Analysis for May 6th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar continues forming its descending wave towards 1.1383. After that, the pair may be corrected to return to 1.1497.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is consolidating near the lows of its descending structure. If the price breaks this consolidation channel downwards, it may continue falling to reach 1.4300; if upwards – start a correction with the target at 1.4615.
USD CHF, “US Dollar vs Swiss Franc”
Franc has reached its upside target and right now is consolidating. We think, today the price may reach a new high and then start a descending correction to expand the consolidation range towards 0.9545.
USD JPY, “US Dollar vs Japanese Yen”
Yen is moving without any particular direction. Possibly, the price may expand its trading range to continue the correction towards 108.40. However, this growth may be considered as an alternative scenario only. The main scenario implies that the market may break the range downwards and continue falling inside the downtrend to reach 104.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is falling with the target at 0.7335. After that, the pair may return to the center of the consolidation range at 0.7480 and then continue falling to reach the local target at 0.7220.
USD RUB, “US Dollar vs Russian Ruble”
Russian Ruble has completed its descending structure. Later, in our opinion, the market may grow to break 66.70. The market is expected to form a correction towards 69.35.
XAU USD, “Gold vs US Dollar”
Gold is expanding its consolidation channel downwards. We think, today the price may form another descending structure to reach 1265 and then return to 1277.
RoboForex Analytical Department