AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.6780; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6790 and then resume moving downwards to reach 0.6670. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6845. In this case, the pair may continue growing towards 0.6935.

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.6420; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6385 and then resume moving upwards to reach 0.6535. 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 0.6345. In this case, the pair may continue falling towards 0.6265.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.3309; 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 1.3275 and then resume moving upwards to reach 1.3445. 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 1.3215. In this case, the pair may continue falling towards 1.3130.

EURUSD, “Euro vs US Dollar”

EURUSD has reached the short-term target of another descending impulse at 1.1015; right now, it is consolidating around 1.1020. Possibly, today the pair may extend the structure towards 1.1012 and then start a new correction to reach 1.1030, at least. After that, the instrument may resume trading downwards with the predicted target at 1.0933.

GBPUSD, “Great Britain Pound vs US Dollar”

GBPUSD continues forming the second descending impulse. Today, the pair may reach 1.2783 and then start another correction towards 1.2855, at least. Later, the market may form a new descending structure with the target at 1.2750.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has reached the short-term upside target at 0.9975; right now, it is consolidating above 0.9968. possibly, the pair may break this level to the downside and start a new correction towards 0.955, at least. After that, the instrument may resume growing with the target at 0.9995.

USDJPY, “US Dollar vs Japanese Yen”

USDJPY has broken 108.69 upwards. Possibly, the pair may choose an alternative scenario and continue the correction towards 108.93. According to the main scenario, the price is expected to continue trading inside the downtrend to reach 107.04.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is consolidating around 0.6797 without any particular direction. The main scenario implies that the price may continue trading inside the downtrend with the target at 0.6773.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is consolidating around 63.73. Possibly, the pair may form one more ascending structure to reach 63.88. Later, the market may resume trading inside the downtrend with the target at 63.11.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD has finished the ascending impulse towards 1.3297. Today, the pair may consolidate around this level. If later the price breaks this range to the downside at 1.3270, the market may resume falling towards 1.3220; if to the upside at 1.3303 – form one more ascending structure with the target at 1.3343.

XAUUSD, “Gold vs US Dollar”

Gold has completed the descending impulse at 1459.60. Possibly, today the pair may consolidate around 1463.00. After that, the instrument may break 1459.50 and continue trading inside the downtrend with the target at 1444.00.

BRENT

Brent has finished the correction towards 63.00; right now, it is still trading upwards to reach 63.66. Later, the market may break this level and continue growing with the first target at 65.50.

BTCUSD, “Bitcoin vs US Dollar”

After failing to form a new ascending impulse from 7500.00, BTCUSD has broken 7350.00 to the downside to continue the downtrend with the target at 6400.00. Today, the pair may reach 6464.00 and then form one more ascending structure towards 6888.00. Later, the market may resume trading downwards to reach the above-mentioned target.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after completing the descending wave, AUDUSD is correcting towards 61.8%. In the future, the price is expected to finish the pullback and resume falling to reaсh 76.0% fibo at 0.6732. However, the key downside target is the fractal low at 0.6670.

The H1 chart shows more detailed structure of the current correctional uptrend, which has already reached 38.2% fibo. Despite the local decline towards the low at 0.6769, the pair may yet form a new ascending impulse to reach 50.0% fibo at 0.6849.

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, USDCAD continues forming the ascending tendency towards fractal highs at 1.3346 and 1.3386. After breaking 76.0% fibo at 1.3274, the pair has formed a local support there. At the same time, while the pair is moving towards the highs, there is a divergence on MACD, which may indicate a possible pullback soon.

In the H1 chart, the pair is starting a new correction to the downside with the targets at 23.6%, 38.2%, and 50.0% fibo at 1.3295, 1.3275, and 1.3259 respectively.

USDJPY stopped falling on Wednesday, but the decline potential remains.

The Japanese Yen stopped falling against the USD in the middle of the week. The current quote for the instrument is 108.54.

Demand for the Japanese currency may return at any moment: the US President Donald Trump yesterday once again threatened China to introduce more import tariffs if the trade agreement wasn’t signed on conditions favorable to the White House.

In the morning, Japan reported on the Trade Balance in October, which showed that the Export plummeted by 9.2% y/y. The indicator has been decreasing for the eleventh month in a row, and that’s the longest period since 2016. The components of the report show that key contributions to the current decline were made by raw materials (-16.5%), manufactured goods (-13.4%), machinery (-12.9%), chemicals (-9.7%), electrical machinery (-8.3%), transport equipment (-7.4%), and foodstuff (-5.2%).

More than half of the Japanese export goes to Asian countries, so among the main trading partners in Asia, exports were mainly dragged by sales to China (-10.3%), Korea (-23.1%), Singapore (-14.6%), and Thailand (-14.6%). The Export to the USA lost 11.4% y/y.

The Import in Japan plunged by 14.8% y/y, although market expectations implied -16.0% y/y.

As one can see, the outside pressure on the Japanese economy is growing: the country is very export-oriented and that’s making it suffer due to global trade wars. All previous delivery schemes, investments, and trade mechanisms stopped working, thus having a negative impact on the Japanese trade balance. As long as the USA and China continue their talks, the situation for Japan will get worse.