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Forex Technical Analysis 24.08.2016 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

Analysis for August 24th, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair has broken 1.1320 and continues moving downwards. In fact, it has almost formed the triangle pattern. We think, today the price may complete this triangle as a technical reversal pattern. The first target is at 1.1140. The market is expected to fall towards 1.1250, consolidate and form a downside continuation pattern to reach the above-mentioned target.

GBP USD, “Great Britain Pound vs US Dollar”

The GBP/USD pair has reached the target of its correctional wave. We think, today the price may continue falling inside the downtrend. The next target is at 1.2800.

USD CHF, “US Dollar vs Swiss Franc”

The USD/CHF pair has completed its correction and right now is growing towards 0.9650. Later, in our opinion, the market may consolidate and move upwards to reach the local target at 0.9700.

USD JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair is consolidating on the center of the range. In fact, the market has formed the triangle pattern, which may be considered as a downside continuation pattern. The next target is at 98.00.

AUD USD, “Australian Dollar vs US Dollar”

Being under pressure, the AUD/USD pair is moving downwards. We think, today the price may reach the next target at 0.7570. After that, the instrument may be corrected towards 0.7620 to test it from below and then form another descending wave with the target at 0.7540.

USD RUB, “US Dollar vs Russian Ruble”

The USD/RUB pair is being corrected towards 65.08 (at least). After that, the instrument may start another descending wave with the target at 63.20.

XAU USD, “Gold vs US Dollar”

Gold is rebounding from 1342 downwards the market is expected to form the fifth descending structure with the target at 1326.

RoboForex Analytical Department

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