Analysis for October 23rd, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has reached its downside target and broken the minimum of the entire correctional structure, thus almost completing the correction. At the moment, the market continues forming another wave inside the downtrend. The target of this wave is at 1.1000. We think, today, the price may return to 1.1157 and then continue falling to reach the above-mentioned target.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has broken the ascending channel and the minimum of triple top
reversal pattern. The target is at 1.5165. We think, today, the price may fall towards 1.5350 and then return to 1.5410 to test it from below. After that, the instrument may continue falling inside the downtrend.
USD CHF, “US Dollar vs Swiss Franc”
Franc has formed another ascending structure and right now is consolidating. The price is expected to continue growing to reach 0.9870. Possibly, on the way to this target, the pair may form the correction towards 0.9673. After that, the instrument may continue moving upwards to reach the target.
USD JPY, “US Dollar vs Japanese Yen”
Yen has extended its ascending correction; it looks like the market is moving according to an alternative scenario to return to the target at 121.20. We think, today, the price may be corrected towards 119.61. After that, the instrument may form the fifth wave to reach the target and then continue falling inside the downtrend towards 115.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has reached the target of its correction. We think, today, the price may fall and break the minimum of the current consolidation range. The target of this decline is at 0.7070. An alternative scenario implies that reach a new high and expand the range up to 0.7400. After that, the instrument may continue falling to reach the above-mentioned target.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is still falling towards 60.00. After reaching this local target, the price may start forming the fourth correctional structure to return to 64.50 and then form the fifth one with the target at 57.00.
XAU USD, “Gold vs US Dollar”
Gold is still consolidating in the center of divergent triangle
pattern. We think, today, the price may return to 1175.50 and then reach the target at 1155.00. After that, the instrument may move upwards to reach the local target at 1220.00.
RoboForex Analytical Department
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