Analysis for November 4th, 2015
Eurodollar has formed a continuation pattern close to 1.0976 and right now is moving to reach 1.0870, thus expanding the consolidation channel downwards. This channel may be considered as the center of the third wave. The local target is at 1.0505.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”Pound has completed the first descending impulse and corrected it. We think, today, the price may continue moving downwards to reach 1.5311. After that, the instrument may test 1.5380 from below and then continue falling inside the downtrend to break 1.5165.
USD CHF, “US Dollar vs Swiss Franc”Franc is expanding its consolidation channel upwards. We think, today, the price may form the ascending structure to reach 1.0069. After that, the instrument may test 0.9957 from above and then continue moving upwards to reach 1.0100.
USD JPY, “US Dollar vs Japanese Yen”Yen is consolidating inside the ascending channel. Possibly, the price may test the channel’s upper border one more time. The main scenario suggests that the market may fall to reach 119.60 and then return to 120.50 to test it from below. After that, the instrument may continue falling inside the downtrend towards the target at 118.70.
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar has reached the target of its correction and right now is moving upwards. We think, today, the price may return to 0.7130. After that, the instrument may start another descending wave to reach 0.7015 and then continue growing towards 0.7398.
USD RUB, “US Dollar vs Russian Ruble”Ruble isn’t trading due to the national holiday in Russia. Tomorrow, after the market opening the market is expected to continue falling towards 60.00.
XAU USD, “Gold vs US Dollar”Being under pressure, Gold is falling. We think, today, the price may reach 1112.33 and then grow towards 1137.50 to test it from below. After that, the instrument may start another decline to reach the local target at 1093.40.
RoboForex Analytical Department
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