Analysis for October 17th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still forming the third wave inside the downtrend. Possibly, the price may test 1.1000 from below, fall towards 1.0950, and then test 1.1000 from below once again. In fact, the market is moving inside the third wave and forming downside continuation patterns. Later, the instrument is expected to break these patterns downwards. The target of the wave is at 1.0802.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair is forming fifth structure of the flag
correctional pattern; the price has formed another consolidation range. Later, the market may break this range downwards and reach 1.2065. After that, the instrument may start growing towards 1.2630 and then continue falling inside the downtrend to reach a new low at 1.1474.
USD CHF, “US Dollar vs Swiss Franc”
Being under pressure, the USD/CHF pair is growing. We think, today the price is expected to rebound from 0.9880 upwards and expand the range up to 0.9940, and this is just a half of the third ascending wave. Later, in our opinion, the market may form another consolidation range, break it upwards, and then continue growing inside the uptrend with the target at 1.0300.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is still consolidating at the top of the ascending wave. According to the main scenario, the price may break this consolidation range downwards and continue falling inside the downtrend to reach the local target at 98.00. The first target is at 102.00.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair is forming another descending impulse and expected to reach 0.7560. Later, in our opinion, the market may be corrected towards 0.7600. After that, the instrument may continue falling inside the downtrend with the local target at 0.7474.
USD RUB, “US Dollar vs Russian Ruble”
The USD/RUB pair is falling towards the target at 61.30. We think, today the price may grow to reach 63.60. After that, the instrument may continue falling to reach the above-mentioned target.
XAU USD, “Gold vs US Dollar”
Gold is still consolidating. The main scenario implies that the price may break this range upwards to reach the local target at 1280. The main target is at 1310.
Brent has completed another ascending impulse and is expected to form a new consolidation range. If later the market breaks this range upwards, it may reach 54.64; if downwards – continue the current correction up to 50.50.
RoboForex Analytical Department