USDJPY - The pair is in a correction; a fall is possible.

On the daily chart, the third wave of the higher level 3 developed, within which the fifth wave of the lower level v of 3 formed. Now, a downward correction has started as the fourth wave 4, within which the wave of the lower level a of 4 is developing.

If the assumption is correct, the USDJPY pair will fall to the area of 140.13–136.82. In this scenario, critical stop loss level is 151.76.

NZDUSD Breaches the Resistance

The NZDUSD pair rallies upwards now to breach 0.5835 level and attempts to hold above it, reinforcing the expectations of continuing the correctional bullish trend, opening the way to head towards 0.5910 as a next main target. The EMA50 continues to support the suggested bullish wave, noting that holding above 0.5835 represents initial condition to continue the expected rise.

The expected trading range for today is between 0.5810 support and 0.5930 resistance. The expected trend for today: Bullish.

BTCUSD Technical Analysis

The BTCUSD continues forming the new uptrend as a standard zigzag A-B-C. The A impulse completed; the descending correction B formed as a double zigzag [W]-[X]-[Y]. The upward wave C is currently unfolding as an impulse [1]-[2]-[3]-[4]-[5]. Sub-wave [3], currently developing, should finish at a level of 21244.00, where it will be 200% of sub-wave.

ASX 200 - The stock market is preparing for a downward correction

A significant part of the filling of the Australian budget is the sale of goods to other countries, and a serious disappointment for the market was that Export prices in the third quarter showed a decrease of 3.6% for the first time since autumn 2020 after rising by 10.1% in the previous quarter, while Import prices remained virtually unchanged, rising 3.0% after increasing 4.3% earlier. Against the backdrop of negative dynamics, investors ignored the rather strong data of today's report on the Producer Price Index, which added 1.9% in the third quarter, and 6.4% in annual terms. The increase in producer prices now has little effect on market sentiment, as it is almost impossible to sell these products at a high price.

The price continues to trade in the global downward channel, having reached the resistance line.

Support levels: 6700, 6440 | Resistance levels: 6870, 7040

Silver - Growth is possible.

On the daily chart, a downward correction of the higher level ended as the second wave (2), within which the wave C of (2) formed, and the development of the third wave (3) started. Now, the first entry wave of the lower level i of 1 of (3) is forming, within which the wave (iii) of I has formed, a local correction has ended as the wave (iv) of i, and the wave (v) of I is developing.

If the assumption is correct, the XAGUSD pair will grow to the area of 21.2 – 22.47. In this scenario, critical stop loss level is 18.22.

EURUSD Awaits more Decline

The EURUSD pair confirmed breaking 0.9915 after ending yesterday below it, which supports the continuation of the expected bearish trend for the upcoming period, waiting for more decline to visit 0.9840 that represents our next target, noting that breaking it will push the price back to the main bearish channel and confirm the continuation of the bearish trend domination on the short term and medium term basis.

Therefore, the bearish trend scenario will remain active conditioned by the price stability below 1. The expected trading range for today is between 0.9810 support and 0.9970 resistance.

The expected trend for today: Bearish.

S&P 500 - US stock market continues to recover

The American market continues to correct against the backdrop of corporate reporting and positive expectations of investors regarding a possible reduction in inflation. The S&P 500 is currently trading at 3898.

Experts predict a slowdown in consumer price growth in the US, which will allow the stock market to continue its upward correction. Mike Wilson, a leading analyst at Morgan Stanley banking holding, believes that against this background, S&P 500 quotes may overcome 4100.0 in the near future, as the M2 money supply has fallen sharply over the past month. The analyst is confident that the results of tomorrow's meeting of the US Federal Reserve will also be a catalyst for the upward dynamics in the asset, at which, most likely, a decision will be made on the next increase in interest rates by 75 basis points.

The index quotes continued the local corrective trend, taking a lead from a Head and Shoulders reversal pattern.

Technical indicators maintain the buy signal: the fast EMAs of the Alligator indicator are above the signal line, and the histogram of the AO oscillator is trading in the buy zone, forming ascending bars.

Support levels: 3830, 3630 | Resistance levels: 3950, 4120

NZDUSD Technical Analysis

The NZDUSD pair shows more bullish bias to move away from 0.5835 level, reinforcing the expectations of continuing the bullish trend for the rest of the day, and the way is open to achieve our waited target at 0.5910, supported by the EMA50 that carries the price from below, reminding you that the continuation of the bullish wave requires holding above 0.5835.

The expected trading range for today is between 0.5790 support and 0.5900 resistance, and the expected trend for today is Bullish.

EURUSD Technical Analysis

The EURUSD pair fluctuates at the intraday bearish channel’s resistance now, and the EMA50 meets this resistance to add more strength to it, to support the continuation of the expected bearish trend for today, which its next targets located at 0.9840 followed by 0.9700, while holding below 1 represents major condition to continue the expected decline.

The expected trading range for today is between 0.9800 support and 0.9970 resistance, and expected trend for today is Bearish.

BTC USD Elliot Wave Analysis

The most recent BTCUSD chart section displays the formation of a wave (W), which serves as the initial part of a potential double zigzag. Wave (W) may soon be unfolded as a standard A-B-C zigzag. Impulse A and correction B are completed, while impulse C is still under construction. Sub-waves [1]-[2]-[3]-[4] are formed within impulse C. Corrective sub-wave [4] looks like a double zigzag (W)-(X)-(Y). Thus, shortly the price growth is expected within the final sub-wave [5] towards the level of 22845.

Trading plan for BTCUSD today: Buy 20343.5, Take profit: 22845

USDCHF - Growth is possible.

On the daily chart, the upward first wave of the higher level (1) of 3 forms, within which the wave 5 of (1) develops. Now, the third wave of the lower level iii of 5 is developing, within which a local correction has ended as the wave (iv) of iii, and the wave (v) of iii has started to develop.

If the assumption is correct, the USDCHF pair will grow to the area of 1.02 – 1.03. In this scenario, critical stop loss level is 0.984.

Gold price forecast

The gold short-term downtrend continued yesterday after the test of the Intermediary Zone 1662 – 1659. The price has broken through the low of November 1. The gold sell trades reached the first target. The next downside target is the lower Target Zone 1618 – 1612. The market should reach the second target within the next two days.

I recommend entering new short trades on the corrections to strong resistance levels. The Additional Zone is now in 1645 – 1643. The trend border is the zone of 1661 – 1658. Once any of these zones is tested by the price, I suggest selling gold according to a sell pattern with the first target at today’s low.

XAUUSD trading ideas for today:

Sell according to the pattern in Additional Zone 1645 - 1643. Take Profit: 1630. Stop Loss: according to the pattern rules.
Sell according to the pattern in Intermediary Zone 1661 - 1658. Take Profit: 1630. Stop Loss: according to the pattern rules.