Analysis for August 25th, 2016
The EUR/USD pair has formed the first half of the third descending wave. We think, today the price may continue forming the consolidation channel near 1.1251. Later, in our opinion, the market may break channel downwards and form the second half of the wave. The local target is at 1.1140.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”The GBP/USD pair is forming another descending impulse. The market is expected to form one more descending structure towards 1.3070. This structure may considered as the part of the wave with the target is at 1.2800.
USD CHF, “US Dollar vs Swiss Franc”The USD/CHF pair has broken the neckline of the head & shoulders reversal technical pattern. We think, today the price may consolidate around 0.9654. Later, in our opinion, the market may move upwards to form the second part of this ascending wave. The upside target is at 0.9717.
USD JPY, “US Dollar vs Japanese Yen”The USD/JPY pair is still consolidating. In fact, the market is forming the triangle pattern. Possibly, the price may be corrected upwards to reach 101.15. However, the main scenario implies that instrument may continue falling inside the downtrend. The next local target is at 98.00; the main downside target is at 96.00.
AUD USD, “Australian Dollar vs US Dollar”The AUD/USD pair is trading close to 0.7616, which was earlier broken downwards. Possibly, the price may be corrected towards 0.7666. . However, the main scenario implies that instrument may continue falling towards the next target at 0.7566.
USD RUB, “US Dollar vs Russian Ruble”The USD/RUB pair has almost completed its ascending correction. Taking into account that the oil market is also being corrected, the price is expected to consolidate inside an upside continuation pattern towards 65.70.
XAU USD, “Gold vs US Dollar”Gold has reached the target of the descending wave. We think, today the price may grow towards 1321. In fact, the market is expected to test the downside border of the consolidation range. After that, the instrument may move upwards with the target at 1357.
RoboForex Analytical Department
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