Analysis for June 7th, 2016
Eurodollar has defined the borders of another consolidation channel. We think, today the price may break it downwards and start forming a new descending wave to reach 1.1100. The first target is at 1.1260.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”Pound has reached its target and returned to 1.4556. We think, today the price may form another descending wave to reach 1.4300. Right now, the pair is forming the first part of this wave with the target at 1.4470.
USD CHF, “US Dollar vs Swiss Franc”Franc is forming a new ascending impulse with the target at 0.9742 and expected to define the upside border of the consolidation channel. Later, in our opinion, the market may fall towards 0.9700 to test it from above. After that, the pair may break its descending channel and form another ascending wave to reach 0.9950.
USD JPY, “US Dollar vs Japanese Yen”Yen is being corrected towards 108.12. After that, the pair may continue falling inside the downtrend. The local target is at 104.00.
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar has expanded its consolidation range upwards. The market is expected to form a proper correction with the target at 0.7480. Later, in our opinion, the market may form another descending wave towards 0.7130.
USD RUB, “US Dollar vs Russian Ruble”Russian Ruble has broken the flag correctional pattern and right now is forming another consolidation channel. The target is at 63.50. We think, today the price may reach this level and then start a new correction towards 69.00.
XAU USD, “Gold vs US Dollar”Gold is still forming another consolidation range. According to the main scenario, the price is expected to continue falling. After breaking the channel downwards, the market may form another descending wave to reach 1200.
RoboForex Analytical Department
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