Analysis for March 29th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is falling. The main scenario suggests that the price may reach 1.1000, but the ascending structure is a three-wave structure so far. We think, today the pair may move according to alternative scenario, which implies that it may form the fifth wave of the correction towards 1.1226. After that, the market may continue falling inside the downtrend to reach 1.1000.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has almost completed the correction and right now is falling. We think, today the price may reach 1.4063 as the third wave. After that, the pair may form another consolidation channel, break it downwards, and then fall to reach 1.3843.
USD CHF, “US Dollar vs Swiss Franc”
Franc has reached the target of its correction and right now moving upwards to reach 0.9800. An alternative scenario implies that the market may form another descending structure towards 0.9700 and then continue growing to reach 0.9800.
USD JPY, “US Dollar vs Japanese Yen”
Yen is consolidating near the top of the third ascending wave. We think, today the price may continue consolidating. Possibly, it may fall towards 112.50 and then form another ascending structure to reach 114.26 (test of the upper border of the consolidation channel). Later, in our opinion, the market may move downwards with the target at 110.30.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is being corrected towards 0.7587. After that, the pair may continue falling inside the downtrend to reach 0.7428. And this is just a half of the third descending structure. The local target of this wave is at 0.7260.
USD RUB, “US Dollar vs Russian Ruble”
Russian Ruble is consolidating without any particular direction. We think, today the price may test 69.40 from below. After that, the pair may continue falling towards 65.00.
XAU USD, “Gold vs US Dollar”
Gold is consolidating. We think, today the price may reach 1206.60. Later, in our opinion, the market may return to 1216.00 and then continue falling inside the downtrend to reach 1170.00.
RoboForex Analytical Department
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