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Forex Technical Analysis 12.05.2015 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

Analysis for May 12th, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar has broken its ascending channel and right now is consolidating below it. We think, today the price may continue forming this descending wave as a correction towards level of 1.0960 (at least) or even 1.0850. An alternative scenario implies that the pair may continue growing to break this consolidation channel upwards and extend this ascending structure.




GBP USD, “Great Britain Pound vs US Dollar”

Pound has broken the top of its ascending wave. We think, today the price may complete this ascending wave (as a correction) by forming the fifth ascending wave and reaching level of 1.5800. Later, in our opinion, the market may form a reversal pattern to start another descending wave with the target at level of 1.4400.




USD CHF, “US Dollar vs Swiss Franc”

Franc has returned to the center. We think, today the price may continue falling towards level of 0.9011 and then form another correctional structure with the target at level of 0.9360. After that, the market may start another descending wave towards level of 0.8870.




USD JPY, “US Dollar vs Japanese Yen”

At the H4 chart, Yen is still consolidating. If the price breaks this consolidation channel upwards, it may reach level of 121.00; if downwards – fall towards level of 118.50, and even break it to reach level of 117.44.




AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is still consolidating. If the price breaks this consolidation channel downwards, the current correction may continue towards level of 0.7700; if upwards – reach level of 0.8098. This may be the completion of the first ascending wave. Later, in our opinion, the market may start a new correction to return to level of 0.7800.




USD RUB, “US Dollar vs Russian Ruble”

We think, Ruble may reach level of 46.00. After that, the market may start a new ascending movement towards level of 58.50, which may be considered as a correction.




XAU USD, “Gold vs US Dollar”

Gold is still consolidating. If later the market breaks this consolidation channel upwards, it may reach level of 1197. According to the main scenario, the market is expected to break the channel downwards and reach level of 1169.



 
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