Wave analysis and forecast of 21.11 – 28.11

EUR/USD Wave analysis and forecast of 21.11 – 28.11: The pair is likely to grow.

Estimated pivot point is at the level of 1.2356.

Our opinion: Buy the pair from correction above the level of 1.2356 with the target of 1.28 – 1.2850.

Alternative scenario: Breakout and consolidation of the price below the level of 1.2356 will enable the pair to continue the decline to the levels of 1.2300 – 1.2250.

Analysis: The formation of the “bullish” correction in the wave 2 of the senior level continues. At the moment it seems that the wedge as the first one-two wave (i) of a of 2 has been formed and the local correction is being developed as the second wave (ii) of the junior level. If this assumption is correct and the price does not break down the critical level of 1.2356, after the completion of correction it makes sense to expect continuation of the rise in the pair up to the level of 1.28 – 1.2850. 

 

GBP/USD Wave analysis and forecast of 21.11 – 28.11: It is likely that “bearish” trend has come to completion, while “bullish” correction will develop.
Estimated pivot point is at the level of 1.5735.

Our opinion: In the short-term: sell the pair below the level of 1.5730 with the target of 1.5520. In the medium-term: wait for the completion of the fifth wave and in case of confirming signals buy the pair above the level of 1.5735 with the target of 1.5920 – 1.6150.

Alternative scenario: The pair will continue to decline in the bearish trend.

Analysis: Presumably, the formation of the fifth wave v of A within the “bearish” wedge is nearing completion. Locally it is likely that a small correction as the fourth wave (iv) has completed and the final fifth wave (v) is being formed. If this assumption is correct, after the completion of the correction a large-scale correction will start in the second wave of the senior level to the levels of 1.6160 – 1.6360.  

 

USD/CHF Wave analysis and forecast of 21.11 – 28.11: The pair is likely to decline.
Estimated pivot point is at the level of 0.9740.
Our opinion: Wait for the completion of the correction ii of A and sell the pair below the level of 0.9740 with the target of 0.9400 – 0.9350.

Alternative scenario: Breakout and consolidation of the price above of the level of 0.9740 will enable the rise in the pair up to the levels of 0.98 – 0.9850.

Analysis: Presumably, the formation of the fifth wave of the upward momentum (A) has completed on the daily timeframe. Locally, it seems that the first one-two wave i of A is being formed in the shape of the wedge, as well as the correction in the wave ii of A. If this assumption is correct and the price does not break down the critical level of 0.9740, after the completion of correction it makes sense to expect that decline in the pair will continue to the level of 0.9580 – 0.95. 

 

USD/JPY Wave analysis and forecast of 21.11 – 28.11: “Bearish” correction is likely to develop.
Estimated pivot point is at the level of 119.0.

Our opinion: Sell the pair from correction below the level of 119.0 with the target of 117.0 – 118.0. In case of breakdown of the level of 114.80, sell the pair with the target of 115.50 – 114.0.

Alternative scenario: Breakout and consolidation of the price above the level of 119.0 will enable the price to continue the rise up to the levels of 119.50 – 120.0.

Analysis: Presumably, the formation of the “bullish” momentum in the third wave of the senior level iii of 3 has completed. Locally, the formation of the fifth wave of the junior level v of (v) of iii has come to an end, while the reversal and the first one-two wave of the future correction are being formed. If this assumption is correct and the price does not break down the critical level of 119.0 during the correction period, the pair is likely to continue to decline to the levels of 115.50 – 113.80. 

 

USD/СAD Wave analysis and forecast of 21.11 – 28.11: The pair is likely to decline.
Estimated pivot point is at the level of 1.1367.

Our opinion: Sell the pair from correction below the level of 1.1367 with the target of 1.1120.

Alternative scenario: Breakout and consolidation of the price above the level of 1.1367 will enable the pair to continue the rise up to the levels of 1.1464 – 1.1570.

Analysis: Presumably, the formation of the “bearish” correction in the fourth wave (4) of the senior level continues. Locally it seems that the third wave of the junior level iii of A is being formed, within which the pair can decline and momentum as the wave (iii) of iii can develop. If this assumption is correct and the price does not break down the critical level of 1.1367, the pair will continue to decline to the level of 1.1120.

GBP/USD intraday technical levels and trading recommendations

Overview:

The GBP/USD pair has been moving downwards respecting the depicted bearish channel since mid-September when the ongoing channel was initiated. Many bearish impulses were previously initiated around 1.6450, 1.6170, and 1.5940 where the upper limit of the channel came to meet the pair.

The price zone of 1.5890-1.5870 constituted a transient daily support that paused the bearish movement for a few days. However, bears quickly managed to push lower.

Bullish fixation above 1.5890-1.5900 was essential to maintain the bullish scenario. However, bears have failed to do so. Instead, the market pushed towards the next support level located around 1.5600 where the lower limit of the ongoing channel is located.

The GBP/USD pair looks quite oversold. Bullish correction should be anticipated as the pair is currently testing a prominent WEEKLY support corresponding to multiple previous tops established back in May and June 2013.

Bullish Four-Hour fixation above price level of 1.5710 ( Friday's highest price level ) is mandatory to pause the ongoing bearish momentum confirming the possible double-bottom pattern on the 4H chart.

Trading recommendations:

Bullish fixation above the price zone of 1.5670 - 1.5710( Friday's highest price level ) indicates a bullish corrective movement.

If so, the bullish target level would be initially located around 1.5850 and 1.5880. Stop Loss should be set as daily closure below 1.5600.

EUR/USD dips as dollar firms on soaring Philly factory gauge

A soaring Philadelphia-area factory gauge sparked demand for the greenback over the euro on Thursday by stoking expectations for the U.S. economy to grow at a faster clip.

In U.S. trading, EUR/USD was down 0.23% at 1.2525, up from a session low of 1.2504 and off a high of 1.2575.

The pair was likely to find support at 1.2441, Tuesday's low, and resistance at 1.2600, Wednesday's high.

Manufacturing activity in the Philadelphia-region expanded at its fastest rate since December 1993 in November, fueling optimism over the U.S. economic outlook, official data showed on Thursday.

The Federal Reserve Bank of Philadelphia reported earlier that its manufacturing index improved to 40.8 this month from 20.7 in October.

Analysts had expected the index to decline to 18.5 in September, and the surprise jumped strengthened the U.S. currency against its European counterpart.

On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.

The current new orders index, which reflects the demand for manufactured goods, increased 18 points, to 35.7.

The current employment index rose 10 points in November, to 22.4, and hit a 3½ year high.

Upbeat U.S. inflation data also boosted the dollar by firming expectations that the Fed remains on track to raise interest rates next year.

The Labor Department reported earlier that the U.S. consumer price index was unchanged in October, beating expectations for a 0.1% dip.

On a year-over-year basis consumer prices rose 1.7% last month, unchanged from September, and stronger than market calls for a 1.6% jump.

Core inflation, which strips out volatile food and energy components, rose by 0.2% during the month, pushing the annual rate up to 1.8%, both figures in line with market forecasts, which fueled dollar demand.

Also from the Labor Department, data released earlier revealed that the number of Americans filing new claims for unemployment benefit fell by 2,000 last week, to 291,000. Economists had expected a fall to 286,000, thought it was still the tenth straight week that initial claims remained below 300,000.

The number of continuing claims also fell, to 2.33 million, the lowest level since December 2000.

The euro, meanwhile, softened after data showed that private-sector output slowed to its lowest in 16 months in November.

The euro zone’s services purchasing managers’ index fell to 51.3 this month, while the manufacturing PMI slid to 50.4 from 50.6 in October.

Germany private sector activity fell to a 16-month low, while French private sector output contracted for the seventh consecutive month.

Elsewhere, the euro was down against the pound, with EUR/GBP down 0.22% at 0.7987, and down against the yen, 

Technical analysis of AUD/USD for November 20, 2014

Trading recommandations: 

• The AUD/USD pair called for the bearish market from the price of 0.8636 (38.2% of Fibonacci retracement levels) towards the level of 0.8600; but the AUD/USD pair recovered again to start going upwards close to 0.8617 yesterday. Also, it should be noted that the range of the last week was very narrow. Today, the support will set at the level of 0.8580, but the double bottom is going to set at 0.8566 today. On the other hand, the minor resistance has set at 0.8636; and the price of 0.8667 is representing strong resistance. So, the bulls were forced to pull back below the level of 0.8667; thus, this level will be strong resistance for indicating the bearish opportunity below resistance. As a result, it will be a good sign to sell below 0.8667 with a target at 0.8620. It also might resume to 0.8595 on November 20, 2014. Otherwise, the stop loss should set at 0.8685.

Intraday technical levels:

Date:20/11/2014 

Pair:AUD/USD 

• R3: 0.8809
• R2: 0.8764
• R1: 0.8691
• PP: 0.8646
• S1: 0.8573
• S2: 0.8528
• S3: 0.8455

Wave analysis and forecast of 14.11 – 21.11

EUR/USD Wave analysis and forecast of 14.11 – 21.11: The pair is expected to grow.
Estimated pivot point is at the level of 1.2350.

Our opinion: Buy the pair from correction above the level of 1.2350 with the target of 1.26 – 1.27.

Alternative scenario: Breakout and consolidation below the level of 1.2350 will allow the pair to continue declining to the levels of 1.2300 – 1.2250.

Analysis: Presumably, the formation of the fifth final wave of the bearish impetus within the daily time frame is completed. Locally, the first counter-trend wave and the correction in a form of the second wave have been formed. If this assumption is correct and the price does not break the critical level of 1.2350, the pair will continue rising to the levels of 1.26 – 1.27 and higher.  

 

GBP/USD Wave analysis and forecast of 14.11 – 21.11: A huge "bullish" correction expected.
Estimated pivot point is at the level of 1.5940.

Our opinion: Expect a reversal and a little counter-trend impetus, then buy the pair from correction above the local low with the target of 1.61 – 1.63.

Alternative scenario: The pair may continue to decline within the bearish trend.

Analysis: Presumably, the fifth wave (v) of v of A within the bearish wedge is nearing completion. Locally, the last impetus must have been completed. If this assumption is true, the price will soon reverse and the pair will start a correction growth to the levels 1.61 – 1.63 within the wave B.  

 

USD/CHF Wave analysis and forecast of 14.11 – 21.11: The pair is expected to decline.
Estimated pivot point is at the level of 0.9740.
Our opinion: Sell the pair from correction below the level of 0.9740 with the target of 0.9580 – 0.95.

Alternative scenario: Breakout and consolidation above the level of 0.9740 will allow the pair to continue the rise up to the levels of 0.98 – 0.9850.

Analysis: Presumably, the formation of the fifth wave, the ascending momentum (A) within the daily time frame is completed. Locally, the first counter-trend wave (i) has been formed and the correction within the wave (ii) is being formed. If this assumption is correct and the price does not break the critical level 0.9740, it's logical to expect the pair to continue declining to the levels 0.9580 – 0.95 upon completion of correction.  

 

USD/JPY Wave analysis and forecast of 14.11 – 21.11: Uptrend remains.
Estimated pivot point is at the level of 114.80.

Our opinion: Sell the pair above the level of 114.80 with the target of 117.0 – 118.0. Sell the pair with the target 113.0 – 112.50 in case the level 114.80 is broken.

Alternative scenario: Breakout and consolidation below the level of 114.80 will allow the pair to continue declining to the levels of 113.0 – 112.50.

Analysis: The "bullish" impetus within the third wave of senior level iii of 3 is still being formed. Locally, the fifth final wave must be forming, and if the price does not break the critical level 114.80 during correction, the pair will go on growing to the levels of 117.0 – 118.0.  

 

USD/СAD Wave analysis and forecast of 14.11 – 21.11: The pair is expected to decline.
Estimated pivot point is at the level of 1.1465.

Our opinion: Sell the pair from correction below the level of 1.1465 with the target of 1.1120.

Alternative scenario: Breakout and consolidation above the level of 1.1465 will allow the pair to continue the rise up to the levels of 1.1550 – 1.16.

Analysis: Presumably, the formation of the fifth wave, the ascending momentum within the third wave of senior level is completed. Locally, there was formed a wedge in a form of the first counter-trend wave and the correction is developing within the wave ii. If this assumption is correct and the price does not break the critical level 1.1465, the pair will continue to decline to the level of 1.1120.

Crude oil hovers near fresh 4-year lows

Investing.com - Crude oil futures edged higher on Friday, but remained within close distance of a fresh four-year low as sustained concerns over a glut in world markets continued to weigh heavily on prices.

On the New York Mercantile Exchange, U.S. crude oil for delivery in December edged up $0.14 or 0.20% to trade at $74.36 a barrel during European early afternoon trade, just above $73.28, the lowest level since September 2010.

Prices plummeted $2.97 or 3.85% on Thursday to settle at $74.21.

Oil prices weakened broadly after the Organization of the Petroleum Exporting Countries indicated that it will not cut output to relieve a global supply glut.

Oil ministers from Saudi Arabia and Kuwait have resisted calls to lower production, while Libya, Venezuela and Ecuador have asked for action to prevent further price declines.

The 12-member oil cartel is scheduled to meet in Vienna on November 27 to discuss whether to adjust their production target for 2015.

On Thursday, the Energy Information Administration said U.S. crude stockpiles unexpectedly fell by 1.7 million barrels in the week ending November 7, compared to expectations for an increase of 750,000 barrels.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery advanced $0.87, or 1.09%, to hit $78.36 a barrel, still close to $76.79, the weakest level since October 2010. The spread between the Brent and the WTI crude contracts stood at $4.

Wave analysis and forecast of 07.11 – 14.11

EUR/USD Wave analysis and forecast of 07.11 – 14.11: The pair is likely to grow.
Estimated pivot point is at the level of 1.2535.

Our opinion: Wait for the breakdown of the level of 1.2535 and buy the pair from correction with the targets of 1.30 – 1.31.

Alternative scenario: Breakout and consolidation of the price below the level of 1.2330 will enable the price to continue the decline to the levels of 1.2250 – 1.22.

Analysis: Presumably, the formation of the final fifth wave of the “bearish” momentum on the daily timeframe is nearing completion. Locally, the fifth wave is close to completion and if this assumption is correct, in the near future the price will undergo upward correct in the second wave of the senior level to the levels of 1.30 – 1.31. 

 

GBP/USD Wave analysis and forecast of 07.11 – 14.11: Large “bullish” correction is expected in the pair.
Estimated pivot point is at the level of 1.60.

Our opinion: In the short-term: sell the pair from correction below the level of 1.60 with the target of 1.5750. In the medium-term: wait for breakout of the level of 1.60 and buy from correction above the local lows, which has been formed at this moment, with the targets of 1.6300 – 1.6475.

Alternative scenario: Breakout and consolidation of the price below the level of 1.5750 will enable the price to continue the decline to the levels of 1.57 – 1.5650 in the bearish trend.

Analysis: Presumably, the formation of the wedge in the wave A continues. Locally, it seems that the fifth wave v of A is close to completion, and if this assumption is true, after breakdown of the level of 1.60, it makes sense to expect that the pair will grow in the wave B to the levels of 1.63 – 1.6470. 

 

USD/CHF Wave analysis and forecast of 07.11 – 14.11: The pair is likely to decline.
Estimated pivot point is at the level of 0.96.
Our opinion: Wait for the breakdown of the level of 0.96 and sell the pair from correction below the local highs, which has been formed at the moment of breakdown, with the target of 0.9350 – 0.92.

Alternative scenario: Breakout and consolidation of the price above of the level of 0.9750 will enable the pair to continue the rise up to 0.98 – 0.9850.

Analysis: Presumably, the formation of the fifth wave of the “bearish” trend is nearing completion on the daily timeframe. If this assumption is correct, in the near future the pair will start to decline to the levels of 0.9350 – 0.92 within the wave (В). 

 

USD/JPY Wave analysis and forecast of 07.11 – 14.11: Uptrend dominates. The pair can undergo downward correction.
Estimated pivot point is at the level of 115.60.

Our opinion: In the short-term: sell the pair below the level of 115.60 with the target of 113.10. In the medium-term: wait for the completion of the local correction and buy the pair in case of confirmation signals with the targets of 117.0 – 118.0.

Alternative scenario: Breakout and consolidation of the price above the level of 115.60 will enable the pair to continue growth up to the levels of 117.0 – 118.0.

Analysis: The pair continues to rise and it is likely that only the third wave in the fifth wave of the senior level is being developed. Locally, the formation of the momentum in the third wave of the junior level is nearing completion, and if this assumption is correct, the pair can undergo downward correction as the fourth wave and then continue to grow up to the levels of 117.0 – 118.0.  

 

USD/СAD Wave analysis and forecast of 07.11 – 14.11: “Bearish” correction is likely to develop.
Estimated pivot point is at the level of 1.1363.

Our opinion: Sell the pair from correction after breakdown of the level of 1.1363 below the local highs, which has been formed with the targets of 1.1120.

Alternative scenario: Breakout and consolidation of the price above the level of 1.1480 will enable the pair to continue the rise up to the levels of 1.1550 – 1.16.

Analysis: Presumably, the formation of the ascending momentum wave has completed within the fifth wave in the third wave of the senior level. If this assumption is correct, after breakdown of the level of 1.1363, the pair will continue to decline in the fourth wave (4) to the levels of 1.1120 – 1.0620.

Technical analysis of EUR/USD for November 7, 2014

Overview:

The EUR/USD pair has broken a major support at the level of 1.2460. But in case the daily resistance is at the 1.2455 level, then the market will indicate a bearish opportunity from this area 1.2455/1.2420. Additionally, it is now approaching from this spot in order to test; therefore, it will probably start downside movement at this area and recover again. So, the market will indicate a bearish opportunity at the price of 1.2420/1.2455 (below 1.2455 look for further downside) and it will be a good sign to sell at this spot with a first target of 1.2366 (the double bottom will set at the point of 1.6324), and continue towards 1.2333. However, if a break in 1.2475 takes place, then it will be a good area for placing the stop loss. 

Notes:

• It should be noted that the market will turn bearish from the level of 1.2460.
• Volatility: 314.45; therefore, the market indicates the higher volatility.

It should be noted that:

• Take profit = 45 pips.
• Stop loss = 30 pips.
• Take profit = 3/2 * Stop Loss.
• Stop loss should never exceed your maximum exposure amounts.
• Risks to reward ratios are important and should be calculated.

Technical analysis of GBP/USD for November 6, 2014

Trading recommendations:

The GBP/USD pair has still moved between the area of 1.5990 and 1.5897.
 It should notice that the levels of 1.5897 and 1.5868 represent the weekly support 1 
and the double bottom respectively in H1 chart. So, resistance had set at the levels 
of 1.5988 (38.2% Fibonacci retracement levels). Therefore, sell below the level 
of 1.5988 with the first target at the 1.5900 price,then It will call for a downtrend in 
order to continue its bearish movement towards 1.5868 in order to test 
the double bottom. At the same time, the stop loss should be placed at the level 
of 1.6039 (above the weekly pivot point). 
On the other hand, the support will set around the spot of 1.5800; then buy above 
1.58 (if the trend fails to close below it) with a target at 1.5866 in coming days.

Observations:

The resistance will set at the level of 1.5988 today.The double top is going to set at 
the 1.5868 price.

The area of 1.5988 is useful spot to sell in the long term.We expect a range of 87 pips 
on November 6, 2014.

It should be noted that if there is no significant news to influence, the market price will 
be moving from pivot point to resistance 1 or support 1. But if there is significant news 
to influence, 
the market price may go straight through resistance 1 or support 1 and reaches 
resistance 2 or support 2 and even resistance 3 or support 3.

Wave analysis and forecast of 31.10 – 07.11

EUR/USD Wave analysis and forecast of 31.10 – 07.11: Decline in the pair continues.Estimated pivot point is at the level of 1.2770.

Our opinion: Sell the pair from correction below the level of 1.2770 with the targets of 1.25 – 1.24 – 1.23.

Alternative scenario: Breakout and consolidation of the price above of the level of 1.2770 will enable the price to continue the rise up to the levels of 1.2950 – 1.30.

Analysis: Presumably, the formation of the final fifth wave of the “bearish” momentum continues on the daily timeframe. Locally, the third wave is being formed. If this assumption is correct, after the completion of the local correction it makes sense to expect that the pair will decline in the fifth wave. Critical level for this scenario is 1.2770. 

 

GBP/USD Wave analysis and forecast of 31.10 – 07.11: The pair is undergoing correction. The rise in the pair is possible.Estimated pivot point is at the level of 1.5870.

Our opinion: Buy the pair from correction above the level of 1.5870 with the targets of 1.6380 – 1.64.

Alternative scenario: Breakout and consolidation of the price below the level of 1.5870 will enable the price to continue the decline to the levels of 1.58 – 1.57 as part of the “bearish” trend.

Analysis: Presumably, the formation of the correction as the wave B is ongoing. Locally it is likely that the formation of the wave (b) of a is nearing completion. If this assumption is correct and the pair does not fall below the critical level of 1.5870, after the completion of the wave (b) the price can grow up to the levels of 1.6380 – 1.64. 

 

USD/CHF Wave analysis and forecast of 31.10 – 07.11: The pair is likely to grow.Estimated pivot point is at the level of 0.9439.
Our opinion: Buy the pair from correction above the level of 0.9439 with the target of 0.97 – 0.98.

Alternative scenario: Breakout and consolidation below of the level of 0.9439 will make the pair continue to decline to the level of 0.9370.

Analysis: Based on the forming wave structure we can assume that the fifth wave of the “bullish” momentum is being formed; it is likely that within this wave the third wave iii of 5 is being developed. If this assumption is correct, the pair will continue to rise up to the levels of 0.97 – 0.98. Critical level for this scenario is the level of completion of the second wave – 0.9439. 

 

USD/JPY Wave analysis and forecast of 31.10 – 07.11: Uptrend dominates.Estimated pivot point is at the level of 108.77.

Our opinion: Buy the pair from correction above the level of 108.77 with the target of 112.00 – 112.60.

Alternative scenario: Breakout and consolidation of the price below the level of 108.77 will enable the pair to continue the decline to the levels of 107.56 – 106.20.

Analysis: Presumably, the formation of the diagonal triangle within the fifth wave of the senior level is nearing completion. Locally, the third wave is being developed. If this assumption is correct the pair can go up to the levels of 112.0 – 112.60.  

 

USD/СAD Wave analysis and forecast of 31.10 – 07.11: Uptrend continues.Estimated pivot point is at the level of 1.1159.

Our opinion: Buy the pair above the level of 1.1159 with the target of 1.14 – 1.15.

Alternative scenario: Breakout and consolidation of the price below the level of 1.1159 will enable the pair to continue the decline to the levels of 1.11 – 1.1050.

Analysis: The formation of the local correction as the fourth wave iv of 5 has completed. Locally, price reversal is expected as well as small one-two waves. If this assumption is correct and the price does not break down critical level of 1.1159, the pair can rise to the levels of 1.14 – 1.15 in the fifth wave v of 5.

Wave analysis and forecast of 24.10 – 31.10

EUR/USD Wave analysis and forecast of 24.10 – 31.10: The pair is likely to decline.
Estimated pivot point is at the level of 1.2840.

Our opinion: Sell the pair from correction below the level of 1.2840 with the targets of 1.25 – 1.24 – 1.23.

Alternative scenario: Breakout and consolidation of the price above of the level of 1.2840 will enable the price to continue growth to the levels of 1.2950 – 1.30.

Analysis: Presumably, the formation of the “bullish” correction as the fourth wave has completed. Locally, one-two one-two momentum as the first wave (i) of v is nearing completion. If this assumption is correct, it makes sense to expect that the pair will decline in the fifth wave to the levels of 1.25 – 1.24 – 1.23. Critical level for this scenario is 1.2840. 

 

GBP/USD Wave analysis and forecast of 24.10 – 31.10: Decline in the pair is likely to continue.
Estimated pivot point is at the level of 1.5870.

Our opinion: Buy the pair from correction above the level of 1.5870 with the target of 1.6380 – 1.64.

Alternative scenario: Breakout and consolidation below the level of 1.5870 will allow the price continue the decline to the levels of 1.58 – 1.57 in the “bearish” trend.

Analysis: In accordance with the existing wave pattern of the down-wave we can assume that the wave A of the senior level has completed, taking a shape of a wedge. Locally, it seems that the formation of the wave B has started and within this wave there is one-two one-two momentum (a) and correction to it (b). If this assumption is correct, following the completion of the wave (b) it is expected that the price will rise up to the levels of 1.6380 – 1.64. Critical level for this scenario is 1.5870. 

 

USD/CHF Wave analysis and forecast of 24.10 – 31.10: The pair is likely to grow.
Estimated pivot point is at the level of 0.9390.

Our opinion: Buy the pair from correction above the level of 0.9390 with the target of 0.97 – 0.98.

Alternative scenario: Buy the pair from correction above the level of 0.9390 with the target of 0.97 – 0.98.

Analysis: Presumably, the formation of the local correction as the fourth wave 4 has completed. Locally, one-two one-two momentum as the first wave is being formed and if this assumption is correct, it is likely that following the completion of the small correction (ii), the price can go up in the fifth wave to the levels of 0.97 – 0.98. Critical level for this scenario is the level of 0.9390. 

 

USD/JPY Wave analysis and forecast of 24.10 – 31.10: The rise in the pair has resumed.
Estimated pivot point is at the level of 106.17.

Our opinion: Buy the pair from correction above the level of 106.17 with the target of 110.00 – 111.00.

Alternative scenario: Breakout and consolidation of the price below the level of 106.17 will enable the pair to continue the decline to the level of 104.50.

Analysis: Presumably, the formation of the “bearish” correction as the fourth wave 4 of (5) has completed in the developing diagonal triangle within the fifth wave of the senior level. Locally, the first one-two one-two wave is being formed. If this assumption is correct, it makes sense to expect that the pair will grow in the fifth final wave 5 of (5) to the level of 111.0.  

 

USD/СAD Wave analysis and forecast of 17.10 – 24.10: Uptrend continues.
Estimated pivot point is at the level of 1.1080.

Our opinion: Buy the pair above the level of 1.1080 with the target of 1.14 – 1.15.

Alternative scenario: Breakout and consolidation of the price below the level of 1.1080 will enable the pair to continue the decline to the levels of 1.10 – 1.09.

Analysis: Presumably, the formation of the fourth wave iv of the senior level has completed. Locally it seems that the price is going to reverse and small one-two one two wave are being formed. If this assumption is correct and the price does not break down critical level of 1.1180, the pair is likely to rise to the levels of 1.14 – 1.15 in the fifth wave.

Wave analysis and forecast of 17.10 – 24.10

EUR/USD Wave analysis and forecast of 17.10 – 24.10: Correction is nearing completion. The pair is likely to decline.
Estimated pivot point is at the level of 1.29.

Our opinion: Sell the pair from correction below the level of 1.29 with the targets of 1.25 – 1.24 – 1.23.

Alternative scenario: Breakout and consolidation above of the level of 1.29 will enable the price to continue growth to the levels of 1.2950 – 1.30.

Analysis: Presumably, the formation of the “bullish” correction as the fourth wave, having a shape of the zigzag, is nearing completion. If this assumption is correct and the price does not consolidate above the level of1.29, it makes sense to expect that the pair will go down to the levels of 1.25 – 1.24 – 1.23 in the fifth wave.  

 

GBP/USD Wave analysis and forecast of 17.10 – 24.10: The decline in the pair is likely to continue.
Estimated pivot point is at the level of 1.6222.

Our opinion: Sell the pair from correction below the level of 1.6222 with the target of 1.58 – 1.55.

Alternative scenario: Breakout and consolidation above the level of 1.6222 will allow the price continue the rise up to the levels of 1.6520 – 1.66.

Analysis: Presumably, the third wave of the “bearish” momentum is being developed, within which the correction as the second wave of the junior level (ii) of iii is nearing completion. If this assumption is correct and the price does not break down the critical level of 1.6222, in the medium-term the pair can continue the decline up to the levels of 1.57 – 1.55. 

 

USD/CHF Wave analysis and forecast of 17.10 – 24.10: Local correction is nearing completion. The pair is likely to grow.
Estimated pivot point is at the level of 0.9360.

Our opinion: Buy the pair from the correction above the level of 0.9360 with the target of 0.97 – 0.98.

Alternative scenario: Breakout and consolidation below of the level of 0.9360 will make the pair continue to decline to the levels of 0.9268.

Analysis: Presumably, the formation of the local correction as the fourth wave 4 is nearing completion, in the frame of which we can see almost completed zigzag that has nearly reached correction level of 38% from the third wave. If this assumption is correct, in the near future the price can go up to the levels of 0.97 – 0.98 in the fifth wave. 

 

USD/JPY Wave analysis and forecast of 17.10 – 24.10: Formation of the local correction.
Estimated pivot point is at the level of 104.47.

Our opinion: Wait for the completion of correction and in case of the confirming signals, buy the pair above the level of 104.47 with the targets of 110.00 – 111.00.

Alternative scenario: Breakout and consolidation of the price below the level of 104.47 will enable the pair to continue the decline to the level of 101.00.

Analysis: Presumably, the formation of the “bearish” correction as the fourth wave of the senior level 4 of (5) continues in the developing diagonal triangle in the fifth wave of the senior level. If this assumption is correct, it makes sense to expect that the pair will reverse and start to grow in the fifth final wave 5 of (5) up to the level of 111.0.  

 

USD/СAD Wave analysis and forecast of 17.10 – 24.10: Uptrend continues. Locally, the pair is undergoing correction.
Estimated pivot point is at the level of 1.1080.

Our opinion: Wait for the completion of correction and buy the pair, in case of the confirming signals, above the level of 1.1080 with the target of 1.14 – 1.15.

Alternative scenario: Breakout and consolidation of the price below the level of 1.1080 will enable the pair to continue the decline to the levels of 1.10 – 1.09.

Analysis: Presumably, the formation of the third wave iii of the senior level has completed. It is likely that within this wave the fifth wave of the junior level (v) of iii has been flattened. Locally, correction in the fourth wave is being formed. If this assumption is correct, following the completion of the correction the pair can go up to the levels of 1.14 – 1.15 in the fifth wave.