Forex Technical Analysis 31.05.2016 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)
31.05.2016
Analysis for May 31st, 2016
EUR USD, “Euro vs US Dollar”
Being under pressure, Eurodollar is falling. We think, today the price may reach 1.1085 and then form another ascending structure with the target at 1.1263. The market is expected to start a new correction.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is forming another consolidation range. We think, today the price may expand the channel towards 1.4780 (an alternative scenario). After that, the pair may fall with the target at 1.4525.
USD CHF, “US Dollar vs Swiss Franc”
Franc consolidating as well; the descending wave has three structures so far. We think, today the price may form another one with the target at 0.9885. Later, in our opinion, the market may grow towards 0.9960 and then start another correction with the target at 0.9700.
USD JPY, “US Dollar vs Japanese Yen”
Yen is consolidating at the top of its ascending structure. We think, today the price may expand this range towards 111.77 and then fall to reach 110.50. After that, the pair may grow towards 112.90 (an alternative scenario).
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is consolidating at the bottom of its descending wave; the pair has tried to expand the channel upwards. We think, today the price may fall to reach a new low at 0.7130. Later, in our opinion, the market may start growing to break the top of the consolidation channel and start a new correction with the target at 0.7480.
USD RUB, “US Dollar vs Russian Ruble”
Russian Ruble is moving in the center of another consolidation range, which looks like flag correctional pattern. Possibly, the price may form another ascending structure towards to reach 67.62. Later, in our opinion, the market may fall towards 63.30.
XAU USD, “Gold vs US Dollar”
After the market opening, the price is expected to reach 1200. Later, in our opinion, the market may start a correctional structure to return to 1250 to test it from below.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.