Forex Technical Analysis & Forecast 16.11.2021

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After completing the descending wave at 1.1355, EURUSD is consolidating above this level. Today, the pair may grow towards 1.1390. Later, the market may resume trading within the downtrend with the target at 1.1318.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the correction at 1.3450 along with the descending wave towards 1.3400, GBPUSD is expected to break this range to the downside and resume falling to reach 1.3358. Later, the market may correct to test 1.3400 from below and then resume falling with the target at 1.3290.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is consolidating around 72.35. Possibly, the pair may break the range downwards and form a new descending structure towards 71.00. Later, the market may resume trading upwards with the target at 72.00.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is still consolidating around 114.00; it has already reached the upside border at 114.30 and may later fall to return to 114.00. If the price grows and breaks this range to the upside at 114.30, the market may form one more ascending structure towards 114.88 or even reach the target at 115.22.

USDCHF, “US Dollar vs Swiss Franc”

After completing the ascending wave at 0.9255, USDCHF is consolidating below this level. Possibly, today the pair may expand the range up to 0.9266 and then start a new correction with the target at 0.9175.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is forming another descending structure towards 0.7300. After that, the instrument may grow to reach 0.7333 and then resume trading downwards with the target at 0.7267.

BRENT

After finishing the descending wave at 80.85, Brent is correcting upwards and may soon test 83.25 from below. Later, the market may trade downwards to break 80.00 and then continue falling with the target at 79.00.

XAUUSD, “Gold vs US Dollar”

Gold is still forming a new consolidation range around 1856.00. Possibly, the metal may expand the range up to 1870.00 and then fall to return to 1856.00. After that, the instrument may resume growing towards 1879.70 and then start a new correction with the target at 1815.00.

S&P 500

The S&P index has completed the ascending wave at 4700.0 along with the correction towards 4673.7, 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 downwards to reach 4634.0; if to the upside – form another ascending wave with the target at 4712.9.

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.