Forex technical analysis and forecast: Majors, equities and commodities

RoboForex Team RoboForex

EUR/USD, “Euro vs US Dollar”

EURUSD has escaped a consolidation range upwards, extending the correction wave to 1.0784. By now, the market has formed a consolidation range under this level. Today the quotes might escape the range downwards, reaching the 1.0732 level. This is the first target of a new decline wave.

GBP/USD, “Great Britain Pound vs US Dollar”

GBPUSD has performed a corrective wave aiming at 1.2604. A consolidation range might form under this level today. With an escape from the range downwards, the decline wave could continue to 1.2533. This is the first target of a new decline wave.

USD/JPY, “US Dollar vs Japanese Yen”

USDJPY continues developing a growth wave to 150.52. Once this level is reached, the price could correct to 150.00. Next, the growth wave might extend to 151.03.

USD/CHF, “US Dollar vs Swiss Franc”

USDCHF has completed a correction wave to 0.8787. By now, a consolidation range has formed above this level. Today the quotes might escape this range upwards, reaching 0.8840. Once this level is reached, a correction to 0.8812 is not excluded, followed by a rise to 0.8870.

AUD/USD, “Australian Dollar vs US Dollar”

AUDUSD has completed a correction wave to 0.6525. By now, a consolidation range has formed under this level. Today the price might escape the range downwards, reaching 0.6485. This is the first target in a new decline wave.

Brent

Brent has completed a correction wave to 80.32. By now, the market has performed a growth wave to 82.75. A consolidation range is expected to form under this level. An escape from the range upwards and wave extension to 83.66 is expected. This is a local target.

XAU/USD, “Gold vs US Dollar”

Gold has completed a correction wave to 2008.00. A consolidation range might form under this level today. With an upward escape, a growth link to 2014.00 is not excluded. With a downward escape, the decline wave could continue to 1990.00, from where the trend might continue to 1970.50.

S&P 500

The stock index has completed a correction link to 5030.0. Currently, a consolidation range is forming around this level. Today it might extend to 4977.0. With an escape upwards, a wave to 5070.0 is not excluded, followed by a decline to 5000.0. This is the first target.

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RoboForex Team

RoboForex

RoboForex Team is a group of professional financial experts with high experience on financial market, whose main purpose is to provide traders with quality and up-to-date market information.

AUD/USD struggles at 0.70, retreats as Oil shock boosts the USD

The Australian Dollar ended Monday’s session with losses of close to 0.40% amid thin liquidity due to the Columbus Day holiday, with most US cash markets closed, as market participants were guided by the latest geopolitical developments. The AUD/USD trades near 0.6950 after peaking below 0.7000.

USD/JPY hovers above 158.00 amid Japan/ US holiday

USD/JPY extends its range-bound price action into a new week, trading above 158.00 as bulls remain on high alert amid speculation that authorities will step in to prop up the Japanese Yen. Meanwhile, softer US bond yields keep US Dollar bulls on the back foot and cap the pair's upside. However, geopolitical uncertainties could limit losses for the safe-haven buck amid thin liquidity due to a holiday in Japan and the US.

Gold remains vulnerable below $4,200 on Fed hike bets

Gold is under mild selling pressure on Monday, trading at around $4,170. The US Dollar advances modestly in thin trading, supported by bets that the Federal Reserve will hike rates at least one more time before year-end.

Bitcoin shows bottoming signs despite recent macro pressures

Bitcoin remained range-bound above $82,000 on Monday as upcoming US economic data and onchain indicators weigh on market sentiment. Crypto trading firm QCP Group stated in its Monday report that Bitcoin has maintained a firmer footing a year after the market’s largest single-day liquidation event.

The week ahead: A critical week as earnings and CPI test market

The Oil price is relatively stable this morning, and US and European stock markets are poised to open higher, as risk sentiment shrugs off an escalation in the Middle East and concerns about rising bond yields.

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?