Analysis for June 8th, 2016
Eurodollar is still consolidating; it has almost formed the diamond reversal pattern. We think, today the price may fall to break the pattern’s low and then start forming a new descending wave to reach 1.1100.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”Pound is moving in the center of its descending wave with the target at 1.4470. After that, the pair may test 1.4560 from below and then form another descending wave to reach 1.4300.
USD CHF, “US Dollar vs Swiss Franc”Franc has expanded its consolidation channel downwards. We think, today the price may return to the upside border of the channel and form another ascending wave to reach 0.9800.
USD JPY, “US Dollar vs Japanese Yen”Yen has rebounded from 107.77 and right now is forming another descending structure with the target at 104.00. We think, today the price may reach 105.80. After that, the pair may form another consolidation channel, break it downwards, and then continue falling to reach the target at 104.00.
AUD USD, “Australian Dollar vs US Dollar”Australian Dollar has formed another consolidation channel. We think, today the price may break it downwards and then continue falling with the target at 0.7300.
USD RUB, “US Dollar vs Russian Ruble”Russian Ruble is rebounding from the 65.50. The target of this descending structure is at 63.50. Later, in our opinion, the market may start a new correction towards 69.00.
XAU USD, “Gold vs US Dollar”Gold has completed its ascending movement. We think, today the price may fall towards the downside border of its consolidation range, break it, and then form another descending wave to reach 1200.
RoboForex Analytical Department
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