Daily Market Analysis for Major Pairs (November 22, 2016)

22 November 2016, 20:01
1246536 Ernest G.
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Content courtesy of Tallinex Limited https://www.tallinex.com

Here is our latest market analysis update:

  • NZD/JPY reached buy target  78.00
  • Next buy target  – 79.30

NZD/JPY recently broke through the resistance zone lying at the intersection of the key resistance level 78.00 (which reversed the previous waves A and (4) and which was set as the buy target in our previous forecast for this currency pair) and the 61.8% Fibonacci correction of the earlier extended downward impulse from last December, as can be seen below. The breakout of this resistance zone accelerated the active minor impulse wave 5, which belongs to the intermediate (C)-wave of the primary ABC correction ② from the end of June. NZD/JPY is likely to rise to the next buy target at 79.30 (top of wave 4).

(Click chart to view full size)

 

  • AUD/USD reversed from pivotal support level 0.7320
  • Next buy target  – 0.7450

AUD/USD continues to rise after the earlier upward reversal from the pivotal support level 0.7320 (which also earlier reversed the price sharply in June, as can be seen below). The support zone near the support level 0.7320 was strengthened by the lower daily Bollinger Band. The upward reversal from 0.7320 created the daily Japanese candlesticks reversal pattern Piercing Line. Given the strength of the support level 0.7320 and the bearish reading on the daily Stochastic indicator - AUD/USD can be expected to correct up to the next buy target at the resistance level 0.7450 (former powerful support level from July and September).

(Click chart to view full size)

 

  • USD/TRY reached buy target 3.3500
  • Next buy target  – 3.4500

USD/TRY recently broke through the resistance level 3.3500, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level is likely to accelerate the active minor impulse wave (v), which belongs to the wave 3 of the intermediate impulse (3) from the end of April. With the daily Momentum recently reaching the yearly highs - USD/TRY can be expected to rise further toward the next buy target at the next resistance level 3.4500 (target price calculated for the completion of the active impulse wave 3).

(Click chart to view full size)

 

  • AUD/CHF reversed from support zone
  • Next buy target  – 0.7570

AUD/CHF recently reversed up from the support zone lying between the following support levels – support trendline of the daily up channel from June, the lower daily Bollinger Band, 61.8% Fibonacci correction level of the previous sharp B-wave from the middle of September and the support level 0.7400. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Piercing Line.  AUD/CHF is likely to rise to the next buy target at the resistance level 0.7570. Buy stop-loss can be placed below the support level 0.7400.

(Click chart to view full size)


Dima Chernovolov
Currency Analyst
Tallinex Limited
The Jaycees Building, Stoney Ground
PO Box 362, Kingstown, VC0100
St Vincent and the Grenadines
https://www.tallinex.com


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