Analysis for November 18th, 2016
The EUR/USD pair has extended the descending wave towards the downside border of the Triangle pattern from a longer timeframe. We think, today the price may form another consolidation range and reach 1.0566. If later the market breaks this range to the upside, it may be corrected with the first target at 1.0742; if to the downside – continue falling inside the downtrend towards 1.0300.
EUR USD, “Euro vs US Dollar”
Being under pressure, the GBP/USD pair is moving downwards. Possibly, the price may fall to break 1.2368. The local target is at 1.2230. After that, the instrument may test 1.2368 from below.
GBP USD, “Great Britain Pound vs US Dollar”
Being under pressure, the USD/CHF pair is moving upwards. We think, today the price may reach 1.0120 and then start another correction with the target at 0.9900. Later, in our opinion, the market may resume growing towards 1.0160.
USD CHF, “US Dollar vs Swiss Franc”
The USD/JPY pair is still extending the ascending wave; it has reached the target of the fourth wave. The entire structure may be considered as a correctional one. Possibly, the price may form another consolidation range with a reversal pattern. The first downside target is at 106.00.
USD JPY, “US Dollar vs Japanese Yen”
The AUD/USD pair has reached the target of the third descending wave. Possibly, the price may extend this wave towards 0.7360. After that, the instrument may be corrected with the target at 0.7575.
AUD USD, “Australian Dollar vs US Dollar”
The USD/RUB pair is forming another consolidation range around 65.00. If later the market breaks this range to the downside, it may start a new descending wave with the target at 60.00; if to the upside – continue growing towards 66.50.
USD RUB, “US Dollar vs Russian Ruble”
Gold has reached its downside target. We think, today the price may form another consolidation range near the lows. After breaking this range upwards, the market may start another growth with the target at 1273.
XAU USD, “Gold vs US Dollar”
Being under pressure, Brent is moving downwards. Possibly, the price may continue falling towards 46.35. After that, the instrument may start growing with the target at 49.50.
RoboForex Analytical Department
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