Analysis for June 9th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has tested the continuation pattern of the previous descending wave from below and almost completed the current ascending wave. If the pair rebounds from 1.1400, it may start forming another descending wave and reach new lows. We think, today the price may fall towards 1.1350 and then return to 1.1380. Later, in our opinion, the market may reach 1.1280.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is moving in the center of its descending wave with the target at 1.4470. We think, today the price may rebound from 1.4520 and reach the target. After that, the pair may test 1.4550 from below and then form another descending wave to reach 1.4300.
USD CHF, “US Dollar vs Swiss Franc”
Still being under pressure, Franc continues falling. Possibly, this structure may be extended up to 0.9570. Later, in our opinion, the market may start a new ascending impulse towards 0.9650; it is expected to form a reversal pattern to continue the uptrend. The first target is at 0.9950.
USD JPY, “US Dollar vs Japanese Yen”
Yen is moving in the center of the downside continuation pattern. The downside target is at 104.00. After that, the pair may return to 113.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has reached the target of its ascending wave, which may be considered as a correction, and right now is forming the first descending impulse. The impulse is quite strong and may transform into a proper descending wave. We think, today the price may reach 0.7450 and then test 0.7483 from below. After that, the pair may break the minimum and continue falling with the first target at 0.7340.
USD RUB, “US Dollar vs Russian Ruble”
Russian Ruble has broken the flag
pattern and reached the target. We think, today the price may return to 65.50 and then fall towards 64.50. The market is expected to form a reversal pattern to start a new correction. An alternative scenario implies that while the oil market is extending its ascending wave, the pair may extend its descending wave as well and reach 62.00.
XAU USD, “Gold vs US Dollar”
Gold is consolidating at the top of its ascending wave. We think, today the price may fall towards the downside border of this consolidation range, break 1255, and then form another descending wave to reach 1233. The first target of the structure is at 1200.
RoboForex Analytical Department