Analysis for November 2nd, 2016
EUR USD, “Euro vs US Dollar”
In case of the EUR/USD pair, the ascending correction continues. Taking into account that earlier the price rebounded from the
2/8 level, the pair may resume falling if the
6/8 level provides resistance. In this case, the first target for bears will be at the
5/8 level. If later the price breaks this levels and stays below it, the market may test
4/8 one.
At the H1 chart, the pair is approaching the
8/8 level. If later the price rebounds from this level, it may start a new descending correction with the closest target at the
6/8 one.
NZD JPY, “New Zealand Dollar vs Japanese Yen”
In case of the NZD/JPY pair, the current situation is rather interesting. After rebounding from the
+1/8 level, the market is trying to fix below the
8/8 one. As a result, in the nearest future the price may continue falling to reach the
6/8 level and the daily Super Trend.
At the H1 chart, the pair is moving in the middle. If the price is able to stay below the
4/8 level and then breaks the
3/8 one, the market will start a short-term decline towards the
0/8 level.
RoboForex Analytical Department