Fractal analysis for major currency pairs on October 23

Outlook on October 23:

Analytical overview of major pairs on the H1 TF:

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The key levels for the euro/dollar pair are 1.1952, 1.1929, 1.1894, 1.1867, 1.1829, 1.1785, 1.1759, 1.1741 and 1.1716. The development of the upward cycle from October 15 is still being monitored here. At the moment, the price is in a deep correction. Now, the growth of the pair is expected to continue after breaking through the level of 1.1829. In this case, the target is 1.1867. In turn, there is a short-term upward movement and consolidation is in the range of 1.1867 - 1.1894. If the last value breaks down, it should be accompanied by a strong rise to the level of 1.1929.

The key support for the top is the level of 1.1785. The price passing this level will lead to the development of a downward trend on the H1 scale. In this case, the target is 1.1759. Moreover, there is a short-term decline as well as consolidation in the range of 1.1759 - 1.1741. For the potential value for the downward trend, we consider the level of 1.1716.

The main trend is the upward cycle from October 15, the deep correction stage

Trading recommendations:

Buy: 1.1830 Take profit: 1.1866

Buy: 1.1868 Take profit: 1.1893

Sell: 1.1785 Take profit: 1.1760

Sell: 1.1740 Take profit: 1.1720

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The key levels for the pound/dollar pair are 1.3282, 1.3247, 1.3186, 1.3121, 1.3021 and 1.2982. Here, we are following the development of the upward cycle from October 16. The pair is expected to continue rising after breaking through the level of 1.3121. In this case, the first target is 1.3186. The breakdown of which, in turn, will allow us to rely on a strong growth to the level of 1.3247. In the meantime, we consider the level 1.3282 as a potential value for the growth. We expect consolidation around this level.

A short-term decline is possible in the range of 1.3021 - 1.2982, If the last value breaks down, it will encourage the development of a downward trend. In this case, the potential target is 1.2925.

The main trend is the upward cycle from October 16, deep correction

Trading recommendations:

Buy: 1.3122 Take profit: 1.3184

Buy: 1.3186 Take profit: 1.3245

Sell: 1.3020 Take profit: 1.2984

Sell: 1.2980 Take profit: 1.2925

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The key levels for the dollar/franc pair are 0.9126, 0.9098, 0.9075, 0.9052, 0.9033, 0.9013, 0.8982 and 0.8966. The development of the downward cycle from October 19 is being followed here. At the moment, the price is in a correction. Here, the decline is expected to continue after breaking through the level of 0.9052. In this case, the first target is 0.9033. Meanwhile, a short-term decline is possible in the range of 0.9033 - 0.9013. If the last value breaks down, it will lead to a strong decline. Here, the target is 0.8982. For the potential value for the bottom, we consider the level of 0.8966. Upon reaching which, an upward pullback is expected.

A short-term growth is possible in the range of 0.9075 - 0.9098, breaking through the last value will encourage the formation of a larger pattern for an upward cycle. Here, the potential target is 0.9126.

The main trend is the downward cycle from October 19, the correction stage

Trading recommendations:

Buy : 0.9077 Take profit: 0.9098

Buy : 0.9100 Take profit: 0.9124

Sell: 0.9052 Take profit: 0.9034

Sell: 0.9032 Take profit: 0.9014

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The key levels for the dollar/yen are 105.24, 104.97, 104.81, 104.36, 104.04 and 103.84. Here, we consider the downward trend structure from October 20 as the local initial conditions for the downward trend. The downward movement is expected to continue after breaking through the level of 104.36. In this case, the target is 104.04. For the potential value for the bottom, we consider the level of 103.84. Upon reaching which, we expect consolidation and upward pullback.

A short-term growth is expected in the range of 104.81 - 104.97. If the last value breaks down, it will lead to a deep correction. Here, the target is 105.24, which is the key support for the downward structure.

The main trend is the local descending structure from October 20

Trading recommendations:

Buy: 104.81 Take profit: 104.96

Buy : 104.98 Take profit: 105.24

Sell: 104.36 Take profit: 104.05

Sell: 104.03 Take profit: 103.86

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The key levels for the USD/CAD pair are 1.3259, 1.3206, 1.3176, 1.3114, 1.3076, 1.3044, 1.3023 and 1.2983. The development of the downward trend on October 15 is being followed. At the moment, the price is in a correction. The decline of the pair is expected to continue after the level of 1.3114 breaks down. In this case, the first target is 1.3076. If this target breaks down, we can continue to the level of 1.3044. On the other hand, price consolidation is in the range of 1.3044 - 1.3023. For the potential value for the bottom, we consider the level of 1.2983. Upon reaching which, an upward pullback can be expected.

A short-term growth is expected in the range of 1.3176 - 1.3206. If the last value breaks down, it will lead to the development of an upward trend. In this case, the potential target is 1.3259.

The main trend is the downward cycle from October 15, the correction stage

Trading recommendations:

Buy: 1.3176 Take profit: 1.3204

Buy : 1.3208 Take profit: 1.3259

Sell: 1.3114 Take profit: 1.3076

Sell: 1.3074 Take profit: 1.3045

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The key levels for the AUD/USD pair are 0.7259, 0.7228, 0.7183, 0.7147, 0.7083, 0.7066, 0.7045 and 0.7022. Here, the price forms the strong initial conditions for the upward cycle of October 20. The growth is expected to continue after breaking through the level of 0.7147. In this case, the target is 0.7183. There is consolidation near this level. If this target breaks down, it should be accompanied by a strong growth. Here, the target is 0.7228. We consider the level 0.7259 as a potential value for the top. Upon reaching which, a downward pullback can be expected.

A short-term decline is expected in the range of 0.7083 - 0.7066. If the last value breaks down, it will lead to a deep correction. Here, the target is 0.7045, which is the key support for the top. Now, the price pasing this level will lead to the development of a downward trend. In this case, the first potential target is 0.7022.

The main trend is the formation of initial conditions for the upward cycle of October 20

Trading recommendations:

Buy: 0.7147 Take profit: 0.7180

Buy: 0.7184 Take profit: 0.7228

Sell : 0.7083 Take profit : 0.7067

Sell: 0.7065 Take profit: 0.7047

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The key levels for the euro/yen pair are 124.87, 124.37, 124.00, 123.31, 122.97, 122.72 and 122.30. The price entered an equilibrium state today. We follow the upward structure from October 15 and downward structure from October 20. Now, the decline is expected to continue after breaking through the level of 123.31. In this case, the target is 122.97. On the other hand, there is a short-term decline and consolidation in the range of 122.97 - 122.72. For the potential value for the bottom, we consider the level of 122.30. Upon reaching which, we expect an upward pullback.

A short-term growth is possible in the range of 124.00 - 124.37. In case of breakdown of the last value, it will lead to the resumption of an upward trend on the H1 scale. In this case, the first potential target is 124.87.

The main trend is an equilibrium situation

Trading recommendations:

Buy: 124.00 Take profit: 124.34

Buy: 124.40 Take profit: 124.85

Sell: 123.30 Take profit: 123.00

Sell: 122.95 Take profit: 122.72

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The key levels for the pound/yen pair are 139.70, 139.04, 138.58, 137.88, 137.36, 136.72 and 136.32. Here, we are following the development of the upward cycle on October 16. The continuation of the development of the upward trend is expected after the level of 137.36 breaks down. In this case, the first target is 137.88. We expect consolidation near this level. Given that the target breaks down, it will lead to a strong growth. Here, the target is 138.58. Now, there is a short-term rise and consolidation in the range of 138.58 - 139.04. We consider the level 139.70 as a potential value for the top. Upon reaching which, a downward pullback can be expected.

A short-term decline is expected in the range of 136.72 - 136.32. If the last value breaks down, it will favor the development of a downward trend. In this case, the first potential target is 135.95.

The main trend is the upward cycle from October 16, the correction stage

Trading recommendations:

Buy: 137.36 Take profit: 137.85

Buy: 137.90 Take profit: 138.50

Sell: 136.70 Take profit: 136.35

Sell: 136.30 Take profit: 135.95

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