16.10.202010:10 Forex Analysis & Reviews: Fractal analysis for major currency pairs on October 16

Outlook on October 16:

Analytical overview of major pairs on the H1 TF:

Exchange Rates 16.10.2020 analysis

The key levels for the euro/dollar pair on the H1 chart are 1.1775, 1.1744, 1.1726, 1.1697, 1.1656, 1.1630 and 1.1595. The descending structure from October 9 is being followed here. Here, the decline is expected to continue after breaking through the level of 1.1697. In this case, we expect a strong decline to the level of 1.1656. In turn, price consolidation is expected in the range of 1.1656 - 1.1630. We consider the level of 1.1595 as a potential value for the downward trend. Upon reaching which, an upward pullback is possible.

A short-term growth is possible in the range of 1.1726 - 1.1744. Now, if the last value breaks down, it will lead to a deep correction. Here, the target is 1.1775, which is the key support for the downward structure.

The main trend is the descending structure from October 9

Trading recommendations:

Buy: 1.1726 Take profit: 1.1744

Buy: 1.1745 Take profit: 1.1775

Sell: 1.1695 Take profit: 1.1658

Sell: 1.1655 Take profit: 1.1630

Exchange Rates 16.10.2020 analysis

The key levels for the pound/dollar pair are 1.3021, 1.2959, 1.2923, 1.2858, 1.2800, 1.2758 and 1.2700. Here, we are following the formation of the downward trend structure from October 12th. The decline is expected to continue after breaking through the level of 1.2858. In this case, the target is 1.2800. On the other hand, there is a short-term decline as well as consolidation in the range of 1.2800 - 1.2758. For the potential value for the bottom, we have the level of 1.2700. Upon reaching which, we expect an upward pullback.

A short-term growth is possible in the range of 1.2923 - 1.2959. If the last value breaks down, it will lead to a deep correction. The potential target here is 1.3020, which is the key support for the downward structure.

The main trend is the formation of a descending structure from October 12

Trading recommendations:

Buy: 1.2923 Take profit: 1.2958

Buy: 1.2961 Take profit: 1.3020

Sell: 1.2856 Take profit: 1.2800

Sell: 1.2798 Take profit: 1.2760

Exchange Rates 16.10.2020 analysis

The key levels for the dollar/franc pair are 0.9226, 0.9208, 0.9181, 0.9159, 0.9138, 0.9119 and 0.9082. The upward potential from October 12 is being followed here. Now, the growth of the pair is expected after breaking through the level of 0.9159. In this case, the target is 0.9181. Price consolidation is near this level. If the target breaks down, it will lead to a strong rise. Here, the target is 0.9208. For the potential value for the top, we consider the level of 0.9226. Upon reaching which, we expect a downward pullback.

A short-term decline is possible in the range of 0.9138 - 0.9119, from which a key upward reversal is expected. Here, breaking through the last level will encourage the development of a downward structure. In this case, the potential target is 0.9082.

The main trend is the formation of potential for the top from October 12

Trading recommendations:

Buy : 0.9160 Take profit: 0.9180

Buy : 0.9182 Take profit: 0.9208

Sell: 0.9136 Take profit: 0.9120

Sell: 0.9115 Take profit: 0.9085

Exchange Rates 16.10.2020 analysis

The key levels for the dollar/yen are 105.81, 105.64, 105.48, 105.19, 105.05, 104.86 and 104.75. The development of the top-down structure from October 7 is being followed here. Today, a short-term decline is expected in the range of 105.19 - 105.05. If the last value breaks down, it will lead to a strong movement to the level of 104.86. For the potential value for the bottom, we consider the level 104.75. Upon reaching which, we expect consolidation and upward pullback.

A short-term growth is expected in the range of 105.48 - 105.64. Breaking through the last value will lead to a deep correction. The target here is 105.81, which is the key support for the downward structure.

The main trend is the descending structure from October 7

Trading recommendations:

Buy: 105.48 Take profit: 105.62

Buy : 105.65 Take profit: 105.80

Sell: 105.19 Take profit: 105.06

Sell: 105.03 Take profit: 104.87

Exchange Rates 16.10.2020 analysis

The key levels for the USD/CAD pair are 1.3423, 1.3382, 1.3318, 1.3269, 1.3240, 1.3198, 1.3179 and 1.3150. Here, we are following the formation of the rising structure from October 13. Moreover, a short-term growth is expected in the range of 1.3240 - 1.3269. If the last value breaks down, it will lead to a strong movement. The target here is 1.3318 and there is consolidation near this level. If the target breaks down, it will lead us to 1.3382. For the potential value for the top, we consider the level of 1.3423. Upon reaching which, consolidation, and downward pullback can be expected.

A short-term increase is expected in the range of 1.3198 - 1.3179. If the last value breaks down, it will lead to a deep correction. Here, the target is 1.3150, which is a key support for the top.

The main trend is the upward structure from October 13

Trading recommendations:

Buy: 1.3240 Take profit: 1.3267

Buy : 1.3271 Take profit: 1.3315

Sell: 1.3198 Take profit: 1.3180

Sell: 1.3177 Take profit: 1.3150

Exchange Rates 16.10.2020 analysis

The key levels for the AUD/USD pair are 0.7148, 0.7125, 0.7106, 0.7057, 0.7038 and 0.7000. The downward cycle from October 9 is being followed here. Now, a short-term decline is expected in the range of 0.7057 - 0.7038. If the last value breaks down, it will lead to a movement to a potential target - 0.7000. Upon reaching this level, a correction can be expected.

A short-term decline is expected in the range of 0.7106 - 0.7125. Here, breaking through the last value will lead to a deep correction. The target is 0.7148, which is the key support for the downward structure.

The main trend is the descending structure from October 9

Trading recommendations:

Buy: 0.7106 Take profit: 0.7125

Buy: 0.7127 Take profit: 0.7148

Sell : 0.7057 Take profit : 0.7040

Sell: 0.7036 Take profit: 0.7000

Exchange Rates 16.10.2020 analysis

The key levels for the euro/yen pair are 123.94, 123.61, 123.40, 123.09, 122.91, 122.56 and 122.24. Here, we are following the formation of the descending structure from October 9. The decline is expected to continue after the price passes the noise range 123.09 - 122.91. In this case, the target is 122.55. For the potential value for the bottom, we consider the level of 122.24. Upon reaching which, we expect an upward pullback.

A short-term upward movement is possible in the range of 123.40 - 123.61. If the last value breaks down, it will lead to a deep correction. The next target is 123.94, which is a key support for the downward structure from October 9.

The main trend is the descending structure from October 9

Trading recommendations:

Buy: 123.40 Take profit: 123.60

Buy: 123.63 Take profit: 123.94

Sell: 122.90 Take profit: 122.57

Sell: 122.53 Take profit: 122.25

Exchange Rates 16.10.2020 analysis

The key levels for the pound/yen pair are 137.83, 136.97, 136.57, 136.25, 135.46, 134.80, 134.36, 133.72 and 133.34. The formation of the descending structure from October 9 is being followed here. Now, the decline is expected to continue after breaking through the level of 135.46. In this case, the target is 134.80. On the other hand, there is short-term decline as well as consolidation in the range of 134.80 - 134.36. In case of breakdown of the last value, it will lead to a strong decline. Here, the target is 133.72. For the potential value for the bottom, we consider the level of 133.34. Upon reaching which, we expect consolidation and upward pullback.

A short-term growth is expected in the range of 136.25 - 136.57. If the last value breaks down, it will lead to a deep correction. Here, the target is 136.97, which is a key support for the bottom and its breakdown will encourage the formation of an upward structure. In this case, the potential target is 137.83.

The main trend is the formation of a descending structure from October 9

Trading recommendations:

Buy: 136.25 Take profit: 136.57

Buy: 136.58 Take profit: 136.95

Sell: 135.44 Take profit: 134.85

Sell: 134.80 Take profit: 134.40

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Daichi Takahashi,
Analytical expert
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.