Analysis for May 10th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has completed the first wave and reached its downside target. We think, today the price may form a correctional structure towards 1.1500 and then fall to form the third wave to break the minimum. Possibly, the pair may form a continuation pattern, consolidate near the broken minimum and then continue falling towards 1.1200.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has almost formed another downside continuation pattern. Considering this pattern and that there was no correction, we think the price may continue falling to reach 1.4160.
USD CHF, “US Dollar vs Swiss Franc”
Being under pressure, Franc continues moving upwards. The market has broken 0.9692 at the center of the pattern to extend this wave with the target at 0.9937. An alternative scenario implies that the pair may break 0.9650 downwards and start a new correction to reach 0.9562.
USD JPY, “US Dollar vs Japanese Yen”
Yen is being corrected towards 108.80. Later, in our opinion, the market may break the ascending channel and continue falling inside the downtrend to reach 104.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is forming another descending structure with the local target at 0.7247. After that, the pair may be corrected towards 0.7480 to test it from below. Later, in our opinion, the market may continue falling to reach the target at 0.7130.
USD RUB, “US Dollar vs Russian Ruble”
Russian Ruble is expected to break 66.85. Later, in our opinion, the market may form the third structure of the correction with the target at 68.40. After that, the pair may test 66.85 from above and then grow to reach 69.30.
XAU USD, “Gold vs US Dollar”
Gold is forming another descending wave; the market has broken the minimum of the first wave and right now is forming the third one. We think, today the price may form a continuation pattern, reach new lows, and then fall towards 1245.
RoboForex Analytical Department