Analysis for August 3rd, 2016
The EUR/USD pair has reached the target of its ascending structure. We think, today the price may fall towards 1.1155. Later, in our opinion, the market may for the right “shoulder” inside the consolidation range. The price is expected to form Head & shoulders reversal pattern. After that, the pair may form another descending wave with the target at 1.1000.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”After extending the correction a bit, the GBP/USD pair is moving downwards. We think, today the price may reach 1.3062. Later, in our opinion, the market may consolidate and break this level downwards. The market is expected to continue falling inside the downtrend to reach 1.2800.
USD CHF, “US Dollar vs Swiss Franc”The USD/CHF pair is rebounding from its lows. This structure may be considered as Inverted double top pattern. The price is expected to form an ascending wave with the first target at 0.9795.
USD JPY, “US Dollar vs Japanese Yen”The USD/JPY pair is forming a descending wave with the target at 100.41. Later, in our opinion, the market may return to 103.00 and then continue falling towards 99.50.
AUD USD, “Australian Dollar vs US Dollar”The AUD/USD pair is forming the first descending impulse and expected to form the wave with the target at 0.7400. We think, today the price may reach 0.7558 and then return to 0.7597.
USD RUB, “US Dollar vs Russian Ruble”The USD/RUB pair is consolidating. Possibly, the price may reach new highs. Later, in our opinion, the market may be corrected to the downside towards 64.00 (at least).
XAU USD, “Gold vs US Dollar”Gold is forming an ascending structure towards 1371. Later, in our opinion, the market may be corrected towards 1350 and then grow to reach the target of the first wave at 1375. After that, the price may be corrected towards the target of the second wave at 1342 and form the fifth ascending wave to reach 1440.
RoboForex Analytical Department
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