Analysis for August 7th, 2015
Eurodollar is attempting to form an upside continuation pattern and extend the correction towards 1.0990. However, this growth may be considered as an alternative scenario only. The main scenario remains the same – the market is expected to form a descending wave with the target at 1.0600.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”Being under pressure, Pound is moving downwards. We think, today, the price may reach a new low at 1.5450 and then return to test the center of the consolidation channel. After rebounding downwards and reaching another new low, the pair may continue falling towards 1.5240.
USD CHF, “US Dollar vs Swiss Franc”Franc has expanded its consolidation channel upwards and continues forming an ascending wave to reach 0.9944.
USD JPY, “US Dollar vs Japanese Yen”Yen is forming descending impulses. We think, today, the price may form the third impulse and return to the center of the consolidation channel. After rebounding downwards, the market is expected to start a correction to reach 122.94.
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar is forming the fifth correctional structure with the target at 0.7450. By now, the market has completed only the half of this wave. We think, today the price may fall a little bit and then continue growing towards the above-mentioned target.
USD RUB, “US Dollar vs Russian Ruble”Being influenced by the oil prices, Ruble continues reaching new highs. We think, today the price may complete this extension and fall towards 61.00. The market is expected to form a reversal pattern and start a new descending wave with the target at 52.50.
XAU USD, “Gold vs US Dollar”Gold is moving in the center of triangle consolidation pattern without any particular direction. We think, today, the price may continue consolidating.
RoboForex Analytical Department
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