Analysis for November 4th, 2016
The EUR/USD pair has completed the descending impulse and the correction. In fact, the price has formed another consolidation range in the form of the Diamond reversal pattern. After the instrument breaks the low, it may continue falling inside the downtrend to reach 1.0990. Later, in our opinion, the market may return to 1.1065.
EUR USD, “Euro vs US Dollar”
The GBP/USD pair has reached the target of the ascending structure. Possibly, the price may fall towards 1.2333. Later, in our opinion, the market may grow to reach 1.2600.
GBP USD, “Great Britain Pound vs US Dollar”
USD CHF, “US Dollar vs Swiss Franc”
The USD/CHF pair has almost completed the inverted Double Top pattern. We think, today the price may grow to reach 0.9777. After that, the instrument may start another descending movement towards 0.9730.
The USD/JPY pair has completed the ascending impulse and the correction. We think, today the price may continue growing towards 103.88. Later, in our opinion, the market may fall and return to 102.00.
USD JPY, “US Dollar vs Japanese Yen”
The AUD/USD pair may choose an alternative scenario and grow towards 0.7718. However, the main scenario suggests that the price may continue falling inside the downtrend to reach 0.7500.
AUD USD, “Australian Dollar vs US Dollar”
The USD/RUB pair has completed the descending impulse and the correction. The instrument has almost finished the Double Top pattern. Later, in our opinion, the market may fall to break 63.23 and then continue moving downwards with the target at 62.30.
USD RUB, “US Dollar vs Russian Ruble”
Gold is still forming the descending impulse. Possibly, the price may continue forming this descending wave towards 1284 (the first target of the correction).
XAU USD, “Gold vs US Dollar”
Brent is trading at the lows of the consolidation range and trying to expand it to the downside. We think, today the price may break the upside border at 47.70 and then grow to reach 49.20. After that, the instrument may resume its decline towards 47.70.
RoboForex Analytical Department
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