Fractal analysis for major currency pairs on November 4

Trading 04 Nov 2020 Donner votre avis

Forecasts for November 4:

Analytical overview of major currency pairs on the H1 time frame:

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The key levels for the EUR / USD pair are: 1.1770, 1.1731, 1.1703, 1.1594, 1.1563, 1.1539, 1.1474 and 1.1433.

As we can see, the quote is forming a downward potential, which is expected to emerge after a breakout from the level of 1.1594. In this case, the target level is 1.1563, near which there is a consolidation. If the quote passes the range 1.1563 - 1.1539, a further decline is expected, and its target will be the level of 1.1474. As for the bottom, the possible price level is 1.1433, upon reaching which, an upward pullback is to follow.

Then, a short-term upward movement is expected within the range 1.1703 - 1.1731, a breakout of which will lead to a further rise in the H1 time frame. In this case, the first target will be the level of 1.1770.

Nonetheless, the main trend for the pair is the potential downward move this November 4.

Trading recommendations:

Buy: 1.1703 Take profit: 1.1730

Buy: 1.1732 Take profit: 1.1770

Sell: 1.1593 Take profit: 1.1564

Sell: 1.1537 Take profit: 1.1476

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As for the GBP / USD pair, the key levels are: 1.3246, 1.3162, 1.3129, 1.3024, 1.2907, 1.2853 and 1.2778.

It is rather clear that an upward pattern has formed on the chart. However, the current price is close to breaking this structure, especially if the pair succeeds in moving below the level of 1.2907. In such a development, the first target will be 1.2853, while the possible value of the bottom will be 1.2778. Meanwhile, 1.3024 will be a key resistance, and a breakout from which will resume the upward trend, most likely in the direction of price level 1.3129. In addition, moving towards the range 1.3129 - 1.3162 will lead to a pronounced movement to the potential target - 1.3246.

Taking this into account, the main trend for the GBP / USD pair is the upward movement last November 2.

Trading recommendations:

Buy: 1.3025 Take profit: 1.3129

Buy: 1.3162 Take profit: 1.3244

Sell: 1.2906 Take profit: 1.2855

Sell: 1.2851 Take profit: 1.2780

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For the USD / CHF pair, the key levels on the H1 time frame are: 0.9273, 0.9233, 0.9218, 0.9200, 0.9132, 0.9118, 0.9094 and 0.9048.

Here, a strong bearish pattern has formed, however, the price is already forming a possible high for November 4. The level of 0.9200 will be the key support for the downward structure, and its breakdown will lead to the development of an upward trend, the target of which is 0.9218. Then, along the range 0.9218 - 0.9233, a consolidation is expected to occur, after which a breakout from 0.9235 will lead to a further rise towards the potential top - 0.9273.

After that, a short-term downward movement will follow, possibly along the range 0.9132 - 0.9118. A breakdown of the last value will lead to the development of a downward trend, and its target will be the level of 0.9094. As for its bottom, it will most likely be the level of 0.9048, upon reaching which, an upward pullback will happen.

In any case, the main trend for the pair is the downward movement on November 2, as well as the possible upward move this November 4.

Trading recommendations:

Buy: 0.9200 Take profit: 0.9218

Buy: 0.9235 Take profit: 0.9270

Sell: 0.9131 Take profit: 0.9118

Sell: 0.9116 Take profit: 0.9095

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With regards to the USD / JPY pair, the key levels are: 105.89, 105.73, 105.47, 105.28, 104.92, 104.76 and 104.57.

A short-term upward movement is expected to occur along the range 105.28 - 105.47, and the breakdown of the last value will lead in a more pronounced upward movement, the target of which is the level of 105.73. As for the value of the top, it will most likely be 105.89 as a potential value for the top, upon reaching which a consolidation shall occur, after a rather strong pullback downwards.

About the short-term downward movement, the range will be 104.92 - 104.76, and a breakdown of the last value will lead to a deeper correction, the target of which will be 104.57, which is the key support for the top.

Therefore, the main trend of the pair is the upward movement last October 29.

Trading recommendations:

Buy: 105.28 Take profit: 105.45

Buy: 105.48 Take profit: 105.71

Sell: 104.90 Take profit: 104.78

Sell: 104.74 Take profit: 104.58

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As for the USD / CAD pair, the key levels are: 1.3463, 1.3417, 1.3346, 1.3318, 1.3288, 1.3207, 1.3162 and 1.3092.

An upward structure is expected to form after a breakout from the level of 1.3288. In this case, the target will be the level of 1.3318, and along the range 1.3318 - 1.3346, a strong consolidation shall occur. The breakdown of 1.3346 will result in a more pronounced upward movement, and its target will be the level of 1.3417. As for the top, it will most likely be 1.3463, upon reaching which, a downward pullback will follow.

Regarding the short-term downward movement, the range will be 1.3207 - 1.3162, hence, there is a high probability of a reversal to the top. A breakdown of the level 1.3162 will lead to the development of a downward trend, and in this case, the first potential target will be 1.3092.

Taking these into account, the main trend for the pair is the downward structure on November 2, as well as the upward potential on November 3.

Trading recommendations:

Buy: 1.3288 Take profit: 1.3318

Buy: 1.3319 Take profit: 1.3345

Sell: 1.3205 Take profit: 1.3164

Sell: 1.3158 Take profit: 1.3092

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For the AUD / USD pair, the key levels on the H1 time frame are: 0.7317, 0.7248, 0.7187, 0.7134, 0.7062, 0.7037 and 0.6995.

In order to continue the movement to the top, the quote must break out of the level 0.7134 and move towards the value 0.7187. Its breakdown will lead to a further rise to 0.7248, near which the price may consolidate and reach the potential high, which is 0.7317. Then, afterwards, a pullback downwards may occur.

The short-term downward movement is expected along the channel 0.7062 - 0.7037, and a breakdown of the last value will lead to a more pronounced downward movement, the first target of which will be 0.6995.

The main trend is the upward structure on November 2, that is, the deep correction in the pair.

Trading recommendations:

Buy: 0.7135 Take profit: 0.7186

Buy: 0.7188 Take profit: 0.7246

Sell: 0.7062 Take profit: 0.7038

Sell: 0.7035 Take profit: 0.6995

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The key levels for the EUR / JPY pair are: 123.61, 123.03, 122.69, 121.57, 121.16 and 120.77.

To continue the movement towards the bottom, the quote must break out of the level 121.57 and reach the value 121.16. The bottom level will be 120.77, upon reaching which a consolidation shall occur, as well as a strong pullback upwards.

As for the short-term upward movement, the range will be 122.69 - 123.03, and a breakdown of the last value will lead to a more pronounced upward move towards the level of 123.60.

Nevertheless, the main trend is the downward movement on October 20.

Trading recommendations:

Buy: 122.70 Take profit: 123.02

Buy: 123.05 Take profit: 123.60

Sell: 121.55 Take profit: 121.18

Sell: 121.14 Take profit: 120.80

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As for the GBP / JPY pair, the key levels on the H1 time frame are: 139.01, 138.40. 137.54, 137.19, 136.70, 135.50, 135.22, 134.81 and 134.35.

The upward trend will resume when the quote breaks out of 136.70 and reach the target level of 137.19. It will be along the range 137.19 - 137.54, and a breakdown of 137.55 will lead to a more pronounced price increase, the target of which will be the level of 138.40. As for the top, it will most likely be 139.01, upon reaching which a consolidation shall occur, as well as a pullback downwards.

Then, the short-term downward move will be along the range 135.50 - 135.22, from where a reversal to the top may occur. But if the quote breaks below 135.20, the pair will decline towards the level of 134.81.

The main trend is the upward movement on October 30.

Trading recommendations:

Buy: 136.70 Take profit: 137.17

Buy: 137.20 Take profit: 137.53

Sell: 135.20 Take profit: 134.81

Sell: 134.78 Take profit: 134.35

The material has been provided by InstaForex Company - www.instaforex.com

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