Analysis for January 12th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has broken its ascending channel and almost completed the correction. We think, today the price may form a continuation pattern near 1.0888; the downside target is at 1.0798. After reaching it, the pair may be corrected to test 1.0888 from below. Later, in our opinion, the market may continue falling inside the downtrend to reach 1.0682.
GBP USD, “Great Britain Pound vs US Dollar”
Pound hasn’t been able to form an ascending structure. We think, today the price may reach new lows and 1.4500. Later, in our opinion, the market may test 1.4530 from below and then continue falling to reach 1.4444.
USD CHF, “US Dollar vs Swiss Franc”
Franc has broken its correctional channel and formed an upside continuation pattern. We think, today the price may reach 1.0100 and then return to 0.9992 to test it from above. Later, in our opinion, the market may continue growing towards 1.0186.
USD JPY, “US Dollar vs Japanese Yen”
Yen has been able to form only one ascending impulse and right now is consolidating. In fact, this consolidation channel may be considered as a downside continuation pattern. The next target is at 115.85. Later, in our opinion, the market may test 117.30 from below and then continue falling towards 115.00.
AUD USD, “Australian Dollar vs US Dollar”
Being under pressure, Australian Dollar is moving downwards. We think, today the price may reach the target at 0.6790, consolidate for a while, and then start another correction to return to 0.7060. Later, in our opinion, the market may start another decline to reach 0.6600.
USD RUB, “US Dollar vs Russian Ruble”
Russian Ruble has reached another new high; the current expansion may reach 77.20. Later, in our opinion, the market may fall towards 74.00 (at least) and then form another ascending structure with the target at 78.80.
XAU USD, “Gold vs US Dollar”
Gold is still moving above 1090. Which was broken earlier. In fact, the instrument is forming a consolidation channel as an upside continuation pattern. This growth may be considered as an alternative scenario, which implies that the price may be corrected towards 1115 and then continue growing to reach 1127. However, the main scenario remains the same and suggests that the market may continue falling inside the downtrend with the target at 1015 (at least).
RoboForex Analytical Department