Analysis for October 24th, 2016
After reaching 1.0860, the EUR/USD pair has started forming another consolidation range. The main scenario suggests that the price may continue falling inside the downtrend. The next target is at reach 1.0802. Possibly, the market may form a correctional structure towards 1.0950. After that, the instrument may continue falling to reach 1.0650.
EUR USD, “Euro vs US Dollar”
The GBP/USD pair is consolidating without any particular direction; in fact, the market has formed another descending structure. We think, today the price may return to 1.2257. Possibly, later the market may continue moving upwards with the target at 1.2600 and then start falling to reach 1.0750.
GBP USD, “Great Britain Pound vs US Dollar”
After reaching 0.9940, the USD/CHF pair has broken the upside border of the daily consolidation range and is still moving upwards. We think, today the price may consolidate around 0.9940. If later the market breaks this range upwards, it may continue growing inside the uptrend with the target at 1.0300; if downwards – start another correction to reach 0.9800.
USD CHF, “US Dollar vs Swiss Franc”
The USD/JPY pair is forming another structure of the descending wave. The first target is at 103.00. Later, in our opinion, the market may be corrected towards 103.60 and then continue falling inside the downtrend to reach 98.00.
USD JPY, “US Dollar vs Japanese Yen”
The AUD/USD pair has broken the ascending channel. We think, today the price may form another consolidation range around 0.7645. After that, the instrument may continue falling to reach 0.7555.
AUD USD, “Australian Dollar vs US Dollar”
The USD/RUB pair is consolidating near the lows of its descending structure. Possibly, the price may return to 62.95. If later the market breaks this range upwards, it may grow with the target at 63.60; if downwards – continue falling inside the downtrend to reach 61.30.
USD RUB, “US Dollar vs Russian Ruble”
Being under pressure, Gold is growing. Possibly, the price may reach 1278 and then test 1270 from above. Later, in our opinion, the market may grow and reach the local target at 1290.
XAU USD, “Gold vs US Dollar”
Brent is moving inside a wide consolidation range. If this range is broken upwards, the price may reach 54.00; if downwards – start another correction with the target at 51.00.
RoboForex Analytical Department
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