Analysis for August 30th, 2016
The EUR/USD pair has formed another consolidation range. We think, today the price may break it downwards and then continue falling inside the downtrend as the third wave with the target at 1.1030. Later, in our opinion, the market may be corrected to return to 1.1120 and then form the fifth wave to reach 1.1000.
EUR USD, “Euro vs US Dollar”
GBP USD, “Great Britain Pound vs US Dollar”The GBP/USD pair is forming the first descending structure. We think, today the price may form the second part of this wave with the target at 1.2925. After that, the instrument may be corrected towards 1.3100 and then fall to reach 1.2650.
USD CHF, “US Dollar vs Swiss Franc”The USD/CHF pair has formed another consolidation range and right now is moving to break it upwards. The main scenario suggests that the price may continue growing to complete the second part of the wave. The target is at 0.9935. Later, in our opinion, the market may be corrected towards 0.9800 and then form the fifth structure with the target at 1.0035.
USD JPY, “US Dollar vs Japanese Yen”The USD/JPY pair is still being corrected. Possibly, the price may reach 103.50. After that, the instrument may continue falling inside the downtrend to reach 99.66.
AUD USD, “Australian Dollar vs US Dollar”The AUD/USD pair is being corrected towards 0.7599 to test it from below. Later, in our opinion, the market may continue falling inside the downtrend to reach the local target at 0.7495.
USD RUB, “US Dollar vs Russian Ruble”The USD/RUB pair is still consolidating in the center of the range without any particular direction. We think, today the price may move towards 65.60 to test the broken neckline from below. After rebounding from it downwards, the instrument may fall towards the downside border of the range at 63.15.
XAU USD, “Gold vs US Dollar”Gold is growing to reach 1328 and then may fall towards 1322, thus forming another consolidation range. If later the price breaks this range upwards, it may form a new ascending wave with the target at 1342; if downwards – fall towards 1300.
RoboForex Analytical Department
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