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MT5.com - Fractal analysis of major currency pairs for December 3

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Forex Analysis:::2019-12-03

Fractal analysis of major currency pairs for December 3

Forecast for December 3:

Analytical review of currency pairs on the scale of H1:

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For the euro / dollar pair, the key levels on the H1 scale are: 1.1170, 1.1130, 1.1114, 1.1096, 1.1065, 1.1048 and 1.1024. Here, the price has canceled the development of the downward trend and at the moment, we are following the formation of the expressed initial conditions for the top of November 29. Now, the continuation of the movement to the top is expected after the breakdown of the level of 1.1096. In this case, the target is 1.1114, wherein price consolidation is in the range of 1.1114 - 1.1130. Meanwhile, the breakdown of the level of 1.1130 will lead to the development of pronounced movement. Here, the potential goal is 1.1170.

Short-term downward movement is expected in the range of 1.1065 - 1.1048. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 1.1024. This level is a key support for the upward structure.

The main trend is the formation of initial conditions for the top of November 29

Trading recommendations:

Buy: 1.1096 Take profit: 1.1146

Buy: 1.1132 Take profit: 1.1170

Sell: 1.1065 Take profit: 1.1050

Sell: 1.1046 Take profit: 1.1026

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For the pound / dollar pair, the key levels on the H1 scale are: 1.3075, 1.3043, 1.2994, 1.2957, 1.2903, 1.2873, 1.2842 and 1.2817. Here, we are following the formation of the initial conditions for the upward cycle of November 27. Now, the continuation of the movement to the top is expected after the breakdown of the level of 1.2957. In this case, the target is 1.2994, wherein price consolidation is near this level. On the other hand, the breakdown of the level of 1.2995 should be accompanied by a pronounced upward movement. Here, the target is 1.3043. For the potential value for the top, we consider the level of 1.3075. Upon reaching this level, we expect consolidation as well as a pullback to the bottom.

Short-term downward movement is possibly in the range of 1.2903 - 1.2873. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 1.2842. This level is a key support for the top.

The main trend is the formation of the ascending structure of November 27

Trading recommendations:

Buy: 1.2957 Take profit: 1.2992

Buy: 1.2996 Take profit: 1.3043

Sell: 1.2903 Take profit: 1.2875

Sell: 1.2870 Take profit: 1.2844

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For the dollar / franc pair, the key levels on the H1 scale are: 0.9979, 0.9953, 0.9935, 0.9899, 0.9864 and 0.9820. Here, we are following the formation of the downward structure of November 29. Now, the continuation of movement to the bottom is expected after the breakdown of the level of 0.9899. In this case, the target is 0.9864, wherein price consolidation is near this level. At the same time, the breakdown of the level of 0.9864 should be accompanied by a pronounced upward movement. In this case, the potential target is 0.9820. A rollback to correction from this level is expected.

Short-term upward movement is possibly in the range of 0.9935 - 0.9953. The breakdown of the latter value will lead to in-depth movement. Here, the target is 0.9979. This level is the key support for the downward structure of November 29.

The main trend is the formation of initial conditions for the bottom of November 29

Trading recommendations:

Buy : 0.9935 Take profit: 0.9952

Buy : 0.9955 Take profit: 0.9976

Sell: 0.9897 Take profit: 0.9866

Sell: 0.9862 Take profit: 0.9822

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For the dollar / yen pair, the key levels on the scale are : 109.72, 109.47. 109.27, 109.11, 108.85, 108.61 and 108.31. Here, the price forms the potential for the downward movement of December 2. Now, the continuation of movement to the bottom is expected after the breakdown of 108.85. Here, the target is 108.61, wherein price consolidation is near this level. For the potential value for the bottom, we consider the level of 108.31. The movement to which is expected after the breakdown of the level of 108.60.

Short-term upward movement is expected in the range 109.11 - 109.27. The breakdown of the last value will lead to an in-depth correction. Here, the target is 109.47. This level is a key support for the downward structure.

Main trend: building potential for the downward movement of December 2

Trading recommendations:

Buy: 109.11 Take profit: 109.26

Buy : 109.28 Take profit: 109.45

Sell: 108.85 Take profit: 108.63

Sell: 108.58 Take profit: 108.33

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For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3404, 1.3387, 1.3355, 1.3334, 1.3311, 1.3298, 1.3278 and 1.3250. Here, we are following the ascending structure of November 19. Now, the continuation of the movement to the top is expected after the breakdown of the level of 1.3311. In this case, the first target 1.3334. Meanwhile, short-term upward movement is expected in the range of 1.3334 - 1.3355. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is 1.3387. Price consolidation, in turn, is in the range of 1.3387 - 1.3404 and from here, we expect a correction.

Short-term downward movement, as well as consolidation are possible in the range of 1.3298 - 1.3278. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 1.3250. This level is a key support for the upward structure.

The main trend is the upward structure of November 19, the correction stage.

Trading recommendations:

Buy: 1.3311 Take profit: 1.3333

Buy : 1.3335 Take profit: 1.3355

Sell: 1.3276 Take profit: 1.3252

Sell: 1.3248 Take profit: 1.3220

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For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.6878, 0.6851, 0.6830, 0.6807, 0.6797 and 0.6781. Here, we are following the formation of the expressed initial conditions for the top of November 29. The continuation of the movement to the top is expected after the breakdown of the level of 0.6830. In this case, the target is 0.6851, wherein price consolidation is near this level. On the other hand, the breakdown of the level of 0.6851 will lead to a marked development of the upward trend. Here, the potential target is 0.6878. Price consolidation is near this value.

Short-term downward movement is expected in the range of 0.6807 - 0.6797. The breakdown of the last value will lead to an in-depth correction. Here, the target is 0.6781. This level is a key support for the upward structure.

The main trend is the formation of expressed initial conditions for the top of November 29

Trading recommendations:

Buy: 0.6830 Take profit: 0.6848

Buy: 0.6853 Take profit: 0.6878

Sell : 0.6807 Take profit : 0.6797

Sell: 0.6795 Take profit: 0.6783

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For the euro / yen pair, the key levels on the H1 scale are: 122.10, 121.90, 121.55, 121.29, 120.97, 120.58, 120.34 and 120.10. Here, we are following the local ascending structure of November 22. The continuation of the movement to the top is expected after the breakdown of the level of 120.97. In this case, the goal is 121.29. Price consolidation is near this level. Short-term upward movement is in the range of 121.29 - 121.55. The breakdown of the level of 121.55 should be accompanied by a pronounced upward movement. Here, the goal is 121.90. For the potential value for the top, we consider the level of 122.10. Upon reaching which, we expect consolidation in the range of 121.90 - 122.10, as well as a pullback to the bottom.

Short-term downward movement is expected in the range of 120.58 - 120.34. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 120.10. This level is a key support for the top.

The main trend is the local ascending structure of November 22

Trading recommendations:

Buy: 120.98 Take profit: 121.25

Buy: 121.30 Take profit: 121.55

Sell: 120.58 Take profit: 120.36

Sell: 120.32 Take profit: 120.10

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For the pound / yen pair, the key levels on the H1 scale are : 143.45, 143.09, 142.50. 142.06, 141.15, 140.72 and 140.24. Here, we are following the development of the upward cycle of November 22. Short-term upward movement is expected in the range of 142.06 - 142.50. The breakdown of the last value will lead to a pronounced movement. Here, the goal is 143.09. For the potential value for the top, we consider the level of 143.45. Upon reaching this level, we expect a departure in the correction.

Short-term downward movement is possibly in the range of 141.15 - 140.72. The breakdown of the latter value will lead to an in-depth correction. Here, the goal is 140.24. This level is a key support for the top.

The main trend is the upward structure of November 22.

Trading recommendations:

Buy: 142.06 Take profit: 142.50

Buy: 142.52 Take profit: 143.07

Sell: 141.15 Take profit: 140.74

Sell: 140.70 Take profit: 140.26

Daichi Takahashi
Analyst InstaForex
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