Analysis for January 20th, 2015
EUR USD, “Euro vs US Dollar”
As we can see at the H4 chart, Eurodollar continues moving inside the downtrend. Although the pair is trying to stabilize this fast descending movement, the market hasn’t reached the targets of this structure. We think, today the price may fall to reach level of 1.1370. An alternative scenario implies that the pair may try to make a fast ascending movement to reach level of 1.1668 and then continue moving downwards. The higher this correction is; the lower the following descending structure will be.
GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the H1 chart, Pound is still forming the fifth descending wave. We think, today the price may reach level of 1.5040. After that, the price may form another ascending structure towards level of 1.5295 and then continue falling inside the downtrend. The target is at level of 1.4870.
USD CHF, “US Dollar vs Swiss Franc”
As we can see at the weekly chart, the price is trying to return to previous levels, but has been able to form only a consolidation triangle
so far, which may be considered as a downside continuation pattern. The next target is at level of 0.8200.
USD JPY, “US Dollar vs Japanese Yen”
As we can see at the H1 chart, Yen has reached the target of its ascending correctional wave. We think, today the price may break the previous ascending channel and start falling to reach the next target at level of 115.00.
AUD USD, “Australian Dollar vs US Dollar”
As we can see at the H4 chart, Australian Dollar is still being corrected towards level of 0.8130. After that, the market may form another ascending structure to reach level of 0.8325 and then continue falling inside the downtrend. The target is at level of 0.7940.
USD RUB, “US Dollar vs Russian Ruble”
As we can see at the H1 chart, Ruble continues moving quite steady and forming a consolidation channel. We think, today the price may break the channel and fall towards level of 55.00. This movement may be considered as a part of a descending wave with the target at level of 44.00.
XAU USD, “Gold vs US Dollar”
As we can see at the H4 chart, Gold is moving inside an ascending channel so far. We think, today the price may form a consolidation channel. If the market breaks it downwards, the price may start forming a descending wave to reach level of 1113.
RoboForex Analytical Department