Forex Technical Analysis 20.05.2016 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

20.05.2016

Analysis for May 20th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has reached the target at 1.1200 and right now is consolidating; it has defined the channel’s borders and returned to the center. We think, today the price may reach a new low. If later the pair breaks this channel downwards, it may expand the channel towards 1.1130; if upwards – start a correctional wave with the target at 1.1400.




GBP USD, “Great Britain Pound vs US Dollar”

Pound is consolidating at the top of its ascending impulse. If later the pair breaks this channel downwards, it may return to 1.4500; if upwards – grow to reach 1.4720, thus completing this ascending structure. Later, in our opinion, the market may fall with the target at 1.4200.




USD CHF, “US Dollar vs Swiss Franc”

Franc is moving at the top of another ascending impulse. We think, today the price may reach 0.9945, thus completing this ascending structure. After that, the pair may form another consolidation channel, break it downwards, and then start a new correction towards 0.9700.




USD JPY, “US Dollar vs Japanese Yen”

Yen is moving upwards. The market continues forming another consolidation channel; it has already reached the target of the ascending wave. We think, today the price may continue consolidating. If later the pair breaks this channel downwards, the downtrend may continue to reach 104.00; if upwards (alternative scenario) – extend the wave towards 110.80. Later, in our opinion, the market may continue falling inside the downtrend with the target at 104.00.




AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is moving towards 0.7250 to test it from below. After that, the pair may fall to reach the main target at 0.7140 and then start a new correction to return to 0.7480.




USD RUB, “US Dollar vs Russian Ruble”

Russian Ruble has attempted to expand its consolidation range upwards and returned to the upside border of the descending channel. If the price rebounds from it downwards, it may fall towards 62.00. An alternative scenario implies that the pair may rebound from 66.00, break the channel upwards, and start a correction towards 69.40. Later, in our opinion, the market may continue falling towards 60.00.




XAU USD, “Gold vs US Dollar”

Gold has reached the target of the descending wave and right now is being corrected towards 1275. We think, today the price may form another consolidation range. If later the market breaks this range upwards, the correction may continue; if downwards (an alternative scenario) – it may reach 1240.



 
RoboForex Analytical Department

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.