Analysis for October 4th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair has broken the consolidation range downwards and right now is forming another descending structure with the target at 1.1186. After that, the instrument may form another consolidation range continue moving according to the main scenario and fall to reach 1.1125. Later, in our opinion, the market may be corrected towards 1.1186 and then continue falling inside the downtrend to reach 1.1100.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair has reached the target and broken the triangle
pattern downwards. Possibly, today the price may test 1.2938 from below. Later, in our opinion, the market may continue falling to reach the target at 1.2800.
USD CHF, “US Dollar vs Swiss Franc”
The USD/CHF pair is forming the fifth ascending structure with the target at 0.9763. Later, in our opinion, the market may be corrected towards 0.9700 and then form a new ascending wave towards 0.9940.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair has almost reached the target of the five-wave correctional structure. We think, today the price may fall towards 100.96, thus forming a new consolidation range. If later the market breaks this range downwards, it may move according to the main scenario and reach the local target at 98.00; if upwards – continue the current correction towards 103.00.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair has reached the target of the correction and right now is consolidating. If later the market breaks this consolidation range downwards, it may continue falling inside the downtrend with the target at 0.7500; if upwards – form the double top
pattern at the top of the ascending wave.
USD RUB, “US Dollar vs Russian Ruble”
The USD/RUB pair is falling inside the downtrend with the target at 61.03. Possibly, before reaching this target, the market bay be corrected towards 63.43. After that, the instrument may form another correction to return to 63.43 and test it from below. Later, in our opinion, the market may continue moving downwards to reach 60.00.
XAU USD, “Gold vs US Dollar”
Gold is falling. The local target is at 1302.40. After that, the instrument may be corrected towards 1320.90 and then fall to reach 1295.08, thus finishing this descending wave.
Being under pressure, Brent is growing, forming consolidating rages, breaking them upwards, and then growing again. The local target is at 52.77. Later, in our opinion, the market may be corrected towards 49.50 and then continue growing to reach 53.50.
RoboForex Analytical Department