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XAUUSD - A fall is possible.
On the daily chart, a downward correction develops as the fourth wave of the higher level (4), within which the wave C of (4) forms as a momentum. Now, the fifth wave of the lower level v of C of (4) is developing, within which the wave (iii) of v is forming.
If the assumption is correct, the pair XAUUSD will fall to the area of 1570 – 1515.1. In this scenario, critical stop loss level is 1616.21.
USDCHF Hits the Target
The USDCHF pair succeeded to achieve our waited target at 1.0145 and found solid resistance there, to show some bearish bias now, facing contradiction between the technical factors that makes us prefer to stay aside until we get clearer signal for the next trend.
Note that breaching the above mentioned level will lead the price to achieve additional gains that reach 1.0200 direct, while breaking 1.0090 support will press on the price to continue the decline and head to test 0.9990 areas before any new attempt to rise.
The expected trading range for today is between 1.0040 support and 1.0190 resistance, and the expected trend for today is Neutral.
AUDUSD Begins Positively
The AUDUSD pair opens today’s trading with clear positivity to head towards potential test to the broken neckline of the double top pattern that appears on the chart, waiting to resume the bearish wave that targets 0.6265 followed by 0.6170 levels as next main stations.
Until now, the bearish trend scenario still valid and active unless the price rallied to breach 0.6397 and hold above it, noting that the EMA50 supports the suggested decline. The expected trading range for today is between 0.6260 support and 0.6370 resistance, the expected trend for today is Bearish.
XAGUSD - 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 developing, 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 22.47–23.7. In this scenario, critical stop loss level is 18.81.
The EURUSD Achieves Strong Gains
The EURUSD pair ended last Friday with strong positivity, settling above 0.9900 barrier, to reinforce the chances of continuing the rise in the upcoming period, waiting to test 1 level as a next station, noting that breaching this level will lead the price to achieve additional gains that reach 1.0165. Therefore, the bullish bias will be suggested for today, noting that breaking 0.9870 will stop the positive scenario and press on the price to decline again, to head towards visiting 0.9755 initially.
The expected trading range for today is between 0.9870 support and 1.0030 resistance, and the expected trend for today is Bullish.
GBPUSD - The market is concerned about Sunak's rhetoric to phase out fossil fuels
Yesterday, the media circulated excerpts from a statement by British Prime Minister Rishi Sunak, with which he intends to speak at today's 27th United Nations (UN) climate change conference. So, the position of the office is based on the rejection of fossil fuels in favor of renewable energy sources and that the United Kingdom is ready to work with foreign allies on the issue of an early "green transition." It may mean that the country will continue the policy of quickly abandoning oil and gas, which threatens serious economic problems. Sunak called the fight against inflation the key task for the government, which reached 10.1%, and not the pursuit of the well-being of citizens.
The instrument is kept within the long-term downward channel, trading near the resistance line.
Resistance levels: 1.146, 1.1756 | Support levels: 1.1154, 1.084
Crude Oil - Growth is possible.
On the daily chart, the first wave of the higher level (1) formed, the downward correction ended as the second wave (2), and the development of the upward third wave (3) started. Now, the first entry wave of the lower level i of 1 of (3) is developing, within which the wave (iii) of i is forming.
If the assumption is correct, the asset will grow to the area of 103.83 – 115.12. In this scenario, critical stop loss level is 82.2.
USDJPY Under the Negative Pressure
The USDJPY pair faced negative pressure in the previous sessions to break 147.17 level and close the daily candlestick below it, which puts the price under more expected negative pressure in the upcoming sessions, as it returns to the correctional bearish channel to head towards visiting 146 followed by 144.20 levels as next main targets.
Therefore, the bearish trend will be suggested for today, noting that consolidating above 147.17 will stop the expected negative scenario and lead the price to recover again. The expected trading range for today is between 146.40 support and 147.90 resistance, and the expected trend for today is Bearish.
EURUSD - A fall is possible.
On the daily chart, the downward fifth wave of the higher level (5) of А develops, within which the wave 5 of (5) develops. Now, a correction ended as the fourth wave of the lower level iv of 5, and the fifth wave v of 5 is forming, within which a local correction is ending as the wave (ii) of v.
If the assumption is correct, the EURUSD pair will fall to the area of 0.9470–0.9300. In this scenario, critical stop loss level is 1.0101.
GBPJPY Records Some Targets
The GBPJPY pair succeeded to breach 166.80 level, to form strong bullish rally and notice achieving many positive targets by touching 169.10 level, while the price might form sideways fluctuation until gathering the additional positive momentum that will assist to resume the rise and reach the additional targets near 169.65 and 170.50.
The above chart shows that stochastic begins to form bullish waves to approach 50 level, to increase the chances of gaining the required positive momentum to achieve the suggested targets.
The expected trading range for today is between 167.80 and 169.65, and the expected trend for today is Bullish.
GBPUSD - Growth is possible
On the daily chart, the downward fifth wave of the higher level V of (V) ended, within which the wave (5) of V formed. Now, the development of the upward first wave (1) has started, and the third wave of the lower level 3 of (1) is forming.
If the assumption is correct, the GBPUSD pair will grow to the area of 1.2281–1.2590. In this scenario, critical stop loss level is 1.0920.
AUDUSD awaits more rise
The AUDUSD pair settles around 0.6470 level, and the price needs to get positive momentum that assists to push trades to continue rising and achieve our next positive target at 0.6540. In general, we will continue to suggest the bullish trend unless breaking 0.6397 and holding below it, noting that the EMA50 continues to support the expected bullish wave.
The expected trading range for today is between 0.6420 support and 0.6540 resistance, and the expected trend for today is Bullish.
USDJPY - Japanese currency retains its advantage
This morning, the Bank of Japan published a summary of opinions – a survey of regulator officials in all areas of the economy. Their points of view often turn out to be correct in the long run, and this time almost all participants in the discussion noted a positive trend: it is expected that the purchasing power of household incomes will continue to grow and slow down slightly only next year. At the same time, the maximum value of the inflation indicator is estimated at 3.0%, and by mid-2023, it is projected to decline to 2.0%. The regulator does not intend to change the dovish rhetoric and will likely maintain a policy of negative interest rates at subsequent meetings. In turn, the index of household spending in September increased by 1.8% after falling by 1.7% in August, which was reflected in the growth of the annual value, which now added 2.3%, and the average wage in October – 2 .1% after rising 1.7% last month.
The trading instrument moves within the global uptrend, smoothly reversing downwards.
Resistance levels: 148.25, 151 | Support levels: 145, 141.5
USDCHF hits the negative target
The USDCHF pair managed to touch the waited negative target at 0.990 and achieved negative close below it, to support the chances of continuing the bearish bias in the upcoming sessions, paving the way to head towards 0.9815 as a next target. Therefore, we expect to witness more decline today, noting that failing to consolidate below 0.9890 will lead the price to start intraday bullish wave that targets testing 0.9990 areas initially.
The expected trading range for today is between 0.9830 support and 0.9970 resistance, and the expected trend for today is Bearish.
Dow Jones - US stock market continues to rise
Quotes of stock indicators took advantage of the slowdown in the bond market and continue to grow after the publication of positive corporate reports. According to financial company Refinitiv Lipper, the average value of shares of US funds increased by 8.7% in October, which served as a catalyst for the DJIA quotes to strengthen by 14.0% during the month.
Index quotes continue corrective dynamics, rising in the direction of the daily channel resistance line.
Support levels: 32000, 30650 | Resistance levels: 33300, 34300
XAUUSD Analysis
The gold price has broken through Friday’s high, and the price has been corrected since then. The market is now driving to the Additional Zone 1667 – 1666. The AZ is a strong support level, after the test of which, one could enter new purchases with a target at yesterday’s high.
If the AZ is broken out downside, the correction will continue down to the trend key support 1653 – 1650. After the key support test, I also recommend entering purchases with the target suggested above.
Buy in Additional Zone 1667 - 1666 | Take Profit: 1681 | Stop Loss: according to the pattern rules.
Buy in Intermediary Zone 1653 - 1650 | Take Profit: 1681 | Stop Loss: according to the pattern rules.
USDCAD - The price is in a correction and may grow.
On the daily chart, the upward fifth wave of the higher level 5 develops, within which the wave (1) of 5 formed, the correctional wave (2) of 5 ended, and the wave (3) of 5 develops. Now, the third wave of the lower level 3 of (3) has formed, and a local correction is ending as the fourth wave 4 of (3), within which the wave c of 4 is forming.
If the assumption is correct, after the end of the correction, the USDCAD pair will grow to the area of 1.43 – 1.45. In this scenario, critical stop loss level is 1.3206.
EURUSD resumes the rise
The EURUSD pair’s rise stopped near 1.0100 level, to show tight fluctuation in attempt to gain some new positive momentum, waiting to resume the bullish wave that targets 1.0180 as a next station.
Until now, the bullish trend scenario still valid for the upcoming period as long as 1 level remains intact, noting that the EMA50 continues to support the suggested bullish wave, which its targets extend to reach 1.0285 after surpassing the above mentioned level.
The expected trading range for today is between 1.0 support and 1.0170 resistance, and the expected trend for today is Bullish.
NZDUSD Achieves more Gains
The NZDUSD pair achieved our first positive target at 0.6 and bounced downwards temporarily from there, to attempt to gather the positive momentum, waiting to resume the bullish wave that targets 0.61 level as a next main station.
The EMA50 continues to support the price from below, to keep the bullish trend scenario valid and active conditioned by the price stability above 0.591. The expected trading range for today is between 0.591 support and 0.602 resistance, and the expected trend for today is Bullish.
USDCHF - The pair is in a correction and may grow.
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 has formed, a local correction is developing as the fourth wave iv of 5, within which the wave (c) of iv is ending.
If the assumption is correct, after the end of the correction, the USDCHF pair will grow to the area of 1.02 – 1.03. In this scenario, critical stop loss level is 0.9738.
NZDUSD Achieves more Gains
The NZDUSD pair achieved our first positive target at 0.6 and bounced downwards temporarily from there, to attempt to gather the positive momentum, waiting to resume the bullish wave that targets 0.61 level as a next main station.
The EMA50 continues to support the price from below, to keep the bullish trend scenario valid and active conditioned by the price stability above 0.591. The expected trading range for today is between 0.591 support and 0.602 resistance, and the expected trend for today is Bullish.
ADA USD - the conflict between Binance and FTX continues to put pressure on the market
The cryptocurrency market suddenly found itself under serious pressure amid the conflict between the two largest digital platforms. At the beginning of the week, the head of Binance, Changpeng Zhao, announced the company's withdrawal from the investment agreement with FTX and the refusal to operate with its own token of this FTT exchange. This decision was caused by suspicions of overstating the balance sheet of Alameda Presearch. As a result, the FTX platform began to experience significant liquidity problems, investors began to withdraw funds, and the value of FTT sharply decreased, pulling the leading cryptocurrencies with it. After that, the management of both platforms had to realize that if the consequences of this situation were similar to the fall of the LUNA token, the entire digital asset sector would be greatly damaged, investors would lose interest in it or be wary of it, and regulators would make new efforts to limit the activities of the cryptocurrency community. As a result, Sam Bankman-Fried and Changpeng Zhao agreed to sell FTX assets to Binance exchange, which should ensure the preservation of its clients' funds. This decision, however, has not yet been able to stabilize the market and the fall in prices of leading assets continues.
The XRP token reacted to the current situation with a decline and is now close to the support zone of 0.3418-0.3360 (Murray [2/8], October lows). In case of its breakdown, the decline will continue to the levels of 0.3173 (Murray [1/8]), 0.2929 (Murray [0/8]). The key for the "bulls" is the level of 0.3906 (Murray [4/8], the middle line of the Bollinger Bands), consolidation above which will give the prospect of growth to the levels of 0.4394 (Murray [6/8]), 0.4638 (Murray [7/8]).
Resistance levels: 0.3906, 0.4394, 0.4638 | Support levels: 0.3360, 0.3173, 0.2929
EURUSD tests the support
The EURUSD pair traded negatively on yesterday’s evening to test the key support 1.0, keeping its stability above it, accompanied by witnessing clear positive signals through stochastic now, while the EMA50 continues to provide the positive support to the price. Therefore, these factors encourage us to keep our bullish overview that its next target located at 1.0185, noting that breaking 1.0 will stop the positive scenario and press on the price to turn to decline.
The expected trading range for today is between 0.9950 support and 1.0120 resistance, and the expected trend for today is Bullish.
AUDUSD - A fall is possible.
On the daily chart, the first wave of the higher level (1) ended, and a downward correction develops as the second wave (2), within which the wave C of (2) develops. Now, the fifth wave of the lower level v of C is forming, the wave (iii) of v has formed, and a local correction has ended as the wave (iv) of v.
If the assumption is correct, the AUDUSD pair will fall within the wave (v) of v to the area of 0.6157–0.6086. In this scenario, critical stop loss level is 0.6567.
GBPUSD Under the Negative Pressure
The GBPUSD pair faced strong negative pressure yesterday, as it broke 1.1510 level and decline to reach 23.6% Fibonacci level at 1.1326 direct, noticing that the price begins to rebound bullishly by today’s open, to hint heading to recover again and regain the bullish trend. Therefore, we suggest witnessing positive trades in the upcoming sessions, supported by the positive overlapping signal provided by stochastic, noting that breaking 1.1326 will press on the price to suffer new losses and head towards the next correctional level at 1.1130.
The expected trading range for today is between 1.1320 support and 1.1500 resistance, and the expected trend for today is Bullish.
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