04.12.201915:07 Forex Analysis & Reviews: Fractal analysis for major currency pairs as of December 4

Hello, dear colleagues.

For the Euro/Dollar pair, the price forms the initial conditions for the top of November 29 and the level of 1.1096 is the key resistance. For the Pound/Dollar pair, we expect the continuation of the upward cycle from November 27 after the breakdown of 1.3075. For the Dollar/Franc pair, we expect the development of the upward structure from November 29 after the breakout of 0.9862. For the Dollar/Yen pair, we follow the formation of a downward structure from December 2 and the level of 108.31 is the key resistance. For the Euro/Yen pair, the price is close to the cancellation of the upward structure of November 22, which requires a breakdown of the level of 120.10. For the Pound/Yen pair, the price is still in the correction area for the upward structure of November 22 and the level of 140.24 is the key support.

Forecast for December 4:

Analytical review of currency pairs on the H1 scale:

For the Euro/Dollar pair, the key levels on the H1 scale are 1.1170, 1.1130, 1.1114, 1.1096, 1.1065, 1.1048, and 1.1024. We follow the formation of the expressed initial conditions for the top of November 29. We expect the upward movement to continue after the breakdown of 1.1096. In this case, the target is 1.1114 and in the area of 1.1114-1.1130 is the price consolidation. The breakdown of the level of 1.1130 will lead to the development of a pronounced movement. The potential target is 1.1170.

The short-term downward movement is expected in the range of 1.1065-1.1048 and the breakdown of the last value will lead to an in-depth correction. The target is 1.1024 and this level is the key support for the upward structure.

The main trend is the formation of initial conditions for the top of November 29.

Trading recommendations:

Buy: 1.1096 Take profit: 1.1146

Buy: 1.1132 Take profit: 1.1170

Sell: 1.1065 Take profit: 1.1050

Sell: 1.1046 Take profit: 1.1026

For the Pound/Dollar pair, the key levels on the H1 scale are 1.3148, 1.3121, 1.3075, 1.3025, 1.3000, and 1.2963. We follow the development of the upward cycle of November 27. We expect the upward movement to continue after the breakout of 1.3075. In this case, the target is 1.3121 and consolidation is near this level. We consider the level of 1.3148 as a potential value for the top, after reaching this level, we expect consolidation and a pullback downwards.

A short-term downward movement is possible in the area of 1.3025-1.3000 and the breakdown of the last value will lead to a deep correction. The target is 1.2963 and this level is the key support for the top.

The main trend is the upward cycle from November 27.

Trading recommendations:

Buy: Take profit 1.3075: 1.3120

Buy: 1.3123 Take profit: 1.3148

Sell: 1.3025 Take profit: 1.3003

Sell: 1.2998 Take profit: 1.2965

For the Dollar/Franc pair, the key levels on the H1 scale are 0.9965, 0.9935, 0.9908, 0.9864, 0.9820, 0.9789, and 0.9745. We follow the development of the downward structure of November 29. We expect the downward movement to continue after the breakout of 0.9864. In this case, the target is 0.9820 and in the area of 0.9820-0.9789 is the short-term downward movement, as well as consolidation. The breakout of the level of 0.9789 should be accompanied by a pronounced upward movement. In this case, the potential target is 0.9745 and we expect a pullback to the correction from this level.

The short-term upward movement is possible in the area of 0.9908-0.9935 and the breakdown of the last value will lead to an in-depth movement. The target is 0.9965 and this level is the key support for the downward structure from November 29.

The main trend is the formation of initial conditions for the bottom of November 29.

Trading recommendations:

Buy: 0.9908 Take profit: 0.9933

Buy: 0.9937 Take profit: 0.9965

Sell: 0.9862 Take profit: 0.9825

Sell: 0.9820 Take profit: 0.9790

For the Dollar/Yen pair, the key levels in the scale H1 are 109.31, 109.06, 108.85, 108.31, 108.10, 107.80, and 107.62. We follow the formation of the downward structure of December 2. The short-term downward movement is expected in the range 108.31-108.10 and the breakdown of the last value will lead to a pronounced movement. The target is 107.80. The potential value for the bottom is the level of 107.62, upon reaching which we expect consolidation, as well as a pullback upwards.

The short-term upward movement is expected in the range of 108.58-109.06 and the breakdown of the last value will lead to an in-depth correction. The target is 109.31 and this level is the key support for the downward structure.

The main trend is the formation of initial conditions for the downward movement from December 2.

Trading recommendations:

Buy: 108.85 Take profit: 109.04

Buy: 109.08 Take profit: 109.30

Sell: 108.30 Take profit: 108.12

Sell: 108.08 Take profit: 107.80

For the Canadian dollar/Dollar pair, the key levels on the H1 scale are 1.3404, 1.3387, 1.3355, 1.3334, 1.3311, 1.3298, 1.3278, and 1.3250. The price entered in the equilibrium condition. We expect the upward movement to continue after the breakout of 1.3311. In this case, the first target is 1.3334. The short-term upward movement is expected in the area of 1.3334-1.3355 and the breakdown of the last value should be accompanied by a pronounced upward movement. The target is 1.3387 and in the area of 1.3387-1.3404 is the price consolidation.

The short-term downward movement, as well as consolidation, are possible in the area of 1.3298-1.3278 and the breakdown of the last value will lead to an in-depth correction. The target is 1.3250 and this level is the key support for the upward structure.

The main trend is the equilibrium state.

Trading recommendations:

Buy: 1.3311 Take profit: 1.3333

Buy: 1.3335 Take profit: 1.3355

Sell: 1.3276 Take profit: 1.3252

Sell: 1.3248 Take profit: 1.3220

For the Australian dollar/Dollar pair, the key levels on the H1 scale are 0.6878, 0.6851, 0.6830, 0.6807, 0.6797, and 0.6781. We follow the formation of the expressed initial conditions for the top of November 29. The short-term upward movement is expected in the range of 0.6830-0.6851. The breakout of the level of 0.6851 will lead to a pronounced upward trend. The potential target is 0.6878 and near this value is consolidation.

The short-term downward movement is expected in the area of 0.6807-0.6797 and the breakdown of the last value will lead to an in-depth correction. The target is 0.6781 and this level is the key support for the upward structure.

The main trend is the formation of pronounced initial conditions for the top of November 29.

Trading recommendations:

Buy: 0.6830 Take profit: 0.6848

Buy: 0.6853 Take profit: 0.6878

Sell: 0.6807 Take profit: 0.6797

Sell: 0.6795 Take profit: 0.6783

For the Euro/Yen pair, the key levels on the H1 scale are 122.10, 121.90, 121.55, 121.29, 120.97, 120.66, 120.34, 120.10, and 119.64. The price is close to the cancellation of the upward structure of November 22, which requires a breakdown of the level of 120.10. In this case, the first potential target for the downward structure of December 2 is 119.64. The resumption of upward movement is expected after the breakdown of 120.66. The first target is 120.97 and the breakdown of which, in turn, will lead to a movement to the level of 121.29, consolidation is near this level. In the area of 121.29-121.55, there is a short-term upward movement and the breakdown of 121.55 should be accompanied by a pronounced upward movement. The target is 121.90. The potential value for the top is the level of 122.10, upon reaching which we expect consolidation in the area of 121.90-122.10, as well as a pullback downwards.

The main trend is the local upward structure of November 22, the stage of deep correction.

Trading recommendations:

Buy: 120.66 Take profit: 120.95

Buy: 120.98 Take profit: 121.25

Sell: 120.32 Take profit: 120.10

Sell: 120.05 Take profit: 119.70

For the Pound/Yen pair, the key levels on the H1 scale are 143.45, 143.09, 142.50. 142.06, 141.15, 140.72, and 140.24. We follow the development of the upward cycle of November 22. The short-term upward movement is expected in the area of 142.06-142.50 and the breakdown of the last value will lead to a pronounced movement. The target is 143.09. The potential value for the top is the level of 143.45, after reaching this level, we expect a correction.

The short-term downward movement is possible in the area of 141.15-140.72 and the breakdown of the last value will lead to an in-depth correction. The target is 140.24 and this level is the key support for the top.

The main trend is the upward structure from November 22.

Trading recommendations:

Buy: 142.06 Take profit: 142.50

Buy: 142.52 Take profit: 143.07

Sell: 141.15 Take profit: 140.74

Sell: 140.70 Take profit: 140.26