Forex Technical Analysis & Forecast 29.10.2021

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After rebounding from 1.1582, EURUSD has completed the ascending wave at 1.1688; right now, it is correcting to reach 1.1660 and may later finish the ascending wave by forming another ascending structure towards 1.1717. After that, the instrument may resume trading downwards with the target at 1.1580.

GBPUSD, “Great Britain Pound vs US Dollar”

After rebounding from 1.3747 to the upside and completing the ascending wave at 1.3815, GBPUSD is falling to return to 1.3747 and may later start another growth to reach 1.3774. If later the price breaks 1.3747 to the downside, the market may start another decline with the target at 1.3660. On the other hand, the asset may break 1.3800 to the upside and form one more ascending structure to reach 1.3880.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is correcting downwards to reach 69.90 and may later grow towards 70.50, thus forming a new consolidation range between these two levels. If later the price breaks this range to the downside, the market may resume trading within the downtrend with the target at 69.00; if to the upside – form one more ascending structure to reach 70.82.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has reached the short-term downside target at 113.30. Today, the pair may grow to test 113.79 from below and then start a new decline with the first target at 112.88.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has finished the descending wave at 0.9113; right now, it is growing towards 0.9150. After that, the instrument may resume falling with the target at 0.9130 and then form one more ascending structure to reach 0.9180.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD has completed the ascending structure at 0.7554; right now, it is consolidating below this level. Possibly, today the pair may resume trading downwards to break 0.7500 and then continue falling with the target at 0.7444.

BRENT

After finishing the correction at 83.00 and rebounding from this level, Brent has completed the ascending wave towards 84.60 and may later consolidate around the latter level. If later the price breaks this range to the downside, the market may resume trading downwards with the target at 82.40; if to the upside – form one more ascending structure to reach 86.50.

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating around 1796.21. If later the price breaks this range to the downside, the market may form a new descending structure with the target at 1783.00; if to the upside – resume trading upwards to reach 1815.00.

S&P 500

After completing the ascending structure at 4599.1 and returning to 4575.7, the S&P index is still consolidating around the latter level. If later the price breaks this range to the upside, the market may start another growth towards 4650.0; if to the downside – form a new descending structure with the target at 4517.9.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.