Analysis for May 7th, 2015
Eurodollar is extending the third ascending wave towards level of 1.1650. Later, the market may start forming another consolidation channel to fall towards level of 1.370 and then resume growing to reach the local target at 1.1800.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”Pound is forming a consolidation channel. We think, today the price may break it upwards (like other major currency pairs) to reach the target at level of 1.5520. After that, the market may fall towards level of 1.5290 and then move upwards to reach level of 1.5800.
USD CHF, “US Dollar vs Swiss Franc”Franc is extending the third descending wave. We think, today the price may reach level of 0.9020 and then return to level of 0.9360 to test it from below. After that, the market may start falling to reach the local target at 0.8870.
USD JPY, “US Dollar vs Japanese Yen”Yen is moving in the center of its consolidation range. We think, today the price may return to level of 120.00, fall to break level of 119.15 and form a downside continuation pattern. The market is expected to form a wave with the target at level of 117.44.
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar is still growing. We think, today the price may complete this wave by forming the fifth ascending structure with the target at level of 0.8090. Later, in our opinion, the market may start a descending correction towards level of 0.7800 (as the second wave).
USD RUB, “US Dollar vs Russian Ruble”Ruble has attempted to break its minimums. We think, the price may continue falling to break the current low and then test this level from below. Later, in our opinion, the market may move downwards to reach level of 46.00 or even extend this structure following the oil prices. After that, the market may consolidate, form a reversal pattern, and start a correction to return to level of 58.50.
XAU USD, “Gold vs US Dollar”Gold continues moving downwards. The market is forming another descending structure with the target at level of 1140. Later, in our opinion, the market may start a correction to return to level of 1170 and then continue falling towards the main target at level of 1113.
RoboForex Analytical Department
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