InvestMacro

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

After forming a new consolidation range and breaking 1.1577 to the upside, EURUSD is still correcting towards 1.1612. Later, the market may fall to break 1.1533 and then continue trading downwards with the short-term target at 1.1490.

GBPUSD, “Great Britain Pound vs US Dollar”

After forming a new consolidation rang around 1.3666 and breaking it to the downside, GBPUSD is expected to continue falling within the downtrend towards 1.3608. Later, the market may correct to test 1.3666 from below and then resume falling with the target at 1.3490.

USDRUB, “US Dollar vs Russian Ruble”

After expanding the consolidation range up to 71.25, USDRUB is expected to resume falling towards 70.60 and may later form one more ascending structure with the target at 72.00 to complete the correction. Later, the market may start another decline to reach 69.20.

USDJPY, “US Dollar vs Japanese Yen”

After returning to 113.86, USDJPY is expected to consolidate around this level. If later the price breaks this range to the downside, the market may resume falling towards 113.28 and then start a new growth with the target at 113.86.

USDCHF, “US Dollar vs Swiss Franc”

After breaking 0.9128 and then reaching the short-term downside target at 0.9090, USDCHF is forming a new consolidation range above the latter level. If later the price breaks this range to the upside, the market may grow to reach 0.9128; if to the downside – resume falling to complete the descending wave at 0.9080 and then start another growth with the target at 0.9150.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD continues forming the descending wave towards 0.7466. After that, the instrument may correct to reach 0.7511 and resume trading downwards with the target at 0.7400.

BRENT

After breaking 85.05 to the upside, Brent is expected to continue growing and reach 86.50. After that, the instrument may correct to return to 85.05 and then resume trading upwards with the target at 88.00.

XAUUSD, “Gold vs US Dollar”

Gold has broken 1784.60; right now, it is still growing towards 1798.00. After that, the instrument may correct to return to 1785.00 and then resume trading upwards with the target at 1825.80.

S&P 500

After completing the ascending structure at 4627.8 along with the correction towards 4596.0, the S&P index is consolidating above the latter level. Later, the market may break the range to the upside and start another growth towards with the target at 4639.0.

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.

Article By RoboForex.com

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.7161; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 0.7165 and then resume moving downwards to reach 0.7025. Another signal in favour of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7205. In this case, the pair may continue growing towards 0.7305. To confirm further decline, the asset must break the “neckline” of a Head & Shoulders pattern and fix below 0.7120.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.7471; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 0.7505 and then resume moving downwards to reach 0.7345. Another signal in favour of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7545. In this case, the pair may continue growing towards 0.7635. To confirm further decline, the asset must break the cloud’s downside border and fix below 0.7455.

EURJPY, “Euro vs Japanese Yen”

EURJPY is trading at 131.87; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 132.15 and then resume moving downwards to reach 129.95. Another signal in favour of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 132.95. In this case, the pair may continue growing towards 133.95. To confirm further decline, the asset must break the downside border of a Triangle pattern and fix below 131.45.

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.

By Lukman Otunuga Senior Research Analyst, ForexTime

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

By Orbex

USDCAD consolidates at 4-month low

The US dollar retreats ahead of this week’s FOMC as traders await further catalysts. Price action has stabilized above 1.2300, a major demand zone from last summer.

1.2430 from the latest sell-off is a key resistance as it coincides with the 20-day moving average. The current consolidation suggests the market’s indecision, though overall sentiment remains bearish.

A deeper correction would send the greenback to 1.2150. A bullish breakout on the other hand may challenge the supply area around 1.2550.

EURJPY tests key support

The euro struggles to bounce higher after Germany’s lackluster retail sales in September.

The pair has come under pressure at 133.45 near June’s peak. The subsequent retracement has met some bids at 131.60 when the RSI dipped into the oversold territory.

The triple test of the support level indicates solid buying interest. However, the bulls will need to push above 132.80 before the uptrend could resume.

On the downside, a bearish breakout would extend the sideways action towards 130.80 which sits on the 30-day moving average.

US 100 falls back for support

The Nasdaq 100 surges to a new all-time high as investors expect the strong growth trend to continue. The break above the previous peak at 15700 has put the index back on an upward trajectory.

A bullish MA cross on the daily chart is a confirmation of the market’s optimism. However, a brief pullback is necessary to let the bulls catch their breath.

15620 is the immediate support. Further down, 15280 is key daily support on the 20-day moving average. The psychological level of 16000 would be the next target rebound.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

By Orbex

For the AUDUSD currency pair, we can assume that a bearish intervening wave x of a cycle degree is forming. It hints at a triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag.

The bullish intervening wave Ⓧ is currently under construction, which takes the form of an intermediate double (W)-(X)-(Y) zigzag. Wave (W) is a double zigzag with wave (X) being a triple zigzag. Wave (Y) is only half-built, and it will most likely also have the form of a double combination.

In the near future, there is an expectation for a slight decline in the minor intervening wave X. This may be followed by the final actionary wave Y to the level of 0.770.

At that level, wave Ⓧ will be at 76.4% of wave Ⓨ. After the full completion of the wave Ⓧ, market participants can expect a fall in the direction of the 0.710 level, or even lower.

An alternative scenario suggests that the formation of the primary intervening wave Ⓧ has already completely come to an end. In fact, it took the form of an intermediate double zigzag.

A drop in price and the development of the primary wave Ⓩ are likely due to a reversal.

Bears could now be eyeing the 0.707 level.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the asset is trading upwards. After forming several reversal patterns, such as Hammer, not far from the support level, XAUUSD may reverse and form a new rising impulse. In this case, the upside target may be the resistance area at 1815.00. At the same time, an opposite scenario implies that the price may correct towards 1775.00 first and then resume trading upwards.

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, after rebounding from the resistance level, NZDUSD has formed several reversal patterns, such as Hammer, close to the support area. At the moment, the asset is reversing in the form of new growth. In this case, the upside target may be at 0.7255. After that, the asset may break the resistance level and continue moving upwards. However, an alternative scenario implies that the price may correct to reach 0.7120 before resuming its ascending tendency.

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, GBPUSD has formed several reversal patterns, such as Harami and Doji, not far from the support area. At the moment, the pair may reverse and resume growing. In this case, the upside target may be at 1.3830. After testing the resistance level, the market may break it and continue trading upwards. Still, there might be an alternative scenario, according to which the asset may correct towards 1.3625 before resuming the ascending tendency.

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.

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1560; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.1585 and then resume moving downwards to reach 1.1465. Another signal in favour of a further downtrend will be a rebound from the rising channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.1665. In this case, the pair may continue growing towards 1.1755.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD is trading at 1.3673; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.3705 and then resume moving downwards to reach 1.3475. Another signal in favour of a further downtrend will be a rebound from the descending channel’s downside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.3825. In this case, the pair may continue growing towards 1.3905.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2391; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.2370 and then resume moving upwards to reach 1.2610. Another signal in favour of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2325. In this case, the pair may continue falling towards 1.2235. To confirm further growth, the asset must break the upside border of the Triangle pattern and fix above 1.2435.

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.

By Orbex

USDCHF bounces off demand zone

The US dollar inched higher after a solid core PCE reading in September. The pair is testing the major demand area from last August’s lows (0.9100).

A bearish MA cross on the daily chart has dented buyers’ optimism. An oversold RSI may attract a ‘buying-the-dips’ crowd while short-term sellers take some chips off the table.

However, 0.9190 could be a challenging hurdle to lift as the bears would be eager to fade the rebound. A new round of sell-off would send the greenback to the daily support at 0.9020.

EURGBP attempts to rebound

The euro found support from better-than-expected growth and inflation data. A bullish RSI divergence suggests that the downtrend may have lost its momentum.

A break above 0.8470 has prompted sellers to cover some of their bets. But the RSI’s overbought situation has so far tempered the optimism.

The bulls will need to lift offers around 0.8485 which sits on the 30-day moving average before they could turn the tables. Failing that, a drop below the demand zone between 0.8400 and 0.8420 would deepen the correction.

GER 40 finds support

The Dax 40 bounces back thanks to upbeat European stock earnings.

A bullish MA cross on the daily chart is a sign of recovery. Though the index has hit a speed bump at 15775 which is a major resistance from last September’s sell-off.

The drop below 15630 has led intraday buyers to bail out, driving short-term price action downward. As the RSI ventured into the oversold zone, the pullback attracted dip-buying interest at the lower range of the previous consolidation (15400). This is a congestion area along the MA cross.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

By Orbex

The formation of the USDCNH currency pair suggests the development of a large intervening wave x of a cycle degree. It assumes a primary double zigzag Ⓦ-Ⓧ-Ⓨ. And the final primary wave Ⓨ is currently under construction.

In the short term, we can expect the completion of intermediate intervening wave (X) that takes the form of double zigzag W-X-Y near 6.428. At that level, it will be at 50% of wave (Y).

After reaching the specified price level, the market can turn around and start moving within the final actionary wave (Z) towards the 6.307 area. At that area, intermediate sub-waves (Z) and (Y) will be equal.

An alternative scenario hints at the completed cycle intervening wave x. Here it has the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ. Its final wave Ⓨ is a double zigzag (W)-(X)-(Y) of the intermediate degree.

Thus, in the next coming trading days, market participants can expect the market to rise and the formation of a cycle wave Z.

Most likely, prices, along with the wave Z going up, will update the previous high of 6.528.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com