Analysis for August 24th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is attempting to continue extending its ascending wave today. We think, the price may reach 1.1500 and then continue falling inside the downtrend towards 1.1238 to test it from above.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is consolidating. The pair has barely responded to the stock market meltdown. We think, today, the price may continue falling inside the downtrend towards 1.5240. An alternative scenario implies that the market may grow to reach 1.5822 and after that – continue falling towards the above-mentioned target.
USD CHF, “US Dollar vs Swiss Franc”
As the stock market continues to collapse, Franc continues to strengthen. The pair has reached the target of its descending wave at 0.9366. Possibly, the price may rebound towards 0.9500. After that, the market may resume falling to reach 0.8815.
USD JPY, “US Dollar vs Japanese Yen”
Yen’s response to the stock market meltdown has been particularly sharp. The pair has expanded the trading range downwards and reached 120.75. We think, today, the price may rebound towards 123.03 to test it from below. In fact, the market is forming the third wave inside the downtrend, which might continue without any high corrections. The pair is expected to start a new decline towards 115.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has reached 0.7200. We think, today, the price may grow as a correction towards 0.7555. However, taking into account the stock market meltdown, the market may continue falling to reach 0.6950.
USD RUB, “US Dollar vs Russian Ruble”
Following the oil prices decline, Ruble is still growing towards 71.55. So far, we continue monitoring the oil prices movements.
XAU USD, “Gold vs US Dollar”
Gold has formed the first descending impulse and right now is forming the second one. The main scenario implies that the market may form a new correction with the target at 1110. However, taking into account the stock market meltdown, the price may consolidate instead of forming the correction. If the price breaks this consolidation channel upwards, it may extend this ascending wave towards 1250.
RoboForex Analytical Department