Forex Technical Analysis: EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, XAU/USD
Analysis for May 17th, 2016EUR USD, “Euro vs US Dollar”
Eurodollar has broken the channel of the third descending structure and right now is consolidating. We think, today the price may fall towards 1.1300. Later, in our opinion, the market may grow to reach 1.1370 and then continue moving downwards with the target at 1.1200.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is being corrected; the pair has expanded its trading range upwards. We think, today the price may test 1.4390 from above and then form another ascending structure to reach 1.4540. Later, in our opinion, the market may form the fifth structure with the target at 1.4160.
USD CHF, “US Dollar vs Swiss Franc”
Franc is moving upwards. We think, today the price may reach 0.9800. After that, the pair may test 0.9700 from above and then grow to reach 0.9950.
USD JPY, “US Dollar vs Japanese Yen”
Yen is growing towards the upside border of the consolidation channel. After that, the pair may fall to the downside border and then reach 110.00, thus completing the correction. Later, in our opinion, the market may continue falling inside the downtrend with the target at 104.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has reached the closest target of the correction. We think, today the price may fall towards 0.7300 and then continue the correction to reach 0.7480. After that, the pair may form the fifth structure to reach 0.7150.
USD RUB, “US Dollar vs Russian Ruble”
Russian Ruble is moving near the downside border of the consolidation range. We think, today the price may fall to reach 62.00 and then test 64.50 from below.
XAU USD, “Gold vs US Dollar”
Gold has completed the descending impulse and the correction. If the price breaks its trading range downwards, it may fall to each 1248.00; if upwards – start growing to extend the wave and reach the target at 1320.00 (an alternative scenario).