Analysis for December 5th, 2014
EUR USD, “Euro vs US Dollar”
Eurodollar has completed an ascending wave, but the structure of such wave implies one more descending movement. We think, today the price may form a descending wave to reach level of 1.2232. Later, in our opinion, the market is expected to form a consolidation channel between level of 1.2397 and 1.2342, break it downwards, and expand it towards level of 1.2288.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has expanded its channel upwards, but hasn’t been able to stay above level of 1.5700; the pair has renewed the minimum of this consolidation channel. We think, today the price may expand it downwards. The target is at level of 1.5577. Later, in our opinion, the market may start another ascending wave.
USD CHF, “US Dollar vs Swiss Franc”
Franc has reached the target of its descending structure, which implies that the pair may reach new highs. We think, today the price may form a consolidation channel between levels of 0.9695 and 0.9727. After breaking it upwards, the market may reach level of 0.9755 and then fall towards level of 0.9727. After that, the price may continue growing to reach level of 0.9800.
USD JPY, “US Dollar vs Japanese Yen”
Yen continues growing slowly; the next target is at level of 120.60. After that, the price may return to level of 119.30. All predicted targets might be the broken upper borders of future consolidation channels. The market may stop growing at any moment and start falling fast.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still under pressure and continues falling; the pair has tested level of 0.8387 from below. Later, in our opinion, the market may fall towards level of 0.8324. The target of this structure is at level of 0.8234.
USD RUB, “US Dollar vs Russian Ruble”
Ruble has completed its correction. We think, today the price may fall towards level of 51.31, form a consolidation channel, and then break it downwards. The local target is at level of 48.25. Later, in our opinion, the market may test level of 51.31 from below and then start another descending movement towards level of 47.81.
XAU USD, “Gold vs US Dollar”
Gold is still consolidating. We think, today the price may grow towards the upper border and reach level of 1223.00. Later, in our opinion, the market may fall towards the lower border at 1196.00. An alternative scenario implies that the price may form a descending correction towards level of 1186.00.
RoboForex Analytical Department