Analysis for August 2nd, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is still moving inside a narrow consolidation range at the top of its ascending structure. Possibly, the price may reach a new high at 1.1210. After breaking the low of the range, the pair may continue falling to reach the next target at 1.1000.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair has broken the ascending channel. We think, today the price may fall towards 1.3063. Later, in our opinion, the market may consolidate and break this level downwards. The market is expected to reach 1.2800.
USD CHF, “US Dollar vs Swiss Franc”
The USD/CHF pair is consolidating near its lows. We think, today the price may reach 0.9655. After that, the pair may grow to expand this consolidation range upwards to reach 0.9795.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is consolidating above 103.00; this structure may be considered as a downside continuation pattern. We think, today the price may reach 100.40 and then return to 103.00 once again to test it from below. Later, in our opinion, the market may continue falling to reach 96.00.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair has returned to its consolidation range. If the price breaks this range upwards, it may grow to reach 0.7620 (an alternative scenario); if downwards – fall with the target at 0.7400.
USD RUB, “US Dollar vs Russian Ruble”
The USD/RUB pair has formed another consolidation channel. If the price breaks this channel upwards, it may extend the third wave towards 67.30; if downwards – fall to reach 64.00.
XAU USD, “Gold vs US Dollar”
Gold is forming another consolidation channel above 1343. In fact, the market is forming an upside continuation pattern. The price is expected to reach 1359. Later, in our opinion, the market may be corrected to return to 1343 and then continue growing with the target at 1425.
RoboForex Analytical Department