Daily Market Analysis for Major Pairs (November 23, 2016)

23 November 2016, 17:50
1246536 Ernest G.
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Content courtesy of Tallinex Limited https://www.tallinex.com

 

Here is our latest market analysis update:

  • GBP/AUD reversed from resistance zone
  • Next sell target  – 1.6500

GBP/AUD continues to fall after the earlier downward reversal from the resistance zone lying between the round resistance level 1.7000 (which was set as the buy target in our previous forecast for this currency pair), upper daily Bollinger Band and the 61.8% Fibonacci correction of the earlier sharp minor impulse wave 1 from the middle of September. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing. GBP/AUD is likely to fall further to the next sell target at the support level 1.6500 (which reversed earlier wave (b)).

(Click chart to view full size)

 

  • EUR/AUD falling inside (b)-wave
  • Next sell target  – 1.4200

EUR/AUD recently reversed down from the resistance zone lying between the pivotal resistance level 1.4500 (former major support level which reversed the pair in March, April, July and August as can be seen from the daily EUR/AUD chart below) and the 38.2% Fibonacci correction of the previous sharp minor impulse (i) from the middle of September. The downward reversal from this resistance zone started the active minor (b)-wave. EUR/AUD is likely to fall further to the next sell target at the key support level 1.4200 (which reversed the price with the daily Morning Star on the 16th of November).

(Click chart to view full size)

 

  • AUD/JPY reversed from pivotal support level 81.20
  • Next buy target  – 84.00

AUD/JPY recently reversed up from the pivotal support level 81.20 (former strong resistance level, which stopped the previous waves (4) and (A) in June and July, as can be seen from the daily AUD/JPY chart below). The upward reversal from the support level 81.20 stopped the earlier minor correction 4, which belongs to the intermediate (C)-wave of the long-term ABC correction ② from the end of June. AUD/JPY is expected to rise further to the next buy target at the next resistance level 84.00 (target price for the completion of the active ABC correction ②).

(Click chart to view full size)

 

  • USD/MXN reversed from support area
  • Next buy target  – 21.00

USD/MXN recently reversed up from the support area lying between the round support level 20.00 and the 38.2% Fibonacci correction of the previous sharp upward impulse from the strong support level 18.25 (intersecting with the support trendline of the daily up channel from 2015). The upward reversal from this support area started the active minor (b)-wave which belongs to the ABC correction 4 from the start of this month. USD/MXN is expected to rise further to the next buy target at the resistance level 21.00 (forecast price for the completion of the active (b)-wave).

(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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