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Forex Technical Analysis 31.08.2016 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

Analysis for August 31st, 2016

EUR USD, “Euro vs US Dollar”

The EUR/USD pair has broken another consolidation range downwards. We think, today the price may test 1.1157 from below, rebound from it, and then continue falling to reach 1.1100. Later, in our opinion, the market may form another consolidation rage. After breaking it downward as well, the instrument may reach the local target at 1.1030.

GBP USD, “Great Britain Pound vs US Dollar”

The GBP/USD pair is still consolidating inside a narrow range. The main scenario suggests that the price may break it downwards and then continue falling with the target at 1.2800. After that, the instrument may be corrected towards 1.3100.

USD CHF, “US Dollar vs Swiss Franc”

The USD/CHF pair is moving upwards. The price is expected to form the third wave with the local target at 0.9975.

USD JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair is still being corrected. We think, today the price may reach 103.50. After that, the instrument may continue falling to reach 99.60.

AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair is forming another descending structure. The price is expected to continue forming the third descending wave with the target at 0.7494. Later, in our opinion, the market may be corrected towards 0.7590 and then continue falling inside to reach 0.7430.

USD RUB, “US Dollar vs Russian Ruble”

We think, today the USD/RUB pair may grow towards 65.65 to complete the current correction. After that, the instrument may falling towards 63.20.

XAU USD, “Gold vs US Dollar”

We think today Gold may grow towards 1323 and then return to 1317. The market is expected to form another consolidation range. If later the price breaks this range upwards, it may be corrected with the target at 1342; if downwards – extend this wave to reach 1300.

RoboForex Analytical Department

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