Forex Technical Analysis & Forecast 04.11.2021

EURUSD, “Euro vs US Dollar”

After completing another ascending structure at 1.1615, EURUSD is falling towards 1.1577 and may later start another growth to reach 1.1626. After that, the instrument may resume falling to break 1.1546 and then continue trading downwards with the short-term target at 1.1466.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the correction at 1.3697, GBPUSD is falling towards 1.3648 and may later grow to reach 1.3700. After that, the instrument may form a new descending structure to break 1.3595 and then continue falling with the short-term target at 1.3480.

USDRUB, “US Dollar vs Russian Ruble”

After rebounding from 71.35 to the upside and then breaking 71.95, USDRUB is expected to continue growing and extend the correction up to 72.70 (an alternative scenario). At the same time, the main scenario implies that the price may continue falling towards 70.64 or event reach the target at 69.20.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has formed the consolidation range 113.90. Later, the market may break it to the upside and resume growing towards 114.37. After that, the instrument may start a new decline with the target at 113.45.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is still consolidating around 0.9125. Possibly, today the pair may expand the range down to 0.9099 and then start another growth towards 0.9153. After that, the instrument may form a new descending structure to reach 0.9080. Later, the market may resume growing to break 0.9155 and then continue trading within the uptrend with the target at 0.9250.

AUDUSD, “Australian Dollar vs US Dollar”

After finishing the descending wave at 0.7411 along with the correction towards 0.7464, AUDUSD is expected to start another decline to break 0.7395 and continue trading downwards with the short-term target at 0.7370.

BRENT

After completing the descending structure at 81.70, Brent is growing to reach 84.17 and may later resume trading downwards with the target at 82.82.

XAUUSD, “Gold vs US Dollar”

After finishing the descending wave at 1769.60 along with the ascending impulse towards 1778.00, Gold is expected to correct to reach 1768.34. After that, the instrument may form one more ascending wave to break 1784.74 and then continue trading upwards with the target at 1809.50.

S&P 500

After completing another ascending structure at 4666.6, the S&P index is consolidating below this level. Possibly, the asset may correct towards 4628.0 and then start another growth towards 4646.0, thus forming a new consolidation range between the two latter levels. If later the price breaks this range to the upside, the market may resume growing to reach 4700.0; if to the downside – start a new decline with the target at 4594.0.