Forex Technical Analysis & Forecast 07.05.2018 (EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, USDRUB, GOLD, BRENT)
EURUSD, “Euro vs US Dollar”
EURUSD has reached the predicted target of the third descending wave, but hasn’t completed its last structure. Possibly, today the price may continue consolidating near the lows and expand the range towards 1.1892. After that, the instrument may grow to reach 1.2000 and then fall towards 1.1950. If later the instrument breaks this range to the upside, the market may start another correction to reach 1.2130; if to the downside – resume trading to the downside towards 1.1840.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has reached the downside target. Today, the price may consolidate near the lows, expand the range towards 1.3450 and then grow to reach 1.3585. If later the instrument breaks this range to the upside, the market may start another correction to reach 1.3750; if to the downside – resume trading towards 1.3260.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF is moving upwards. Possibly, today the price may reach 1.0038 and the fall towards 0.9988. Later, the market may start another growth with the target at 1.0055.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY is consolidating as well. Today, the price may grow towards 109.58. If later the instrument breaks this range to the downside, the market may start another decline to reach the short-term target at 107.85; if to the upside – continue growing towards 111.00.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is being corrected towards 0.7573. After that, the instrument may start another descending structure with the target at 0.7420.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is moving downwards. Today, the price may reach 62.20 and then grow towards 63.20. Later, the market may resume falling towards the short-term target at 60.20.
XAUUSD, “Gold vs US Dollar”
Gold is still being corrected. Possibly, today the price may grow towards 1320.00 and then fall to reach 1312.00. After that, the instrument may form another ascending structure towards 1322.00 and then resume trading to the downside to reach 1292.00.
BRENT
Brent is still consolidating near the highs. Possibly, the price may break 75.40 and then continue growing to reach 77.15. Later, the market may start another decline to reach 74.20 and then resume growing towards 77.70.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.