Oil prices will likely remain elevated as there are no signs that the Middle East tensions will ease anytime soon.
EUR/GBP reached buy target 0.8900
- EUR/GBP reached buy target 0.8900
- Next buy target - 0.9000
EUR/GBP continues to rise after the earlier breakout of the resistance level 0.8900 (which reversed the previous waves A and (b) and which was set as the buy target in our previous forecast for this currency pair). The breakout of the resistance level 0.8900 should accelerate the active minor impulse wave C, which belongs to the intermediate ABC correction (B) from the middle of September. EUR/GBP is expected to rise to the next buy target at the next round resistance level 0.9000.
GBP/USD is having a third bullish week in a row.
AUD/USD made another attempt to close below the 50-day MA at 0.6845 and this time it was successful.
EUR/AUD formed a "hammer" candlestick on the W1, above the 50-week MA in the 1.6010 area.