Forex Technical Analysis & Forecast 05.11.2021

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After completing the descending structure at 1.1527, EURUSD is consolidating above this level. If later the price breaks this range to the upside, the market may correct towards 1.1570; if to the downside – resume falling to break 1.1480 and then continue trading downwards with the target at 1.1404.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the descending wave at 1.3500, GBPUSD is consolidating around this level. If later the price breaks this range to the upside, the market may correct towards 1.3580; if to the downside – resume falling with the short-term target at 1.3333.

USDRUB, “US Dollar vs Russian Ruble”

After breaking 71.95 to the upside, USDRUB is expected to continue the correction towards 72.70. After that, the instrument may fall to reach 70.60 and then form one more ascending structure with the target at 71.50.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has finished the descending wave at 113.50. Possibly, today the pair may correct towards 113.91 and then resume falling to break 113.25. After that, the instrument may continue trading downwards with the target at 112.80.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating around 0.9125. Possibly, today the pair may expand the range down to 0.9096 and then start another growth towards 0.9155. After that, the instrument may form a new descending structure to reach 0.9080. Later, the market may resume growing to break 0.9155 and then continue trading within the uptrend with the target at 0.9250.

AUDUSD, “Australian Dollar vs US Dollar”

After finishing the descending wave at 0.7378; right now, it is consolidating above this level. If later the price breaks this range to the upside, the market may correct towards 0.7470; if to the downside – resume falling with the target at 0.7317.

BRENT

After completing another ascending structure at 85.08 and rebounding from this level to the downside, Brent is falling towards 79.00 and may later trade upwards to test 82.04 from below. After that, the instrument may start a new decline with the target at 77.55.

XAUUSD, “Gold vs US Dollar”

Gold is still consolidating below 1798.90. Possibly, the metal may fall to test 1784.35 from above. After that, the instrument may form one more ascending wave to break 1809.50 and then continue trading upwards with the target at 1833.00.

S&P 500

The S&P index continues growing towards 4690.0. Later, the market may correct to reach 4666.6 and then start a new growth with the target at 4702.5.

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.