16.10.201816:07 Forex Analysis & Reviews: Fractal analysis of major currency pairs for October 16

Dear colleagues.

For the Euro / Dollar currency pair, we are following the ascending structure of October 9, a pronounced movement is expected after the breakdown of 1.1628. For the pound / dollar currency pair, we expect a resumption of the uptrend after the breakdown of 1.3211. For the currency pair Dollar / Franc, the increased potential for a downward movement to the level of 0.9757. For the currency pair Dollar / Yen, we are following the downward cycle of October 3 and the next downward movement is expected after the breakdown of 111.48. For the Euro / Yen currency pair, we are following a downward trend and we consider the upward movement as a correction. For the currency pair Pound / Yen, we are expected to move downwards after the breakdown of 146.60.

Forecast for October 16:

Analytical review of H1-scale currency pairs:

For the Euro / Dollar currency pair, the key levels on the scale of H1 are: 1.1699, 1.1658, 1.1628, 1.1612, 1.1585, 1.1550, 1.1518 and 1.1478. Here, we are following the development of the ascending structure of October 9. The upward movement is expected after the breakdown of 1.1585. In this case, the goal is 1.1612, and the consolidation is in the range of 1.1612 - 1.1628. The passage of the level of 1.1628 will lead to a pronounced movement. Here, the goal is 1.1658. The potential value for the top is considered the level of 1.1699, after reaching which we expect a departure to a correction.

The short-term downward movement is possible in the range of 1.1550 - 1.1518, hence we expect a key upward reversal. The breakdown of the level 1.1518 will have to develop the downward structure. In this case, the goal is 1.1478.

The main trend is the ascending structure of October 9.

Trading recommendations:

Buy 1.1585 Take profit: 1.1610

Buy 1.1629 Take profit: 1.1656

Sell: 1.1548 Take profit: 1.1525

Sell: 1.1516 Take profit: 1.1480

For the Pound / Dollar currency pair, the key levels on the scale of H1 are: 1.3350, 1.3292, 1.3263, 1.3211, 1.3133, 1.3081 and 1.3023. Here, we continue to monitor the ascending structure of October 4. The upward movement is expected after the breakdown of 1.3211. In this case, the target is 1.3263 and in the range of 1.3263 - 1.3292 is the price consolidation. The potential value for the top is considered the level of 1.3350, upon reaching this level we expect a rollback downwards.

The short-term downward movement is possible in the range of 1.3133 - 1.3081 and the breakdown of the latter value will lead to the development of the downward movement. Here, the target is 1.3023.

The main trend is the upward cycle of October 4, the stage of deep correction.

Trading recommendations:

Buy: 1.3211 Take profit: 1.3260

Buy: 1.3294 Take profit: 1.3350

Sell: 1.3080 Take profit: 1.3030

Sell: 1.3130 Take profit: 1.3084

For the Dollar / Franc currency pair, the key levels on the scale of H1 are: 0.9918, 0.9896, 0.9880, 0.9835, 0.9820, 0.9782 and 0.9757. Here, we are following the downward structure of October 9. A downward movement is expected after the price passes the range of 0.9835 - 0.9820. In this case, the target is 0.9782. The potential value for the bottom is considered to be the level of 0.9757, after reaching which we expect consolidation and rollback to the top.

The short-term upward movement is possible in the range of 0.9880 - 0.9896 and the breakdown of the last value will lead to a prolonged correction. Here, the target is 0.9918, this level is the key support for the upward structure. Its breakdown will have to form an upward structure. Here, the target is 0.9953.

The main trend is the downward structure of October 9.

Trading recommendations:

Buy: 0.9880 Take profit: 0.9894

Buy: 0.9898 Take profit: 0.9916

Sell: 0.9820 Take profit: 0.9785

Sell: 0.9780 Take profit: 0.9763

For the Dollar / Yen currency pair, the key levels on the scale of H1 are: 113.31, 112.72, 112.38, 111.77, 111.48, 111.02 and 110.38. Here, we are following the downward cycle of October 3rd. The short-term downward movement is expected in the range of 111.77 - 111.48. The breakdown of the level of 111.48 will lead to the movement to 111.02, near this level is the consolidation of the price. The potential value for the bottom is considered the level of 110.38, after reaching which we expect a rollback to the top.

The short-term upward movement is possible in the range of 112.38 - 112.72 and the breakdown of the latter value will lead to a prolonged correction. Here, the goal is 113.31 and this level is the key support for the downward structure.

The main trend is the downward cycle of October 3.

Trading recommendations:

Buy: 112.38 Take profit: 112.70

Buy: 112.75 Take profit: 113.30

Sell: 111.75 Take profit: 111.50

Sell: 111.46 Take profit: 111.04

For the Canadian dollar / Dollar currency pair, the key levels on the scale of H1 are: 1.3141, 1.3106, 1.3068, 1.3034, 1.2964 and 1.2926. Here, we are following the ascending structure of October 1. The short-term upward movement is possible in the range of 1.3034 - 1.3068 and we expect further development of the main trend after the breakdown of 1.3068. In this case, the goal is 1.3106, consolidation is near this level. The potential value for the top is considered to be the level of 1.3141, upon reaching which we expect consolidation and rollback downwards.

The short-term downward movement is possible in the range of 1.2964 - 1.2926, to the level of 1.2926, we expect the formation of a pronounced structure of the initial conditions for the downward cycle.

The main trend is the ascending structure of October 1, the stage of correction.

Trading recommendations:

Buy: 1.3034 Take profit: 1.3066

Buy: 1.3070 Take profit: 1.3104

Sell: 1.2964 Take profit: 1.2930

Sell: Take profit:

For the Australian dollar / Dollar currency pair, the key levels on the scale of H1 are: 0.7211, 0.7188, 0.7156, 0.7130, 0.7107, 0.7092, 0.7073. Here, the price forms the ascending structure of October 10. The continuation of the upward movement is expected after the breakdown of 0.7130. In this case, the target is 0.7156, consolidation is near this level. The breakdown of the level of 0.7158 should be accompanied by a pronounced upward movement. Here, the target is 0.7188. The potential value for the top is considered the level of 0.7211, after reaching which we expect consolidation.

The short-term downward movement is expected in the range of 0.7107 - 0.7092 and the breakdown of the last value will lead to a prolonged correction. Here, the goal is 0.7073 and this level is the key support for the top. Its price will have the development of the downward structure. In this case, the potential goal is 0.7040.

The main trend is the formation of the ascending structure from October 10.

Trading recommendations:

Buy: 0.7132 Take profit: 0.7152

Buy: 0.7158 Take profit: 0.7185

Sell: 0.7107 Take profit: 0.7194

Sell: 0.7190 Take profit: 0.7073

For the Euro / Yen currency pair, the key levels on the scale of H1 are: 130.94, 130.34, 129.97, 129.43, 129.07 and 128.35. Here, we continue to monitor the downward structure of September 25. The short-term downward movement is possible in the range of 129.43 - 129.07, hence the probability of an upward reversal. The breakdown of the level of 129.07 will allow us to count on the movement towards a potential target of 128.35, after reaching which we expect a rollback to the correction.

The short-term upward movement is possible in the range of 129.97 - 130.34 and the breakdown of the latter value will lead to a prolonged correction. Here, the goal is 130.94 and this level is the key support for the downward structure.

The main trend is the downward structure of September 25, the stage of correction.

Trading recommendations:

Buy: 129.98 Take profit: 130.32

Buy: 130.37 Take profit: 130.90

Sell: 129.41 Take profit: 129.10

Sell: 129.03 Take profit: 128.40

For the Pound / Yen currency pair, the key levels on the scale of H1 are: 148.24, 147.69, 147.33, 146.66, 145.94, 145.41 and 144.64. Here, we are following the downward structure of October 8. The downward movement is expected after the breakdown of 146.66. In this case, the target is 145.94 and in the range of 145.94 - 145.41 is the price consolidation. The potential value for the bottom is considered the level of 144.64, after reaching which we expect a rollback to the top.

The short-term uptrend is possible in the range of 147.33 - 147.69 and the breakdown of the last value will lead to a prolonged correction. Here, the target is 148.24 and this level is the key support for the downward structure. Its breakdown will have an upward trend. Here, the potential target is 149.50.

The main trend is the downward structure of October 8.

Trading recommendations:

Buy: 147.33 Take profit: 147.65

Buy: 147.75 Take profit: 148.20

Sell: 146.60 Take profit: 146.00

Sell: 145.90 Take profit: 145.44