Analysis for August 4th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is forming another descending structure, which may be considered as the central part of the continuation pattern towards 1.0960. We think, today, the price may test 1.0967 and reach a new low at 1.0924. After that, the pair may test the center of the structure and continue falling inside the downtrend. The predicted target is at 1.0844. After the price forms the central part of the continuation pattern, we’ll specify the target.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is consolidating at the top of the channel. We think, today, the price may break 1.5567. The target of this descending wave is at 1.5240.
USD CHF, “US Dollar vs Swiss Franc”
Franc has expanded its consolidation channel upwards. We think, today, the price may test the channel from above and then continue growing towards 0.9765. After that, the pair may form a descending correction.
USD JPY, “US Dollar vs Japanese Yen”
Yen is moving above 123.75. We think, today, the price may grow to reach the local target at 124.65. An alternative scenario implies that the market may continue the current correction up to 123.45 and only after that the pair may resume growing to reach the local target. Later, in our opinion, the market may continue falling to reach 122.95.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has broken the top of the first ascending impulse. We think, today, the price may form a correction towards 0.7555. Right now, the market is forming the first wave of this correction with the target at 0.7400.
USD RUB, “US Dollar vs Russian Ruble”
Being under pressure and influenced by the oil market decline, Ruble continues moving upwards. Possibly, today the price may reach a new high. It looks like the market has finished this wave and may form a reversal pattern to start a new descending wave with the target at 52.50.
XAU USD, “Gold vs US Dollar”
Gold has rebounded from triangle
’s lower border. We think, today, the price may grow towards the pattern’s upper border. If the price breaks it, it may start a correction with the target at 1131. An alternative scenario implies that the market may fall again towards the pattern’s lower border.
RoboForex Analytical Department