Analysis for January 29th, 2016
Eurodollar is forming a strong descending impulse to reach 1.0800. In fact, the price is expected to form another wave inside the downtrend. After breaking triangle’s lower border, the pair may fall quick towards 1.0300. An alternative scenario implies that the market may grow to break the pattern’s upper border and then continue moving upwards to reach 1.2000.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”Pound has broken 1.4370 and is still consolidating. This consolidation structure may be considered as an upside continuation pattern. We think, today the price may reach 1.4576. Later, in our opinion, the market may return to 1.4377.
USD CHF, “US Dollar vs Swiss Franc”Franc has formed another strong ascending impulse and corrected it. We think, today the price may continue growing to reach 1.0247. In fact, the market is extending the third wave towards the local target at 1.0350.
USD JPY, “US Dollar vs Japanese Yen”Yen has reached the maximum target of the correction. We think, today the price may return to 118.59. This descending structure may be considered a part of the wave with the target at 115.00.
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar is consolidating. After breaking this consolidation channel upwards, the price may continue the correction to reach 0.7155 or even 0.7213. Later, in our opinion, the market may continue falling inside the downtrend towards 0.6660.
USD RUB, “US Dollar vs Russian Ruble”Russian Ruble continues falling to break 76; the local target is at 70. After that, the pair may return to 76 to test it from below. Later, in our opinion, the market may continue falling to reach 66.
XAU USD, “Gold vs US Dollar”Gold is forming the first descending wave with the target at 1105. Later, in our opinion, the market may be corrected towards 1116 and then continue falling inside the downtrend to reach 1084.
RoboForex Analytical Department
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