Analysis for August 11th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair has reached its upside target. We think, today the price may break the minimum of the consolidation channel and fall towards 1.1090. The main scenario implies that the market may continue falling inside the downtrend with the target at 1.0975. An alternative one suggests that the pair may try to extend the ascending structure towards 1.1240.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair is rebounding from 1.3100 downwards. We think, today the price may break 1.2950. The local downside target is at 1.2800.
USD CHF, “US Dollar vs Swiss Franc”
The USD/CHF pair has reached the target of the correction. We think, today the price may forming another consolidation range. If the price breaks this range upwards, the uptrend may continue towards 0.9820.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is moving in the middle of its descending wave; the market is consolidating and may form another structure to reach 102.80. Ascending structures may be considered as an alternative scenario only. After that, the instrument may fall according to the main scenario, reach 99.62, and then return to 101.15. Later, in our opinion, the market may move downwards to reach the local target at 96.00.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair has reached another upside target. We think, today the price may fall according to the main scenario with the first target at 0.7630. An alternative scenario, which includes another consolidation range, suggests that the pair may form one more ascending structure to reach 0.7780.
USD RUB, “US Dollar vs Russian Ruble”
The USD/RUB pair is moving in the center of the descending structure; it continues another consolidation range. If the price breaks this range downwards, it may fall towards 63.40; if upwards – the correction may take place with the target at 65.70.
XAU USD, “Gold vs US Dollar”
Being under pressure, Gold is moving downwards. Possibly, the price may form the fifth descending structure towards 1327. Later, in our opinion, the market may grow to reach the upside border of the range at 1367.
RoboForex Analytical Department
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