Analysis for August 10th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair has broken its descending channel and reached the target. We think, today the price may reach 1.1165, fall towards 1.1050, and then break it to continue falling inside the downtrend with the target at 1.0989. In fact, the market is moving in the middle of the main wave inside the downtrend, and all structures, both descending and ascending, may consist of three or five waves. Right now, both scenarios are fifty-fifty.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair is moving inside the fifth wave of the downtrend; it has formed another structure to test 1.3094 from below. The main scenario implies that the price may continue moving downwards to reach the local target at 1.2800. Later, in our opinion, the market may return to 1.3100 and then continue falling to reach 1.2650.
USD CHF, “US Dollar vs Swiss Franc”
The USD/CHF pair is forming another consolidation range at the top of its ascending wave. If the price breaks this range upwards, the uptrend may continue towards 1.0000; if downwards – the correction may take place with the target at 0.9740 (an alternative scenario). The main scenario implies that the price may continue growing inside the uptrend.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is moving in the middle of its descending wave; the market is consolidating and may form the structure, which consists of either three or five waves. Possibly, the price may form another structure to reach 102.70. After that, the instrument may fall towards 99.62б return to 101.15 and then move downwards to reach 96.00.
AUD USD, “Australian Dollar vs US Dollar”
Being under pressure, the AUD/USD pair is still moving upwards. Possibly, the price may form the bearish wedge pattern with the target at 0.7730. Later, in our opinion, the market may move according to the main scenario and fall towards 0.7400.
USD RUB, “US Dollar vs Russian Ruble”
The USD/RUB pair is moving in the center of the descending structure; it has formed another consolidation range. If the price breaks this range downwards, it may fall towards 63.40; if upwards – the correction may take place with the target at 65.70.
XAU USD, “Gold vs US Dollar”
Gold is moving inside a wide consolidation range close to 1336 and the chances for a new growth or a decline are equal. The entire range may be considered as an upside continuation pattern. The main target is at 1440. If the price breaks this range downwards, it may be corrected to reach 1303; if upwards – the uptrend may continue towards the main target.
RoboForex Analytical Department