Analysis for August 5th, 2015
EUR USD, “Euro vs US Dollar”
Being under pressure, Eurodollar is falling today; the pair hasn’t completed the current wave yet. We think, the price may form a consolidation channel and a continuation pattern. The structure of this pattern may be quite long and reach 1.0918 to test it from below. After that, the pair may start falling again to break 1.0860, test if from below, and then continue falling inside the downtrend to reach 1.0600.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has broken 1.5560 downwards. We think, today, the price may form a descending structure to reach 1.5442. In case the pair attempts to reach 1.5560, it may rebound and continue forming this descending wave.
USD CHF, “US Dollar vs Swiss Franc”
Franc has reached the target of another ascending structure. We think, today, the price may consolidate for a while and then continue forming this wave towards the next target at 0.9944.
USD JPY, “US Dollar vs Japanese Yen”
Yen is moving upwards. We think, today, the price may reach the local target at 124.65. After that the pair may a correction as the fourth wave to reach 122.94.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has finished the third ascending wave and right now is forming the fourth one. The market has reached the minimum target of this correction. Possibly, the price may reach a new high at 0.7320. After that, the pair may start the fifth wave towards 0.7450.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is still moving upwards. Possibly, today the price may form a descending wave towards 61.00. The market is expected to form a consolidation channel and a reversal pattern. The mains scenario remains the same - a new descending wave with the target at 52.50.
XAU USD, “Gold vs US Dollar”
Gold is moving in the center of its consolidation channel without any particular direction. We think, today, the price may continue consolidating.
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