05.11.202011:03 Forex Analysis & Reviews: Fractal analysis for major pairs on November 5

Outlook on November 5:

Analytical overview of major pairs on the H1 TF:

The key levels for the euro/dollar pair are 1.1894, 1.1855, 1.1780, 1.1710, 1.1676, 1.1638, 1.1594, 1.1563 and 1.1539. We are in an equilibrium state. Here, the upward pattern is expected to develop after breaking through the level of 1.1780. In this case, the goal is 1.1855. On the other hand, there is a short-term decline and consolidation in the range of 1.1855 - 1.1894.

A short-term decline is expected in the range of 1.1710 - 1.1676. If the last value breaks down, it will lead to a deep correction. Here, the goal is 1.1638, which is the key support for the top. The price passing this level will favor the development of a downward structure from November 4. In this case, the first target is 1.1594.

The main trend is the formation of potential for the downward movement of November 4

Trading recommendations:

Buy: 1.1780 Take profit: 1.1855

Buy: 1.1856 Take profit: 1.1892

Sell: 1.1710 Take profit: 1.1677

Sell: 1.1674 Take profit: 1.1640

The key levels for the pound/dollar pair are 1.3246, 1.3162, 1.3129, 1.3024, 1.2907, 1.2853 and 1.2778. The formation of an upward structure from November 2 is being followed here. At the moment, the price almost cancels this structure, which requires a breakdown of the level of 1.2907. The initial goal is 1.2853. For the potential value for the bottom, we consider the level of 1.2778. Meanwhile, the key resistance for the subsequent development of an upward trend is the level of 1.3024 and its breakdown will allow us to continue to the level of 1.3129. Now, the price passing the noise range 1.3129 - 1.3162 will lead to a strong movement to the potential goal of 1.3246.

The main trend is the formation of an upward potential from November 2

Trading recommendations:

Buy: 1.3025 Take profit: 1.3129

Buy: 1.3162 Take profit: 1.3244

Sell: 1.2906 Take profit: 1.2855

Sell: 1.2851 Take profit: 1.2780

The key levels for the dollar/franc pair are 0.9173, 0.9152, 0.9138, 0.9082, 0.9048, 0.9024 and 0.8992. Here, we are following the formation of the descending structure from November 2. The decline is expected to continue after the level of 0.9082 breaks down. In this case, the target is 0.9048. Meanwhile, there is a short-term decline and consolidation in the range of 0.9048 - 0.9024. For the potential value for the downward trend, we consider the level 0.8992. The movement to which is expected after breaking through the level of 0.9022.

A short-term growth, in turn, is possible in the range of 0.9138 - 0.9152. If the last value breaks down, it will lead to a deep correction. Here, the goal is 0.9173, which is the key support for the downward structure.

The main trend is the descending structure from November 2

Trading recommendations:

Buy : 0.9138 Take profit: 0.9151

Buy : 0.9154 Take profit: 0.9171

Sell: 0.9082 Take profit: 0.9050

Sell: 0.9046 Take profit: 0.9026

The key levels for the dollar/yen are 104.88, 104.64, 104.50, 104.17, 103.98, 103.83 and 103.44. The formation of the descending structure from November 4 is being followed here. Now, the decline is expected to continue after the breakdown of 104.17. In this case, the target is 103.98. On the other hand, there is a short-term decline and consolidation in the range of 103.98 - 103.83. If the last value breaks down, it will lead to the development of a strong decline. In this case, the potential target is 103.44.

On the other hand, a short-term growth is possible in the range of 104.50 - 104.64. If the last value breaks down, a deep correction may occur. The goal here is 104.88, which is the key support for the downward structure.

The main trend is the formation of the downward potential from November 4

Trading recommendations:

Buy: 104.50 Take profit: 104.62

Buy : 104.66 Take profit: 104.86

Sell: 104.17 Take profit: 104.00

Sell: 103.81 Take profit: 103.46

The key levels for the USD/CAD pair are 1.3300, 1.3246, 1.3197, 1.3165, 1.3080, 1.3033, 1.2971 and 1.2938. Here, we are following the development of the descending pattern from November 2. The decline is expected to continue after the level of 1.3080 breaks down. In this case, the next goal is 1.3033. Price consolidation is near this level. If the goal breaks down, it will lead to a strong rise. Here, the target is 1.2971. For the potential value for the bottom, we consider the level of 1.2938. Upon reaching which, we expect consolidation and upward pullback.

Meanwhile, a short-term rise is possible in the range of 1.3165 - 1.3197. Breaking through the last value will lead to a deep correction. Here, the target is 1.3246, which is the key support for a downward structure. Its breakdown will be conducive to the formation of initial conditions for the top. In this case, the potential goal is 1.3300.

The main trend is the descending structure from November 2

Trading recommendations:

Buy: 1.3165 Take profit: 1.3196

Buy : 1.3198 Take profit: 1.3245

Sell: 1.3080 Take profit: 1.3035

Sell: 1.3031 Take profit: 1.2971

The key levels for the AUD/USD pair are 0.7366, 0.7317, 0.7248, 0.7214, 0.7134, 0.7105 and 0.7062. The formation of the rising structure from November 2 is being followed here. Now, a short-term growth is expected in the range of 0.7214 - 0.7248. If the last value breaks down, it will lead to a strong growth. The goal here is 0.7317. On the other hand, we consider the level of 0.7366 as a potential value for the top. Upon reaching which, a downward pullback is expected.

In turn, a short-term decline is expected in the range of 0.7134 - 0.7105. If the last value breaks down, it will lead to a deep correction. Here, the target is 0.7062, which is a key support for the top.

The main trend is the formation of an upward structure from November 2

Trading recommendations:

Buy: 0.7215 Take profit: 0.7246

Buy: 0.7250 Take profit: 0.7317

Sell : 0.7134 Take profit : 0.7106

Sell: 0.7103 Take profit: 0.7064

The key levels for the euro/yen pair are 123.61, 123.03, 122.69, 121.57, 121.16 and 120.77. The development of the downward trend cycle from October 20 is being followed here and the price is also forming a potential for the October 30 high. Now, we expect the decline to resume after breaking through the level of 121.57. In this case, the goal is 121.16. For the potential value for the bottom, we consider the level of 120.77. Upon reaching which, consolidation and upward pullback is expected.

A short-term growth, in turn, is possible in the range of 122.69 - 123.03. In case that the last value breaks down, it will lead to the development of an upward structure from October 30. In this case, the target is 123.60.

The main trend is the downward cycle from October 20, the correction stage

Trading recommendations:

Buy: 122.70 Take profit: 123.02

Buy: 123.05 Take profit: 123.60

Sell: 121.55 Take profit: 121.18

Sell: 121.14 Take profit: 120.80

The key levels for the pound/yen pair are 139.01, 138.40. 137.54, 137.19, 136.70, 136.27, 135.22, 134.81 and 134.35. We follow the formation of the potential for the top from October 30 here. In view of this, a short-term rise is likely in the range of 136.27 - 136.70. The upward trend is expected to resume after the level of 136.70 breaks down. In this case, the goal is 137.19. Now, short-term growth and consolidation is in the range of 137.19 - 137.54. If the level of 137.55 breaks down, it will lead to a strong growth. The goal here is 138.40. For the potential value for the top, we consider the level 139.01. Upon reaching which, we expect consolidation and downward pullback.

A short-term decline is possible in the range of 135.22 - 134.81. If the last value breaks down, it will lead to the development of a downward trend. In this case, the goal is 134.35.

The main trend is the upward structure from October 30

Trading recommendations:

Buy: 136.27 Take profit: 136.68

Buy: 136.72 Take profit: 137.19

Sell: 135.20 Take profit: 134.81

Sell: 134.78 Take profit: 134.35