal on UK withdrawal from the EU is extended, in the future this scenario will allow amendments to the bill that could completely bury the deal.

    Johnson now has a much better chance of making a deal than ever, since on the weekend he secured some support from the Laborites and opponents of Brexit in his Tory party. Just a few votes can allow Johnson to win. However, as I noted above, under the scenario, if Johnson's deal is not ratified, Britain will have general elections and even a referendum on the exit and the EU.



    As for the technical picture of the GBPUSD pair, the pound only slightly fell against the US dollar, and this did not lead to significant changes. If the deal is approved, it is unlikely that the pound will break above resistance at 1.3040, which will lead to further growth of the trading instrument in the area of highs 1.3170 and 1.3260. If lawmakers are able to resist the government, then the pressure on the pound will increase, and the decline in GBPUSD under the support of 1.2840 will increase the pressure on the pair even more, which will lead to the demolition of a number of stop orders and a fall to larger lows of 1.2840 and 1.2670.

    EURUSD

    In the meantime, traders are closely following the news from the British Parliament, the euro is gradually falling against the US dollar.

    This is due to expectations that the European Central Bank may resort to an even greater easing of monetary policy. The European Central Bank will hold its last meeting with Mario Draghi as the head this Thursday. It is expected that Draghi will "slam the door" and go for another reduction in deposit rates, or at least make direct allusions to such measures that can be implemented in December. In the case of this approach, it is not entirely correct to expect purchases of risky assets after a decision on Brexit.

    From a technical point of view, further upward movement will occur only after the successful Brexit, otherwise the bears have already coped with the priority task and returned the pair to the support level of 1.1130, which gradually increases the pressure on buyers. Negative news will force them to close their long positions, pulling down the euro to the lows of 1.1090 and 1.1050.

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  7. #527
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    Japan Leading, Coincident Index Data Due On Thursday



    Japan will on Thursday see final August numbers for its leading and coincident indexes, highlighting a modest day for Asia-Pacific economic activity. The previous reading suggested a score of 91.7 for the leading index and 99.3 for the coincident.

    Japan also will see preliminary October figures for the manufacturing PMI from Nikkei and the services and composite indexes from Jibun.

    In September, the manufacturing PMI had a score of 48.9, while the services index was at 51.5 and the composite came in at 52.8.

    Hong Kong will release September data for imports, exports and trade balance. In August, imports were worth HKD380.78 billion and exports were at HKD352.73 billion for a trade deficit of HKD28.05 billion.

    The central bank in Indonesia will wrap up its monetary policy meeting and then announce its decision on interest rates. The bank is widely expected to keep its benchmark lending rate unchanged at 5.25 percent.

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  8. #528
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    USD / CAD: Sellers in business

    Good evening, dear traders. Today, there is a small recommendation on USD / CAD, and the decline of which is now very likely.

    The thing is that yesterday's news from Canada caused a great reaction from the market, and in the end, we see that all the news impulses from the buyer were completely absorbed, and this is a harbinger of even a local, but decline.

    Therefore, today, I recommend trying to work on the decline of USD / CAD currency pair with a take profit at around 1.3070. Moreover, the maximum point of yesterday's loss will be considered to be the maximum of yesterday's news - the level of 1.3121. If the price updates the maximum, the scenario can be considered completely canceled.



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  9. #529
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    Forecast of EURUSD ahead of ECB and Fed meetings

    Key central banks will hold their meetings on Thursday, October 24, and Wednesday, 29 and 30, which will determine the dynamics of financial markets for at least the next one and a half to two months, and maybe in the longer term. Given these important events, from the point of view of trading in the foreign exchange market, we need to make assumptions cleared of information noise, and then look at how our assumptions worked out in reality. In other words, we need to create an algorithm of actions and make changes to it in accordance with newly emerging circumstances.

    However, why did I need to mark up a roadmap before and not after the event has already happened? There are a number of reasons for this, and first of all, my deep conviction that in the current situation, meetings of central banks will only confirm decisions already made earlier. Surprises are possible only from the Fed, but this seems unlikely. Therefore, while there are still some doubts regarding the actions of the Open Market Committee, I personally have no doubts about the actions of the European Central Bank.



    First of all, traders should know that, according to the regulations, the ECB never comments on or regulates the euro or, at least, declares it in words. However, one must be very naive to assume the detachment of the regulator in the fate of the exchange rate of the currency accountable to him. In words, the Fed and the ECB pursue an independent monetary policy, but the ability to create surplus value from the issue of money helps maintain the high standards of life for the "golden billion".

    Therefore, it's impossible for me to imagine that the change in exchange rates has been let off by gravity of key central banks. Well, if Russia holds consultations with OPEC countries to limit oil production and thus regulates the price, then the countries that are members of the North Atlantic alliance have been doing this for a long time and quite successfully, but with regard to money. Having in its hands a tool that controls 90 percent of the world's money circulation, it is a sin not to use this tool.

    So, what do we currently know about the policy of central banks? The European Central Bank maintains a refinancing rate of 0% and re-launched a large-scale asset purchase program worth 20 billion per month, and did so simultaneously with new long-term refinancing programs, which should not only increase the availability of liquidity in the European market, but also stimulate the development of the European economics. According to many experts, this should serve to weaken the euro, but did it?

    Having been hit by a liquidity crisis in the repurchase market that erupted in September, the Fed, under the formal pretext of increasing reserves of commercial banks, was forced to adopt an urgent program for the purchase of short-term bills of the US government totaling $65 billion per month. This at least equalizes the chances of the dollar in the competition of printing presses, if it does not increase its advantage. However, the truth is that the quantitative easing policy does not affect the exchange rate, at least to the extent that we would like to. You can see the evidence on the chart (Fig. 1), which shows the dynamics of the trade-weighted US dollar index calculated by the Fed based on the results of trade with leading world currencies.



    Figure 1: Relationship between US Fed assets and the trade-weighted dollar index. Source - Federal Reserve Bank of St. Louis

    Indeed, there are periods on the chart when the dollar depreciated with an increase in the Fed balance, but there are periods when everything happened exactly the opposite. A similar picture can be obtained by comparing the euro and the change in the balance sheet of the European Central Bank. The connection between the exchange rate and the balance sheet of the central bank may exist, but it is certainly not so primitive that we could calculate it using simple methods.

    When assessing the prospects for exchange rates, one should rather be guided by dynamic changes in the interest rate differential in the EURUSD rate, an assessment of the yield of treasury instruments with the same maturity, inflation potential, growth prospects for prices of major commodity assets, positioning of leading traders in the futures market, and seasonal factors. You and I can try to evaluate something, but most of the factors will remain unknown to us. At the same time, trading in exchange rates is doing so in probability, and the more facts we can evaluate, the higher the probability of success for the transactions we make. The main thing in these factors then is not to get confused.

    If we talk about the dynamic prospects of rates, then the advantage here is on the side of the euro. The ECB is in no hurry to make a refinancing rate below zero, and Mario Draghi, as a downed pilot, is rather concerned about how he can eject a golden parachute. He did everything he could, which at least presupposes a period of some stability in the policy of the regulator.

    In turn, since July of this year, the US Federal Reserve lowered the federal funds rate by half a percent, from 2.25 to 1.75, meaning the lower limit of the range established by the Open Markets Committee. Today, 94% of traders believe that the Fed will go for another rate cut in 6 days, dropping it to the level of 1.50-1.75 percent. A decrease in differential by 0.75% over three months is a serious decrease in the possibility of earning by arbitrage operations. Therefore, it is not surprising that from the beginning of August, that is, from the moment the Fed rate was lowered, institutional investors gradually refused to place investments in US dollars.

    During this time, the long positions of institutional management funds (Asset Manager) lost about a tenth, while euro sales by this category of traders in the futures market, on the contrary, increased. At the same time, asset managers have been the main buyers of the euro in the futures market since 2016, which was due to their hedging a short position in the cash market that accompanies transactions in investments in higher-yield dollar instruments.

    Actually, the question now is not whether there will be a reversal of the downward trend in euros, but when it will happen. Last week ended with serious technical signs of breaking the fundamental trend on the EURUSD course. However, the reversal is not yet over, and its formation may last another one or two months, which is fraught for us with problems associated with the formation of a new direction, and the meetings of central banks that we will see in the near future may accelerate or may slow down the formation of the reversal. However, the probability of a EURUSD rate reversal is becoming more and more every day, take this into account when opening your positions.

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  10. #530
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    Fractal analysis of the main currency pairs for October 28

    Forecast for October 28: Analytical review of currency pairs on the scale of H1:



    For the euro / dollar pair, the key levels on the H1 scale are: 1.1138, 1.1119, 1.1103, 1.1083, 1.1068, 1.1049, 1.1038 and 1.1013. Here, the continuation of the development of the downward cycle of October 21 is expected after the breakdown of the level of 1.1068. In this case, the goal is 1.1049. Price consolidation is in the range of 1.1049 - 1.1038 . For the potential value for the bottom, we consider the level of 1.1013. Upon reaching which, we expect a pullback to the top.

    Short-term upward movement is expected in the range 1.1103 - 1.1119. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 1.1138. This level is a key support for the downward structure.

    The main trend is the descending structure of October 21.
    Trading recommendations:
    Buy: 1.1104 Take profit: 1.1117
    Buy: 1.1120 Take profit: 1.1137
    Sell: 1.1068 Take profit: 1.1050
    Sell: 1.1037 Take profit: 1.1014



    For the pound / dollar pair, the key levels on the H1 scale are: 1.3215, 1.3141, 1.3033, 1.2939, 1.2810, 1.2734 and 1.2625. Here, we are following the development of the upward cycle of October 9. At the moment, the price has expressed a pronounced potential for the downward movement of October 21. The continuation of the movement to the top is expected after the breakdown of the level of 1.2959. In this case, the first target is 1.3035. The breakdown of the level of 1.3035 will lead to a pronounced upward movement. Here, the potential target is 1.3141. Price consolidation is in the range of 1.3141 - 1.3215.

    We expect consolidated movement in the range of 1.2877 - 1.2810. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.2715. This level is a key support for the top. Its breakdown will lead to the formation of potential for the downward cycle. Here, the goal is 1.2625.

    The main trend is the ascending structure of October 9, the formation of the descending structure of October 21.

    Trading recommendations:
    Buy: 1.2960 Take profit: 1.3031
    Buy: 1.3035 Take profit: 1.3140
    Sell: 1.2808 Take profit: 1.2717
    Sell: 1.2713 Take profit: 1.2627



    For the dollar / franc pair, the key levels on the H1 scale are: 0.9999, 0.9976, 0.9963, 0.9940, 0.9929 and 0.9909. Here, we are following the development of the ascending structure of October 18. Short-term upward movement, we expect in the range 0.9963 - 0.9976. The breakdown of the last value will lead to a pronounced movement. Here, the target is a potential target - 0.9999, when this value is reached, we expect a pullback to the bottom.

    Short-term downward movement is possibly in the range of 0.9940 - 0.9929. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 0.9909. This level is a key support for the upward structure.

    The main trend is the upward structure of October 18.

    Trading recommendations:
    Buy : 0.9963 Take profit: 0.9974
    Buy : 0.9978 Take profit: 0.9999
    Sell: 0.9940 Take profit: 0.9931
    Sell: 0.9927 Take profit: 0.9912



    For the dollar / yen pair, the key levels on the scale are : 109.66, 109.33, 108.90, 108.72, 108.24, 108.02 and 107.67. Here, we are following the development of the upward cycle of October 4. Short-term upward movement is expected in the range 108.72 - 108.90. The breakdown of the latter value will lead to a movement to the level of 109.33. Price consolidation is near this level. For the potential value for the top, we consider the level of 109.66. Upon reaching this level, we expect a consolidated movement, as well as a pullback to the bottom. Short-term downward movement is expected in the range of 108.24 - 108.02. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 107.67. This level is a key support for the top. Main trend: local structure for the top of October 23.

    Trading recommendations:

    Buy: 108.90 Take profit: 109.30
    Buy : 109.34 Take profit: 109.65
    Sell: 108.24 Take profit: 108.03
    Sell: 108.00 Take profit: 107.70



    For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3160, 1.3128, 1.3101, 1.3036 and 1.2989. Here, we are following the development of the downward trend of October 10. The continuation of movement to the bottom is expected after the breakdown of the level of 1.3036. In this case, the target is the potential target 1.2989. Upon reaching this level, we expect a pullback to the top. Short-term upward movement is possibly in the range of 1.3101 - 1.3128. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 1.3160. This level is a key support for the downward structure. The main trend is the downward cycle of October 10.

    Trading recommendations:
    Buy: 1.3101 Take profit: 1.3126
    Buy : 1.3130 Take profit: 1.3160
    Sell: Take profit:
    Sell: 1.3034 Take profit: 1.3000



    For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.6933, 0.6901, 0.6886, 0.6856, 0.6836, 0.6794, 0.6781, 0.6752 and 0.6722. Here, we are following the descending structure of October 22. At the moment, we expect to reach the level of 0.6794. Price consolidation is in the range of 0.6794 - 0.6781. The breakdown of the level of 0.6780 will lead to a pronounced movement. Here, the target is 0.6752. Price consolidation is near this level, and there is also a high probability of a rollback to the top. For the potential value for the bottom, we consider the level of 0.6722. Upon reaching which, we expect a departure in the correction.

    Short-term upward movement is possibly in the range of 0.6836 - 0.6856. The breakdown of the latter value will favor the formation of an ascending structure. Here, the potential target is 0.6886.

    The main trend is the descending structure of October 22.
    Trading recommendations:
    Buy: 0.6836 Take profit: 0.6854
    Buy: 0.6858 Take profit: 0.6886
    Sell : 0.6780 Take profit : 0.6752
    Sell: 0.6750 Take profit: 0.6724



    For the euro / yen pair, the key levels on the H1 scale are: 121.95, 121.79, 121.34, 121.03, 120.61, 120.28, 119.92 and 119.64. Here, the price has entered an equilibrium state and forms the potential for the downward movement of October 21. Short-term upward movement is expected in the range 121.03 - 121.34. The breakdown of the level of 121.35 should be accompanied by a pronounced upward movement. Here, the target is 121.79. Price consolidation is in the range of 121.79 - 121.95. From here, we expect a correction.

    We expect consolidated movement in the range of 120.61 - 120.28. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 119.92. This level is a key support for the top. Its passage at the price will lead to the formation of initial conditions for the downward cycle. In this case, the first goal is 119.64.

    The main trend is the upward structure of October 15 and the formation of potential for the bottom of October 21.

    Trading recommendations:
    Buy: 121.05 Take profit: 121.34
    Buy: 121.36 Take profit: 121.76
    Sell: 120.25 Take profit: 119.94
    Sell: 119.90 Take profit: 119.66



    For the pound / yen pair, the key levels on the H1 scale are : 142.82, 141.23, 139.53, 138.70, 137.79 and 137.08. Here, the price has entered an equilibrium state and currently forms a potential for the bottom of October 21. The continuation of movement to the top is expected after the breakdown of the level of 141.23. In this case, the potential target is 142.82. Upon reaching which, we expect consolidation, as well as a pullback to the bottom.

    Short-term downward movement, as well as consolidation, are possible in the range of 139.53 - 138.70. The breakdown of the last value will lead to a long correction. Here, the target is 137.79. The range of 137.79 - 137.08 is the key support for the top.

    The main trend is the medium-term upward structure of October 8, the formation of potential for the downward movement of October 21.

    Trading recommendations:
    Buy: Take profit:
    Buy: 141.25 Take profit: 142.80
    Sell: 139.50 Take profit: 138.75
    Sell: 138.65 Take profit: 137.80

    Analysis are provided byInstaForex.
    Best regards, PR Manager
    Learn more about InstaForex Company at http://instaforex.com

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