Analysis for August 9th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still forming its consolidation range, which is taking the form of the triangle
. This structure may be considered as the downside continuation pattern. We think, today the price may reach 1.0989 and then be corrected to return to 1.1070 to test it from below. After that, the pair may continue falling to reach 1.0915.
GBP USD, “Great Britain Pound vs US Dollar”
Being under pressure, the GBP/USD pair is moving downwards. The local target of this wave is at 1.2800. Later, in our opinion, the market may be corrected towards 1.3090 and then continue falling to reach 1.2650.
USD CHF, “US Dollar vs Swiss Franc”
The USD/CHF pair is growing and right now is forming another consolidation range with the upside border at 0.9846. Later, in our opinion, the market may return to 0.9815 to test it from above. After rebounding from the center of the range and breaking its upside border, the market may continue growing inside the uptrend to reach 1.0000.
USD JPY, “US Dollar vs Japanese Yen”
Being under pressure, the USD/JPY pair is moving upwards. Possibly, the price may reach 103.00 to test it from below. After that, the instrument may fall towards 99.00.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair is still consolidating at the top of its ascending wave. Possibly, the price may reach another new high. Later, in our opinion, the market may fall towards 0.7400.
USD RUB, “US Dollar vs Russian Ruble”
The USD/RUB pair has almost completed the third structure of its descending wave. We think, today the price may return to 65.66 and then fall to reach 63.60, thus completing this descending structure. Later, in our opinion, the market may start growing to reach 67.30 (at least).
XAU USD, “Gold vs US Dollar”
Gold is moving inside a narrow consolidation range. We think, today the price may fall towards 1306 and then grow to reach 1335. Later, in our opinion, the market may form another descending structure towards 1300, thus completing this correction. After that, the instrument may grow to break the correctional channel upwards. The local target is at 1425.
RoboForex Analytical Department