29.10.202010:17 Forex Analysis & Reviews: Fractal analysis for major currency pairs on October 29

Outlook on October 29:

Analytical overview of major pairs on the H1 scale:

The key levels for the euro/dollar pair are 1.1811, 1.1783, 1.1765, 1.1715, 1.1689, 1.1654 and 1.1633. The development of the downward trend cycle from October 21 is being followed here. Now, the decline is expected to continue after breaking through the level of 1.1715. In this case, the target is 1.1689. Price consolidation is near this level. If the target breaks down, it will lead to a strong decline. Here, the target is 1.1654. For the potential value for the bottom, we consider the level of 1.1633. Upon reaching which, a consolidation and upward pullback can be expected.

A short-term growth, in turn, is expected in the range of 1.1765 - 1.1783. If the last value breaks down, it will lead to a deep correction. Here, the potential target is 1.1811, which is the key support for the downward structure.

The main trend is the downward cycle from October 21

Trading recommendations:

Buy: 1.1765 Take profit: 1.1781

Buy: 1.1784 Take profit: 1.1810

Sell: 1.1715 Take profit: 1.1690

Sell: 1.1687 Take profit: 1.1655

The key levels for the pound/dollar pair are 1.3174, 1.3096, 1.3051, 1.3021, 1.2955, 1.2923, 1.2875 and 1.2850. Here, we are following the development of the downward structure from October 21. A short-term decline is expected in the range of 1.2955 - 1.2923. In case of breakdown of the last value, it should be accompanied by a strong decline. The next potential goal is 1.2850. On the other hand, price consolidation is in the range of 1.2850 - 1.2875, from which an upward pullback is expected.

Now, a short-term growth is possible in the range of 1.3021 - 1.3051. Breaking through the last value will lead to a deep correction. Here, the potential target is 1.3096, which is the key support for the downward structure.

The main trend is the downward cycle from October 21

Trading recommendations:

Buy: 1.3021 Take profit: 1.3050

Buy: 1.3052 Take profit: 1.3095

Sell: 1.2955 Take profit: 1.2924

Sell: 1.2921 Take profit: 1.2875

The key levels for the dollar/franc pair are 0.9159, 0.9149, 0.9131, 0.9110, 0.9084, 0.9069, 0.9051 and 0.9033. The development of the upward structure from October 23 is being followed here. Now, the pair is expected to continue rising after breaking through the level of 0.9110. In this case, the goal is 0.9131. Price consolidation is near this level. In case of breakdown of the target, it will lead to the potential goal 0.9159. Price consolidation in the range of 0.9149 - 0.9159.

A short-term decline is possible in the range of 0.9084 - 0.9069. If the last value breaks down, it will lead to a deep correction. Here, the goal is 0.9051, which is the key support for the top.

The main trend is the upward cycle from October 23

Trading recommendations:

Buy : 0.9110 Take profit: 0.9130

Buy : 0.9132 Take profit: 0.9149

Sell: 0.9084 Take profit: 0.9070

Sell: 0.9067 Take profit: 0.9052

The key levels for the dollar/yen are 105.08, 104.70, 104.49, 104.04, 103.84, 103.30 and 102.94. Here, we are following the development of the downward structure from October 20. The decline is expected to continue after the price passes the noise range 104.04 - 103.84. In this case, the target is 103.30. We consider the level 102.94 as a potential value for the downward trend. Upon reaching which, an upward pullback can be expected.

A short-term growth is possible in the range of 104.49 - 104.70. If the last value breaks down, it will lead to a deep correction. Here, the potential target is 105.08, which is the key support for the downward cycle.

The main trend is the local descending structure from October 20

Trading recommendations:

Buy: 104.50 Take profit: 104.70

Buy : 104.72 Take profit: 105.08

Sell: 103.84 Take profit: 103.33

Sell: 103.29 Take profit: 102.96

The key levels for the USD/CAD pair are 1.3413, 1.3378, 1.3334, 1.3312, 1.3275, 1.3251 and 1.3214. The development of the upward cycle of October 21 is still being monitored. Now, a short-term growth is expected in the range of 1.3312 - 1.3334. In case that the last value breaks down, it will lead to a strong growth leading us to the next goal of 1.3378. For the potential value for the top, we consider the level of 1.3413. Upon reaching which, a downward pullback can be expected.

On the other hand, a short-term decline is possible in the range of 1.3275 - 1.3251. If the last value breaks down, it will lead to a deep correction. Here, the target is 1.3214, which is the key support for the top.

The main trend is the upward cycle of October 21

Trading recommendations:

Buy: 1.3312 Take profit: 1.3334

Buy : 1.3336 Take profit: 1.3378

Sell: 1.3275 Take profit: 1.3251

Sell: 1.3249 Take profit: 1.3216

The key levels for the AUD/USD pair are 0.7161, 0.7114, 0.7086, 0.7036, 0.7012, 0.6995, 0.6950 and 0.6919. Here, we are watching the formation of potential for the downward cycle of October 28. The decline is expected to continue after the level of 0.7036 breaks down. In this case, the target is 0.7012. Price consolidation is near this level. On the other hand, the price passing through the noise range 0.7012 - 0.6995 will lead to the development of a strong decline. In this case, the target is 0.6950. For the potential value for the bottom, we consider the level of 0.6919. Upon reaching which, an upward pullback can be expected.

A short-term growth is expected in the range of 0.7086 - 0.7114. If the last value breaks down, it will encourage the formation of an upward structure. In this case, the potential target is 0.7161.

The main trend is the formation of a descending structure from October 28

Trading recommendations:

Buy: 0.7087 Take profit: 0.7112

Buy: 0.7116 Take profit: 0.7160

Sell : 0.7035 Take profit : 0.7012

Sell: 0.6993 Take profit: 0.6955

The key levels for the euro/yen pair are 23.61, 123.26, 123.01, 122.69, 122.30, 122.06 and 121.57. The development of the downtrend cycle from October 20 is being followed here. Meanwhile, there is a short-term decline and consolidation in the range of 122.30 - 122.06. For the potential value for the bottom, we consider the level of 121.57. Moving to this level is expected after the level of 122.06 breaks down.

A short-term growth is possible in the range of 123.01 - 123.26, breaking through the last value will lead to a deep correction. Now, the target is 123.61, which is the key support for the downward cycle.

The main trend is the downward cycle from October 20

Trading recommendations:

Buy: 122.70 Take profit: 123.00

Buy: 123.02 Take profit: 123.24

Sell: Take profit:

Sell: 122.04 Take profit: 121.60

The key levels for the pound/yen pair are 136.58, 136.26, 135.93, 135.27, 135.05, 134.60 and 134.29. Here, we are following the development of the downward structure from October 21. Now, the downward movement is expected to continue after the price passes the noise range 135.27 - 135.05. In this case, the target is 134.60. For the potential value for the bottom, we consider the level of 134.29. Upon reaching which, consolidation and upward pullback can be expected.

A short-term growth, in turn, is possible in the range of 135.93 - 136.26. In case of breakdown of the last value, it will lead to a deep correction. Here, the potential goal is 136.58, which is the key support for the downward trend.

The main trend is the descending structure from October 21

Trading recommendations:

Buy: 135.94 Take profit: 136.25

Buy: 136.27 Take profit: 136.57

Sell: 135.05 Take profit: 134.65

Sell: 134.60 Take profit: 134.30