Forex Technical Analysis 22.11.2016 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD, BRENT)
22.11.2016
Analysis for November 22nd, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is forming another consolidation range close to the Triangle pattern from a longer timeframe; it has completed the ascending impulse and the correction, and right now is forming the second impulse. Possibly, the price may fall towards 1.0581, grow to reach 1.0660, and then fall again with the target at 1.0610. If later the market breaks this range to the upside, it may be corrected with the target at 1.0700; if to the downside – continue falling inside the downtrend towards 1.0470.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair has completed the correction of the previous descending structure. We think, today the price may form another descending wave to reach 1.2222. After that, the instrument may grow towards 1.2345.
USD CHF, “US Dollar vs Swiss Franc”
The USD/CHF pair is forming another consolidation range in the form of the Triangle pattern. If later the market breaks this range to the upside, it may reach 1.0208; if to the downside – start another correction with the target at 0.9940.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair has formed the Diamond pattern inside the consolidation range at the top of the ascending structure. If later the market breaks this range to the upside, it may reach 112.25; if to the downside – start falling with the target at 106.00.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair has completed the ascending impulse and the correction. Possibly, today the price may form the second impulse with the target at 0.7417. Later, in our opinion, the market may fall to reach 0.7376 and then grow towards 0.7474. In fact, the instrument is expected to form another correction.
USD RUB, “US Dollar vs Russian Ruble”
Being under pressure, the USD/RUB pair is falling. Possibly, the price may continue the current wave to reach 63.63. After reaching it, the market may start consolidating to form a downside continuation pattern with the target at 61.80.
XAU USD, “Gold vs US Dollar”
Gold is moving to break the top of the first ascending impulse. We think, today the price may reach 1227.30. Later, in our opinion, the market may start another decline with the target at 1218.45 and then fall towards 1236.00. This entire structure may be considered as another consolidation range.
BRENT
Brent is forming another wave towards 51.50 and by now has already reached its local target. Possibly, today the price may fall to reach 48.35 and then continue growing towards 51.50.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.