Analysis for August 31st, 2015
Eurodollar is consolidating above the broken daily channel. We think, today, the price may break this consolidation channel downwards and continue falling inside the downtrend. The minimum target is at 1.1025. The final target of this wave is at 1.0760.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”Pound consolidating at the lows of its descending wave. This structure may be considered as the downside continuation pattern. If the price breaks this consolidation channel, it may continue falling to reach 1.52140 (at least). The final target of this descending movement is at 1.5060.
USD CHF, “US Dollar vs Swiss Franc”Franc is consolidating at the top of its ascending structure. Possibly, the price may test 0.9567 from above and then grow towards the upper border of the daily triangle pattern to reach 0.9874.
USD JPY, “US Dollar vs Japanese Yen”Yen is forming an ascending structure. We think, today, the price may form a correction to test 120.13 from above. After that, the pair may start another growth towards 124.10.
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar is still consolidating inside triangle pattern. Possibly, the price may grow towards 0.7223 and then fall again to reach 0.7002.
USD RUB, “US Dollar vs Russian Ruble”Ruble is moving inside the descending structure with the target at 63.40. Considering that this pair is “monitoring” the oil price (which has already reached its target), it is expected to form the correction to return to 68.28 and test it from below, thus forming another consolidation channel. After that, the market may start falling inside the downtrend to reach 52.50. An alternative scenario implies that the market may grow to reach 73.57 and then start falling.
XAU USD, “Gold vs US Dollar”Gold has almost reached the fourth structure and tested 1139.85 from below. We think, today, the price may form the fifth one with the target at 1110.00, thu8s completing the correction. After that, the market may continue moving inside the uptrend towards 1215.00.
RoboForex Analytical Department
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