Analysis for May 5th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is still being corrected. We think, today the price may reach level of 1.1058 (at least) or even test level of 1.0970 (as maximum). Later, in our opinion, the market may form another ascending structure to reach the local target at 1.1430.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is still consolidating. We think, today the price may leave this consolidation channel downwards to reach level of 1.5070. Later, in our opinion, the market may complete this ascending correctional wave by forming another ascending structure to reach level of 1.5804. After that, the pair may continue falling inside the downtrend. The target is at level of 1.4400 (at least).
USD CHF, “US Dollar vs Swiss Franc”
Franc is still consolidating near its lows. We think, today the price may break this consolidation channel upwards to form a correction to test level of 0.9540 from below. Later, in our opinion, the pair may complete the third wave by falling and reaching the local target at level of 0.9222. After that, the pair may return to level of 0.9540 as the fourth wave and then form the fifth one with the target at 0.8955.
USD JPY, “US Dollar vs Japanese Yen”
Yen continues consolidating inside its ascending impulse. We think, today the price may test level of 119.78 and then complete this ascending wave (the fourth one) by growing towards level of 121.00. After that, the market may start forming the fifth wave to reach level of 117.44.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has formed a consolidation channel and broken it upwards. We think, today the price may finish the first structure by forming the fifth ascending wave to reach level of 0.8080, Later, in our opinion, the market may fall towards level of 0.7805. The pair is expected to form a five-wave flag
pattern as the second correctional wave.
USD RUB, “US Dollar vs Russian Ruble”
Ruble continues moving inside a consolidation channel steadily. If the price breaks this channel upwards, it may extend the fourth wave towards level of 58.50 to test it from below; if downwards – reach level of 46.00 and complete this part of a descending wave. Possibly, the pair may extend this structure downwards.
XAU USD, “Gold vs US Dollar”
Gold is expected to complete this part of a correctional wave by forming an ascending structure to reach level of 1197. Later, in our opinion, the market may form another descending structure towards level of 1140.
RoboForex Analytical Department