Analysis for August 23rd, 2016
The EUR/USD pair has completed the descending impulse along with the correction. We think, today the price may break 1.1320 and then continue moving downwards to reach 1.1252. And this is just a half of this wave. The next local target is at 1.1175.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”The GBP/USD pair is trying to form another ascending structure towards 1.3295. The market is expected to form the double top pattern. After that, the instrument may continue falling inside the downtrend towards the target at 1.2800. Later, in our opinion, the market may start a new correction to reach 1.3100.
USD CHF, “US Dollar vs Swiss Franc”The USD/CHF pair has completed a new ascending impulse. We think, today the price may correct this impulse. Possibly, the instrument may test 0.9589 from above. Later, in our opinion, the market may grow to break 0.9655. The local target is at 0.9720.
USD JPY, “US Dollar vs Japanese Yen”The USD/JPY pair is consolidating below 100.36; this consolidation range may be considered as a downside continuation pattern. The next target is at 99.00. After that, the instrument may test 100.36 from below and then continue falling to reach 98.00.
AUD USD, “Australian Dollar vs US Dollar”The AUD/USD pair is still being corrected. We think, today the price may reach 0.7676. Later, in our opinion, the market may form another descending wave with the target at 0.7500.
USD RUB, “US Dollar vs Russian Ruble”The USD/RUB pair is still moving upwards. We think, today the price may reach 65.00. Possibly, the market may extend this structure towards 65.70 and test the broken neckline from below. After that, the instrument may start another descending wave with the target at 63.20.
XAU USD, “Gold vs US Dollar”Being under pressure, Gold is moving upwards. We think, today the price may be corrected towards 1342.34 to test it from below (at least) and then fall to reach 1329.00. Later, in our opinion, the market may return to 1342.34 and then fall to reach 1327.00. In fact, the instrument is consolidating inside the triangle.
RoboForex Analytical Department
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