Forex Technical Analysis & Forecast 07.08.2017 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD, BRENT)

07.08.2017

EUR USD, “Euro vs US Dollar”

The EUR/USD pair has moved downwards and reached the predicted target of the descending wave. We think, today the price may be corrected towards 1.1830. However, the instrument may continue falling inside the downtrend and reach 1.1697 and form the first half of the wave. The main target is at 1.1475.

 

GBP USD, “Great Britain Pound vs US Dollar”

The GBP/USD pair has almost completed the descending impulse. Possibly, today the price may test 1.3091 from below and then start another descending structure with the target at 1.2922.

 

USD CHF, “US Dollar vs Swiss Franc”

The USD/CHF pair has broken its consolidation range to the upside and right now is testing 0.9700 from above. After that, the instrument may grow to reach the local target at 0.9862.

 

USD JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair has reached a new low and then returned to 110.82, thus forming another consolidation range. Possibly, today the price may fall towards 110.40. If later the instrument breaks this range to the downside, the market may reach 109.45; if to the upside – start another correction with the target at 112.18.

 

AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair is forming the third descending wave. We think, today the price may fall towards 0.7863. Later, in our opinion, the market may be corrected to reach 0.7954 and then fall with the target at 0.7842.

 

USD RUB, “US Dollar vs Russian Ruble”

The USD/RUB pair is trading 60.03. Possibly, the price may continue growing towards 61.19 (an alternative scenario) and then fall to reach 60.00. the main scenario implies that the market may continue falling inside the downtrend with the target at 55.50.

 

XAU USD, “Gold vs US Dollar”

Gold has completed the descending correctional structure. Possibly, today the price may grow towards 1264.60 and then fall to reach 1259.40. If later the instrument breaks this consolidation channel to the upside, the market may reach 1284.00; if to the downside – continue the correction with the target at 1233.00.

 

BRENT

Brent is trading above 51.73. We think, the price may continue growing towards the local target at 53.51. After that, the instrument may be corrected to reach 50.67 and then start another growth with the target at 55.10.

 

RoboForex Analytical Department

 

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

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