Forex Technical Analysis: EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD
Analysis for May 23rd, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has completed the descending wave and right now is forming a new ascending impulse. We think, today the price may form another consolidation range inside the descending channel. If later the pair breaks this range upwards, the correction may continue towards 1.1400; if downwards – extend the wave to reach 1.1110.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has broken its descending channel and reached the local target. We think, today the price may test 1.4560. Later, in our opinion, the market may form the fifth descending structure with the target at 1.4460.
USD CHF, “US Dollar vs Swiss Franc”
Franc is consolidating. We think, today the price may break this range upwards and reach the main target of the wave at 0.9944. After that, the pair may form a new descending correction towards 0.9700. However, if the range is broken downwards (an alternative scenario), the market may be corrected towards 0.9800 and then grow to reach 0.9944.
USD JPY, “US Dollar vs Japanese Yen”
Yen has broken its ascending channel. We think, today the price may continue falling inside the downtrend to reach the local target at 104.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is falling towards the target at 0.7130. We think, today the price may continue moving downwards. After reaching the target, the pair may form another consolidation channel, break it upwards, and start a new correction to return to 0.7480 and test it from below.
USD RUB, “US Dollar vs Russian Ruble”
Russian Ruble is moving downwards; the market has formed another consolidation range. We think, today the price may break it upwards and start a new correction towards 69.00.
XAU USD, “Gold vs US Dollar”
Being under pressure, Gold is falling. We think, today the price may form another consolidation range. If later the market breaks this range upwards, the correction may continue up to 1275; if downwards – it may continue falling to reach 1194.