EURUSD has finished another descending wave at 1.0945; right now, it is consolidating above this level. Possibly, the pair may start another correction to the upside and reach 1.0967. Later, the market may form a new descending structure to break 1.0940 and then continue trading inside the downtrend with the target at 1.0920.
Japanese Candlesticks Analysis 10.10.2019 (GOLD, NZDUSD)
XAUUSD, “Gold vs US Dollar”
As we can see in the H4 chart, the ascending tendency continues. After forming Shooting Star reversal pattern close to the resistance level, XAUUSD is moving sideways and testing the rising channel’s downside border. If the pair continues growing, it may return to 1531.00 to continue forming the ascending tendency. At the same time, we shouldn’t exclude an opposite scenario, which implies that the instrument may resume falling to reach 1485.00.
In the H4 chart, EURUSD is still consolidating at 5/8. In this case, the price is expected to break this level and then continue growing towards the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 4/8 to the downside. After that, the instrument may continue falling towards the support at 2/8.
AUDUSD is trading at 0.6781; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.6745 and then resume moving upwards to reach 0.6865. Another signal to confirm further ascending movement is the price’s rebounding from the rising channel’s downside border. However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes below 0.6705. In this case, the pair may continue falling towards 0.6620.
As we can see in the H4 chart, the correctional uptrend has reached 50.0% fibo. Right now, the price is forming a short-term descending correction. The local support is 23.6% fibo at 1.0966. After finishing the correction, EURUSD may start a new rising impulse to reach 61.8% fibo at 1.1108.
EURUSD has completed the first descending wave along with the correction at 1.1042; right now, it is consolidating around 1.1030. Possibly, the pair may fall towards 1.1031 and then grow to return to 1.1030. If later the price fall and breaks this range to the downside, the market may resume trading downwards to break 1.0998. After that, the instrument may continue moving inside the downtrend with the predicted target at 1.0955.
Japanese Candlesticks Analysis 17.10.2019 (EURUSD, USDJPY)
EURUSD, “Euro vs. US Dollar”
As we can see in the H4 chart, the ascending channel continues. By now, EURUSD has completed Harami reversal pattern close to the channel’s upside border. Later, after reversing, the price may form a new correction and then resume growing to reach 1.1111. However, one shouldn’t exclude a possibility that the price may continue falling towards 1.1010.
As we can see in the H4 chart, EURUSD is trading inside the “overbought area”. In this case, the price is expected to break 8/8 and then continue falling towards the support at 5/8. However, this scenario may no longer be valid if the price breaks +2/8 to the upside. After that, the line at the chart will be redrawn, thus indicating new upside targets.
AUDUSD is trading at 0.6861; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.6835 and then resume moving upwards to reach 0.6925. Another signal to confirm further ascending movement is the price’s rebounding from the rising channel’s upside border. However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes below 0.6745. In this case, the pair may continue falling towards 0.6675.
It would be better to analyze the current EURUSD situation in the daily chart. As we can see, there was a convergence on MACD, which made the pair start a new rising impulse. This impulse may be a part of the long-term tendency reverse. The closest target is 23.6% fibo at 1.1275, while the next ones may be 38.2% and 50.0% fibo at 1.1520 and 1.1716 respectively. The support is the low at 1.0879.
