Analysis for January 15th, 2016
Eurodollar is forming another descending structure with the target at 1.0800. We think, today the price may reach it and then form a consolidation channel. If the channel is broken downwards, the downtrend may continue up to 1.0682; this would be only the first half of this wave. An alternative scenario implies that the pair may continue consolidating at the current levels and grow towards 1.0915. Later, in our opinion, the market may continue falling inside the downtrend.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”Pound has completed its descending flag pattern and defined the border of the consolidation channel. We think, today the price may continue growing towards 1.4476 (at least). After the pair forms a continuation pattern and breaks this level, it may start a correction towards 1.5115. An alternative scenario implies that the market may reach new lows and form a new consolidation channel.
USD CHF, “US Dollar vs Swiss Franc”Franc has reached the minimum target of its correction. We think, today the price may test 0.9995 from above and then grow towards 1.0100. After breaking it, the market may continue growing towards 1.0190.
USD JPY, “US Dollar vs Japanese Yen”Yen is still consolidating in the center of the channel. In fact, we can see flag correctional pattern. Possibly, the price may test 118.50 from below and then continue falling inside the downtrend. The next target is at 115.55; the main one is at 115.00.
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar has returned inside its consolidation range, rebounded from the center, and right now is falling towards the channel’s lower border. The main scenario suggests that the price may continue falling inside the downtrend to reach 0.6660. An alternative scenario implies that the price may continue consolidating and grow towards the upper border at 0.7070.
USD RUB, “US Dollar vs Russian Ruble”Russian Ruble is forming a consolidation channel at its highs. If the channel is broken downwards, the price may fall towards 74; if upwards – grow to reach 78.
XAU USD, “Gold vs US Dollar”Gold has completed a descending structure inside the downtrend and right now is correcting it. The target of this correction is at 1091. Later, in our opinion, the market may continue falling to break 1071.
RoboForex Analytical Department
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