Analysis for May 8th, 2015
Eurodollar is still consolidating; this consolidation channel may be considered as a continuation pattern for the third ascending wave. If this channel is broken upwards, the market may reach the local target of the third wave at level of 1.1650; if downwards – continue the current correction towards level of 1.0850.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”Influenced by political background, Pound has broken its consolidation channel upwards. We think, today the price may continue forming the fifth structure to reach the main target at level of 1.5800.
USD CHF, “US Dollar vs Swiss Franc”Franc is expected to test level of 0.9270 from below. After that, the market may continue falling to reach level of 0.9016 and then return to level of 0.9240.
USD JPY, “US Dollar vs Japanese Yen”Yen is forming a structure to return to level of 120.05. Later, in our opinion, the market may continue falling towards level of 119.10 After that, the pair may consolidate for a while and then continue falling to reach 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 is moving close to level of 50.00 quite steadily. 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. However, an alternative scenario suggests that the pair may start the above-mentioned correction at once, and only after that form another wave inside the downtrend.
XAU USD, “Gold vs US Dollar”Gold is trying to form a consolidation triangle pattern. We think, today the price may move inside this pattern, reach level of 1177 and then return to level of 1190. If later the market breaks the pattern downwards, it may continue moving downwards to reach the local target at level of 1140; if upwards (an alternative scenario) – reach level of 1202. After that, the price continue falling inside the downtrend.
RoboForex Analytical Department
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