Analysis for August 16th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is moving upwards; it has returned to the upside border of the consolidation channel. We think, today the price may fall to reach 1.1195. After that, the instrument may move according to an alternative scenario, i.e break the channel upwards and grow with the target at 1.1240. We should note that this wave is entirely correctional, and the price may start falling at any moment and continue falling inside the downtrend. The target is at 1.1000.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair has is moving in the center of the descending wave with the target at 1.2800. By now, the market has already tested 1.2900 from below. After that, the instrument may fall to reach the local target and then start a new correction towards 1.3100. Later, in our opinion, the market may continue falling inside the downtrend to reach the main target at 1.2650.
USD CHF, “US Dollar vs Swiss Franc”
Being under pressure, the USD/CHF pair is falling. Possibly, this structure may be extended up to 0.9630 (an alternative scenario). The main scenario implies that the market may break 0.9750 upwards. The target is at 0.9922.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is still forming the descending wave; it has reached another new low and expanded the trading range. We think, today the price may test 100.87 from below and then reach another target at 99.50. The main target of this wave is at 96.00.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair has reached the predicted target of the correction. Possibly, this ascending structure may be extended towards 0.7711. After that, the instrument may form another wave inside the downtrend. The target is at 0.7616.
USD RUB, “US Dollar vs Russian Ruble”
The USD/RUB pair is moving downwards. Possibly, this structure may be extended towards 63.50. Later, in our opinion, the market may return to 64.50 and then fall with the target at 62.00.
XAU USD, “Gold vs US Dollar”
Gold is still moving upwards and may reach the target at 1358. An alternative scenario implies that the price may fall to reach 1326, grow towards the above-mentioned target, and then return to 1340. If the instrument breaks this consolidation channel upwards, it may extend the wave up to 1440; if downwards – start another correction with the target at 1300.
RoboForex Analytical Department
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