Analysis for March 6th, 2015
Eurodollar has reached the target of its descending structure. Taking into consideration the structure of the previous descending wave and the continuation pattern at level of 1.1200, the market is expected to extend its descending structure. The target is at level of 1.0870.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”Pound is under pressure and continues moving downwards; the pair has formed another continuation pattern inside the downtrend. We think, today the price may reach level of 1.5190 and then form a correction to return to level of 1.5370. After that, the pair may continue falling to reach level of 1.4850.
USD CHF, “US Dollar vs Swiss Franc”Franc has reached the target of its extended structure. We think, today the price may start a descending correction (at least). The target is at level of 0.8830.
USD JPY, “US Dollar vs Japanese Yen”Yen has finished a descending impulse and renewed its minimum. We think, today the price may continue falling inside the downtrend. The first target is at level of 118.80.
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar is still consolidating. We think, today the price may continue falling to level of 0.7680 and then return to level of 0.7780.
USD RUB, “US Dollar vs Russian Ruble”Ruble is still moving inside a descending structure towards level of 57.40. This movement may be considered as the first wave of another descending structure. After that, the pair may start a correction to return to level of 64.00 and then continue falling inside the downtrend as the third wave of the descending structure. The target is at 50.50.
XAU USD, “Gold vs US Dollar”Gold is still consolidating. If the price breaks this channel downwards, the downtrend may continue. The main target is at level of 1113. However, if the price breaks the channel upwards, it may form a correction to return to level of 1250. In any case, after that the market is expected to fall towards the above-mentioned target.
RoboForex Analytical Department
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