Weekly report on oil, gold and euro | 07 November 2014

Brent oil


Monthly chart: oil continues to drop. A strong support is here to come (in the pivot zone 82.48), which is able to correct price to 94.15, from where bears, at a high probability, can put the chart down to 68 usd per barrel – in the middle run. ADX is growing though it has not reached its trend's peak. Since there is a risk of an abrupt drops, reasons for purchase are not as strong.


Weekly report on oil, gold and euro


Weekly chart:  the past week bulls tried to make a rollback, but they only managed to break inside bar of the one before last. It also can speak for the possibility of decline. However, we cannot exclude correction that may take place following to reaching new Lows, the reason is that market is oversold to a high extent.


Weekly report on oil, gold and euro


Day chart: can move to support 82.48.


Weekly report on oil, gold and euro


Conclusion: expect drop down to 82.48 and then correction with the potential up to 94.15, from where we can sell oil with the middle-term target at 68.15


Gold


Monthly chart: our “Southern” expectations are justified and gold is very close to reaching its main decline target – bottom Bollinger band (1110.00). Correction towards the middle band (1310.22) can take place from here, but common movement can speak about the readiness to move under psychological level 1000 USD per ounce, to 888.90 (with a threat to reach 700.00).


Weekly report on oil, gold and euro


Weekly chart: breakthrough below the envelope has been recorded. Once a new Low is reached, we can expect about a rollback to the middle band area (1269.00), from where the price can attack support 1000.00.


Weekly report on oil, gold and euro


Day chart: support is based at 1225.04.


Weekly report on oil, gold and euro


Conclusion: so, we expect decline after Opening, then rollback to 1225.04, from where a new wave down can start with attack of support 1000.00 and target at 888.


EUR/USD


Monthly chart: onward Euro faces two support points: 1.2370 and 1.1858. And we can say that bears are sure about the second point.


Weekly report on oil, gold and euro


Weekly chart: an intermediate support which is possible to make a rollback is based at 1.2128.


Weekly report on oil, gold and euro


Day chart: a probable border for correction is the middle Bollinger band (1.2689)


Weekly report on oil, gold and euro


Conclusion: as early as this week we can see “exotic” prices such as 1.2370 and 1.2128 euro per dollar. Upon that, correction to 1.2689 can take place. From this point we can sell Euro with the listed targets.

Aleksey Panasenko
FreshForex Analyst
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