Forex Technical Analysis 16.05.2016 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

16.05.2016

Analysis for May 16th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has completed the third structure of the descending wave. We think, today the price may form another consolidation channel, break it upwards, and return to 1.1370 to test it from below. Later, in our opinion, the market may form the fifth descending structure with the target at 1.1200.




GBP USD, “Great Britain Pound vs US Dollar”

Pound has expanded the consolidation range downwards and reached the local target of this descending wave. We think, today the price may form another consolidation channel. If the pair breaks this channel downwards, it may continue forming the fifth structure to reach 1.4160; if upwards – start a correction with the target at 1.4460.




USD CHF, “US Dollar vs Swiss Franc”

Being under pressure, Franc continues moving upwards. If the price break the top of the consolidation range, it may continue growing towards 0.9800. After that, the pair may return to 0.9700 and then grow to reach 0.9945.




USD JPY, “US Dollar vs Japanese Yen”

Yen is consolidating. We think, today the price may move downwards to break this consolidation range and then continue falling inside the downtrend with the target at 104.00.




AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar has reached the local target of the descending wave. We think, today the price may form another consolidation channel, break it upwards, and start a new correction with the target at 0.7484. After that, the pair may form the fifth structure to reach 0.7140.




USD RUB, “US Dollar vs Russian Ruble”

Being under pressure, Russian Ruble is falling. We think, today the price may break the minimum and then expand the consolidation range downwards to reach 62.00.




XAU USD, “Gold vs US Dollar”

Gold has completed the ascending structure with the target at 1283.00. We think, today the price may fall towards 1265.00, break it, and then form another consolidation channel below it. If the price breaks this consolidation channel downwards, it may form the fifth structure with the target at 1248.00; if upwards – start growing to reach the target at 1320.00.



 
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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