Forex Technical Analysis for 05.11.2015

November 5, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar has broken its consolidation channel downwards and reached the target of the expansion. This structure has taken the form of the downside continuation pattern; the target of the structure is at 1.0505. The main scenario suggests that the market may continue falling inside the downtrend towards the above-mentioned target. An alternative scenario implies that the price may test 1.0995 from below and then continue moving downwards. The next target is at 1.0736.

GBP USD, “Great Britain Pound vs US Dollar”

Being under pressure, Pound is moving downwards; the pair has formed another descending structure. We think, today, the price may reach 1.5231 and then return to 1.5334. After that, the instrument may continue falling to reach 1.5165.

USD CHF, “US Dollar vs Swiss Franc”

Franc is still forming its ascending structure. We think, today, the price may expand its trading range towards 0.9988 and then test 0.9917 from above. After that, the instrument may continue moving upwards to reach the next target at 1.0106.

USD JPY, “US Dollar vs Japanese Yen”

Being under pressure, Yen is moving upwards. We think, today, the price may break the consolidation channel upwards to reach 121.81. After that, the instrument may continue falling towards 120.90.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar has broken its ascending structure and right now is forming another descending wave. We think, today, the price may reach 0.7017 and then return to 0.7178. After that, the instrument may start another descending wave. The next target is at 0.7053.

USD RUB, “US Dollar vs Russian Ruble”

Ruble is testing the broken consolidation channel from below. The main scenario suggests that the market may continue falling to reach 61.93. After that, the instrument may test 63.00 from below and then start another decline towards 59.55.

XAU USD, “Gold vs US Dollar”

Being under pressure, Gold is still falling; the instrument hasn’t completed the current wave yet. The target is at 1090. After that, the market may be corrected to return to 1135 and then start another decline towards 1083.

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