Analysis for May 4th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has reached the target of its fifth ascending wave; the market has formed a new descending impulse and has broken the previous ascending channel. We think, today the price may reach 1.1466 and then test 1.1502 from below. After that, the pair may fall towards 1.1387 and then be corrected to return to 1.1500.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has reached the target of its ascending wave. Today the price is moving inside the first descending wave and has already formed a continuation pattern. The downside target is at 1.4470. Later, in our opinion, the market may be corrected to return to 1.4620.
USD CHF, “US Dollar vs Swiss Franc”
Franc has reached the target of its descending wave. Today, the price is moving upwards, has already broken the previous channel at 0.9537, and may reach 0.9580. After that, the pair may test 0.9537 from above and then start growing to reach the target at 0.9650.
USD JPY, “US Dollar vs Japanese Yen”
Yen is still consolidating and may have formed a downside continuation pattern. We think, today the price may rebound from the pattern’s center downwards. After breaking the minimums of the consolidation range, the market may continue falling inside the downtrend to reach 104.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has broken the minimum of its first descending wave and may be forming the third wave inside the downtrend. We think, today the price may reach 0.7427 and then return to 0.7530, at least. After that, the pair may continue forming the third wave with the target at 0.7344.
USD RUB, “US Dollar vs Russian Ruble”
We think today, after the market opening, Russian Ruble may return to 66.78. The main scenario implies that the pair may follow the oil market prices and start a new correction. The target of the correction is at 69.00, at least.
XAU USD, “Gold vs US Dollar”
Gold is forming the third structure of the downtrend; the local target of the structure is at 1265. Later, in our opinion, the instrument may return to 1285, move downwards to reach 1265, and then start a new correction towards 1285.
RoboForex Analytical Department
Without authorization, you can view no more than two reviews per day and no more than 10 per month. To continue reading analytical reviews, register or login to your Members Area.