FX.co ★ Fractal analysis for major currency pairs on November 2

Outlook on November 2:

Analytical overview of major pairs on the H1 TF:

The key levels for the euro/dollar pair are 1.1715, 1.1676, 1.1654, 1.1633, 1.1594 and 1.1558. The development of the downward trend cycle from October 21 is being followed here. The pair is expected to continue to decline after breaking through the level of 1.1633. In this case, the target is 1.1594. On the other hand, we consider the level 1.1558 as a potential value for the bottom. Upon reaching which, an upward pullback is expected.

Meanwhile, a short-term growth is expected in the range of 1.1654 - 1.1676. If the last value breaks down, it will lead to a deep correction. Here, the potential target is 1.1715, which is the key support for the downward structure.

The main trend is the downward cycle from October 21

Trading recommendations:

Buy: 1.1655 Take profit: 1.1674

Buy: 1.1677 Take profit: 1.1715

Sell: 1.1631 Take profit: 1.1595

Sell: 1.1593 Take profit: 1.1560

The key levels for the pound/dollar pair are 1.3005, 1.2955, 1.2923, 1.2875, 1.2850, 1.2794 and 1.2751. Here, we are following the development of the downward pattern from October 21. A short-term decline is expected in the range of 1.2875 - 1.2850. If the last value breaks down, it should be accompanied by a strong decline. The goal here will be 1.2794. For the potential value for the bottom, we consider the level 1.2751. Upon reaching which, an upward pullback can be expected.

A short-term growth is possible in the range of 1.2923 - 1.2955. If the last value breaks down, it will lead to a deep correction. Here, the potential target is 1.3005, which is the key support for the downward structure.

The main trend is the downward cycle from October 21

Trading recommendations:

Buy: 1.2923 Take profit: 1.2953

Buy: 1.2956 Take profit: 1.3005

Sell: 1.2875 Take profit: 1.2850

Sell: 1.2848 Take profit: 1.2796

The key levels for the dollar/franc pair are 0.9217, 0.9200, 0.9182, 0.9149, 0.9132 and 0.9110. The development of the upward pattern from October 23 is being followed. Here, the growth of the pair is expected after breaking through the level of 0.9182. In this case, the goal is 0.9200. Price consolidation is near this level. If the goal breaks down, it will encourage movement to a potential target of 0.9217. Upon reaching which, a downward pullback can be expected.

A short-term decline, in turn, is possible in the range of 0.9149 - 0.9132. In case that the last value breaks down, it will lead to a deep correction. Here, the target is 0.9110, which is the key support for the top.

The main trend is the upward cycle of October 23

Trading recommendations:

Buy : 0.9182 Take profit: 0.9200

Buy : 0.9202 Take profit: 0.9215

Sell: 0.9149 Take profit: 0.9134

Sell: 0.9130 Take profit: 0.9112

The key levels for the dollar/yen are 105.73, 105.47, 105.28, 105.01, 104.82, 104.49, 104.31, 104.04 and 103.84. Here, we are following the upward pattern of October 29. Now, a short-term growth is expected in the range of 104.82 - 105.01, breaking through the last value will lead to a strong movement. The goal here is 105.28. On the other hand, there is a short-term growth and consolidation in the range of 105.28 - 105.47. For the potential value for the top, we consider the level 105.73. Upon reaching which, a downward pullback can be expected.

A short-term decline is possible in the range of 104.49 - 104.31. In case that the last value breaks down, it will encourage the development of a downward trend. In this case, the first goal is 104.04. For the potential value for the bottom, we consider the level 103.84. Upon reaching which, price consolidation is expected.

The main trend is the potential upward cycle from October 29

Trading recommendations:

Buy: 104.82 Take profit: 105.00

Buy : 105.02 Take profit: 105.28

Sell: 104.49 Take profit: 104.32

Sell: 104.29 Take profit: 104.05

The key levels for the USD/CAD pair are 1.3451, 1.3413, 1.3378, 1.3275, 1.3251 and 1.3216. The development of the upward cycle of October 21 is being monitored here. The growth of the pair is expected to continue after the level of 1.3378 breaks down. In this case, the goal is 1.3413. There is consolidation near this level. As a potential value for the upward trend, we consider the level 1.3451. Upon reaching which, a downward pullback can be expected.

A short-term decline is possible in the range of 1.3275 - 1.3251. Now, breaking through the last value will lead to a deep correction. Here, the target is 1.3216, which is a key support for the top.

The main trend is the upward cycle of October 21

Trading recommendations:

Buy: 1.3378 Take profit: 1.3413

Buy : 1.3415 Take profit: 1.3450

Sell: 1.3275 Take profit: 1.3251

Sell: 1.3249 Take profit: 1.3216

The key levels for the AUD/USD pair are 0.7161, 0.7115, 0.7086, 0.7062, 0.7013, 0.6995, 0.6950, 0.6919 and 0.6875. Here, we are watching the formation of potential for the downward cycle of October 28. The price is expected to continue to decline after the price passes the noise range 0.7012 - 0.6995. In this case, the goal is 0.6950. Meanwhile, price consolidation is in the range of 0.6950 - 0.6919. For the potential value for the bottom, we consider the level of 0.6875. Upon reaching which, an upward pullback can be expected.

A short-term growth, in turn, is expected in the range of 0.7062 - 0.7086. If the last value breaks down, it will lead to a deep correction. In this case, the potential target is 0.7115, which is the key support for the bottom.

The main trend is the formation of the descending structure from October 28

Trading recommendations:

Buy: 0.7062 Take profit: 0.7084

Buy: 0.7087 Take profit: 0.7115

Sell : 0.6993 Take profit : 0.6950

Sell: 0.6948 Take profit: 0.6920

The key levels for the euro/yen pair are 123.61, 123.03, 122.69, 122.30. 121.57, 121.16 and 120.77. The development of the downward trend cycle from October 20 is being followed here. Now, the downward movement is expected to continue after breaking through the level of 121.57. In this case, the target is 121.16. For the potential value for the bottom, we consider the level of 120.77. Upon reaching which, consolidation and upward pullback can be expected.

On the other hand, a short-term growth is possible in the range of 122.30 - 122.69. In case that the last value breaks down, it will lead to a deep correction. Here, the target is 123.03, which is a key support for a downward cycle. The price passing through this level will cancel the formation of strong initial conditions for an upward cycle. In this case, the potential target is 123.61.

The main trend is the downward cycle from October 20

Trading recommendations:

Buy: 122.30 Take profit: 122.67

Buy: 122.70 Take profit: 123.01

Sell: 121.55 Take profit: 121.18

Sell: 121.14 Take profit: 120.80

The key levels for the pound/yen pair are 137.19, 136.83, 136.32, 135.87, 135.05, 134.72, 134.29, 133.86 and 133.43. We are following the formation of an upward cycle from October 30. Here, the pair is expected to continue rising after breaking through the level of 135.87. In this case, the target is 136.32. There is consolidation near this level. If the target level breaks down, it will lead to a strong movement. The next goal is 136.83. As a potential value for the top, we consider the level of 137.19. Upon reaching which, we expect consolidation and downward pullback.

A short-term decline is possible in the range of 135.05 - 134.72. We expect a key reversal to the top from here. If the last value breaks down, it will lead to the development of a downward structure. In this case, the goal is 134.29.

The main trend is the descending structure from October 21, building up potential for the top from October 30

Trading recommendations:

Buy: 135.87 Take profit: 136.30

Buy: 136.33 Take profit: 136.82

Sell: 135.05 Take profit: 134.73

Sell: 134.71 Take profit: 134.30