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Forex Technical Analysis 07.10.2016 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD, BRENT)

Analysis for October 7th, 2016

EUR USD, “Euro vs US Dollar”

Being under pressure, the EUR/USD pair is moving downwards. The price is expected to reach 1.1100. After breaking the triangle pattern to the downside, the instrument may continue falling to reach 1.1070 and then form another consolidation range. If later the market breaks this consolidation range upwards, it may be corrected to reach 1.1150; if downwards – continue falling inside the downtrend with the target at 1.0700.




GBP USD, “Great Britain Pound vs US Dollar”

After breaking 1.2600, the GBP/USD pair “plummeted” and extended the wave almost twofold. Right now, the market is moving back to 1.2600. We think, today the price may test 1.2633 from below and then continue falling inside the downtrend with the target at 1.0600.




USD CHF, “US Dollar vs Swiss Franc”

Being under pressure, the USD/CHF pair is growing. Right now, the market is breaking the low of the current consolidation range. Later, the price is expected to reach the target at 0.9940 and then start forming another consolidation range.




USD JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair is consolidating. If later the market breaks this consolidation range downwards, it may fall towards 102.27; if upwards – grow with the target at 104.42.




AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair has broken the downside border of the diamond reversal pattern and right now is consolidating. According to the main scenario, the price may continue falling inside the downtrend to reach the local target at 0.7500.




USD RUB, “US Dollar vs Russian Ruble”

Being under pressure, the USD/RUB pair is falling. We think, today the price may reach 61.90 and the=n start a new correction with the target at 63.60. After that, the instrument may continue falling inside the downtrend with the target at 61.29.




XAU USD, “Gold vs US Dollar”

Being under pressure, Gold is moving downwards. Possibly, the price may reach another target at 1243. After that, the instrument may grow towards 1310 to test it from below.




BRENT

Brent has reached the target of the fifth ascending wave. Right now, the market is under pressure and still growing. Possibly, the price may extend the wave towards 53.00. After that, the instrument may be corrected with the target at 50.60 (at least).



 
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