Analysis for May 4th, 2015
Eurodollar is under pressure and continues falling. We think, today the price may fall towards level of 1.0970 and then grow to reach its local target at level of 1.1432. After that, the market may form the fourth wave of this ascending impulse as a correction.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”Pound has completed a descending structure. We think, today the price may return to level of 1.5330. Possibly, the pair may form another descending structure towards level of 1.5020 and then continue growing with the target at level of 1.5800. The whole wave is considered a correction.
USD CHF, “US Dollar vs Swiss Franc”Franc is moving inside the third descending wave. We think, today the price may rebound towards level of 0.9542 and then start falling towards the local target at level of 0.9222. Later, in our opinion, the pair may form the fourth wave to return to level of 0.9420.
USD JPY, “US Dollar vs Japanese Yen”Yen continues moving upwards. We think, today the price may test level of 119.76 and then return to level of 119.00. After that, the market may resume growing towards level of 121.00 and then fall to reach level of 117.44.
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar has tested level of 0.7805 from above. We think, today the price may form an ascending wave to reach level of 0.8770 and then start another correction towards level of 0.7805.
USD RUB, “US Dollar vs Russian Ruble”Ruble is still forming a consolidation, which may considered as the fourth wave inside the descending channel. Even if the price breaks the channel upwards towards level of 58.50, it will still be considered as the fourth correctional wave. Later, in our opinion, the price may resume falling towards level of 46.00. After the market opening, the market is expected to continue moving downwards.
XAU USD, “Gold vs US Dollar”Gold has reached the target of its descending wave and right now is forming a consolidation channel. If the channel is broken upwards, the market may form a correction to reach level of 1197; if downwards – continue falling inside the downtrend with the target at level of 1113.
RoboForex Analytical Department
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