The EUR/USD reached a new local minimum at the level of 1.2370 last week

EUR/USD: analysis and forecast

Current trend

The EUR/USD reached a new local minimum at the level of 1.2370 last week, but the Euro did not manage to break lower and there has been a steady growth since the beginning of the week owing to the information from the USA (service sector business activity index, consumer confidence index, initial jobless claims) that appears to be worse than expected. Even the US GDP growth could not bring the pair to the previous levels.

With the US officially celebrating Thanksgiving Day today, main volatility is expected during the European session. The information on unemployment rate and consumer price index in Germany is worth attention. Positive statistics will help the Euro test the level of 1.2600.

Support and resistance

From technical point of view, the trend remains “bullish” on the H1 chart, though the pair is undergoing correction. Stochastic is in the oversold zone. In case of intersection, we will have a strong signal to buy. The MACD is in the positive zone indicating a sideways movement.

The resistance levels are 1.2525, 1.2550, 1.276, 1.2600. Consolidating above the level of 1.2575 is the bulls’ main goal. The support levels are 1.2485, 1.2460, 1.2440, 1.2420, 1.2340.

Trading tips

Buy above the level of 1.2530 with the target at 1.2600. Sell below the level of 1.2460. Limit orders can be placed at the level of 1.2575 and 1.2380. 

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GBP/USD: wave analysis

The pair is likely to grow.

Presumably, the “bearish” trend has been formed on the daily timeframe. At the moment, it seems that the first wave of the expected “bullish” correction is being developed. If this assumption is correct and the price does not break down the critical level of 1.5622, it makes sense to expect the rise in the pair up to the levels of 1.5900-1.6100.

Trading tips

Buy the pair from correction above the level of 1.5622 with the target of 1.59 – 1.61.

Alternative scenario

Breakout and consolidation of the price below the level of 1.5622 will enable the pair to continue decline to the levels of 1.5550 – 1.55.

AUD/USD: wave analysis

The pair is likely to undergo upward correction and then continue to decline.

The pair continues to decline, breaking down the critical level of 0.8600 and reaching the new local lows of 0.8477. Currently, the price is forming upward correction; the local rise represents the fourth wave of the diagonal triangle in the fifth wave of the senior level. After the completion of the correction the pair is likely to continue to decline in the fifth wave to the level of 0.8400.

Trading tips

In the short-term: buy the pair from correction above the level of 0.8477 with the target of 0.8660. In the medium-term: wait for the completion of the correction and sell the pair below the level of 0.8700 with the target of 0.8400.

Alternative scenario

Breakout and consolidation of the price above the level of 0.8700 will enable the pair to continue the rise up to 0.8840.

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USD/CAD: analysis and forecast

Current trend

The pair refreshed many years’ maximum of 1.1467 that was last recorded 5 years ago. The USD/CAD growth was linked to the US economy recovery that is steadily gaining momentum. Having reached the local maximum, the trend changed to the downside.

Last week’s data from Canada turned out to be better than forecast, and the price attempted to break below the level of 1.1200. Then consolidation began. Today the US’s celebrating Thanksgiving Day and therefore we cannot expect high volatility. Tomorrow’s data on Canada’s GDP is worth considering.

Support and resistance

From technical point of view, the USD/CAD is trading down and is correcting upwards. The pair has upside potential from the level of 1.1300. The MACD and Stochastic are in the negative zone producing a signal to buy.

The support levels are 1.1250, 1.1235, 1.1215, and 1.1195. The resistance levels are 1.1275, 1.1295, 1.1330, and 1.1360.

Trading tips

Long positions are worth opening from the level of 1.1250 with the target at 1.1300. Limit sell orders can be placed at the same level. Sell below the level of 1.1235.

Analis Group Perusahaan LiteForex