Analysis for January 4th, 2017
The EUR/USD pair is forming another descending wave to reach the target at 1.0330 near the expanding triangle’s downside border. Possibly, this structure may be extended up to 1.0312. Later, in our opinion, the market may be corrected to the upside towards 1.0400. After that, the instrument may continue moving downwards to reach 1.0150.
EUR USD, “Euro vs US Dollar”
The GBP/USD pair is forming another consolidation range in the form of the expanding triangle pattern. Possibly, today the price may test 1.2274 from below. If the pair rebounds from this level to the downside, it may fall to reach the next target at 1.2163. Later, in our opinion, the market may return to 1.2274.
GBP USD, “Great Britain Pound vs US Dollar”
The USD/CHF pair is trading inside another ascending wave and forming a continuation pattern at 1.0270. Possibly, the price may reach 1.0380. Later, in our opinion, the market may test 1.0270 from above. After that, the instrument may continue growing to reach its next target at 1.0500.
USD CHF, “US Dollar vs Swiss Franc”
Being under pressure, the USD/JPY pair is moving upwards. In fact, the price is expected to form the double top pattern. After that, the instrument may start falling to break 116.00 to the downside.
USD JPY, “US Dollar vs Japanese Yen”
Being under pressure, the AUD/USD pair is moving upwards as well; this structure may be considered as the correctional one. Later, in our opinion, the market may fall with the target at 0.7100. Possibly, the price may expand this consolidation range and extend this structure towards 0.7050.
AUD USD, “Australian Dollar vs US Dollar”
The USD/RUB pair is forming the third descending wave with the target at 59.50. Possibly, today the price may reach 60.00 and then start another correction towards 62.50. After that, the instrument may fall to reach 58.50.
USD RUB, “US Dollar vs Russian Ruble”
Gold is still being corrected. Possibly, the price may reach 1169.00 and then start another correction with the target at 11488.50. Later, in our opinion, the market may grow towards 1172.00.
XAU USD, “Gold vs US Dollar”
Brent has completed the descending correction and right now is moving upwards with the target at 58.80. Possibly, today the price may rebound from 55.80 and start growing to reach the local target. After that, the instrument may fall towards 52.00 and then move upwards with the target at 59.90.
RoboForex Analytical Department
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