Forex Technical Analysis: EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, XAU/USD (Gold)
Analysis for May 24th, 2016
EURUSD, “Euro vs US Dollar”
Eurodollar is consolidating near its lows. According to the main scenario, the price may break the descending channel and start a new ascending correction 1.1400. An alternative scenario implies that the market may fall to reach 1.1110 and then form the above-mentioned correction with the target at 1.1400.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound has completed its descending structure. We think, today the price may be corrected to return to 1.4560, thus defining borders of a new consolidation channel. The main scenario suggests that the market may continue falling towards 1.4200.
USDCHF, “US Dollar vs Swiss Franc”
Franc is still consolidating at the top of the ascending wave. We think, today the price may grow to reach 0.9944. After that, the pair may be corrected towards 0.9700.
USDJPY, “US Dollar vs Japanese Yen”
Yen has reached the target of the first descending impulse. We think, today the price may return to 109.87 to test it from below. Later, in our opinion, the market may continue falling inside the downtrend to reach the local target at 104.00.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar is falling towards the target at 0.7130. We think, today the price may reach the target and then form another consolidation channel. After that, the pair may break the channel upwards and start a new correction to return to 0.7480.
USDRUB, “US Dollar vs Russian Ruble”
Russian Ruble is moving inside its narrow consolidation range to break the descending channel. We think, today the price may continue growing towards 69.00.
XAUUSD, “Gold vs US Dollar”
Being under pressure, Gold is falling. We think, today the price may form another consolidation range with the downside border at 1238 and then grow to break the range upwards. In this case, the correction may continue up to 1275. If the market breaks the range downwards, it may continue falling to reach 1194.