Forex Technical Analysis: EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, XAU/USD (Gold)
Analysis for May 30th, 2016
EURUSD, “Euro vs US Dollar”
Eurodollar has reached the target of the first Fibonacci retracement expansion; the structure looks like the first wave of another downtrend. We think, today the price may form another consolidation channel, update its lows, and reach 1.1200. According to the main scenario, the pair may break this channel upwards to start a new correction with the target at 1.1400. If the channel is broken downwards, the market may move to reach 1.0750.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound has returned to 1.4612. We think, today the price may grow towards 1.4670, thus defining the borders of another consolidation range. If the range is broken downwards, the pair may continue falling towards 1.4300; if upwards (an alternative scenario) – grow with the target at 1.4900.
USDCHF, “US Dollar vs Swiss Franc”
Franc has reached the target of the first ascending wave. We think, today the price may form another consolidation range and fall towards 0.9900. If later the range is broken downwards, the pair may start a new correction with the target at 0.9700; if upwards – continue growing towards 1.0500.
USDJPY, “US Dollar vs Japanese Yen”
Being under pressure, Yen is moving upwards. We think, today the price may continue moving according to an alternative scenario, which implies that it may form the third ascending structure towards 111.80. After that, the pair may return to 109.00 and then form another ascending structure with the target at 113.00.
AUDUSD, “Australian Dollar vs US Dollar”
Being under pressure, Australian Dollar is falling. We think, today the price may reach 0.7130 and complete this descending wave. Later, in our opinion, the market may form another consolidation channel. After break it upwards, the pair is expected to start a new correction with the target at 0.7450.
USDRUB, “US Dollar vs Russian Ruble”
We think, today Russian Ruble may move upwards to reach 67.62 and complete this correction. Later, in our opinion, the market may fall towards 63.95.
XAUUSD, “Gold vs US Dollar”
Gold isn’t trading today due to the holidays in the USA. Tomorrow, after the market opening, the price is expected to continue falling towards 1200.