Analysis for October 14th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is moving inside the narrow consolidation channel at the top of flag correctional pattern. This consolidation channel may be considered as a continuation pattern to extend the correction (alternative scenario). The main scenario implies that the price may reach 1.1474. Later, in our opinion, the pair may return to 1.1372.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has broken its consolidation channel and expanded it downwards. We think, today, the price may return to 1.5307 to test it from below and then continue falling inside the downtrend. An alternative scenario suggests that the pair may reach 1.5415 once again and after that continue moving downwards.
USD CHF, “US Dollar vs Swiss Franc”
Franc has broken its consolidation channel downwards and right now is expanding it to reach 0.9546. After that, the price may test 0.9663 from below and then form another descending structure with the target at 0.9572.
USD JPY, “US Dollar vs Japanese Yen”
Yen has broken triangle’s lower border. The main scenario implies that the price may consolidate here and then continue falling towards 118.75. Later, in our opinion, the pair may test the broken border from below and then continue moving inside the downtrend. The next target is at 118.30.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has finished the first structure of the correction. We think, today, the price may return to 0.7289 to test the broken ascending channel from below. Later, in our opinion, the pair may form the third structure of the correction. The local target is at 0.7150.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is moving downwards. We think, today, the price may test 63.50 from below and then continue falling to reach 60.00. After that, the instrument may start another correction towards 64.50 and then form the fifth descending wave with the target at 57.00.
XAU USD, “Gold vs US Dollar”
Gold has reached the local upside target. We think, today, the price may fall to test 1155.25 from above and then form another ascending structure towards 1178.50. Later, the market may return to 1150.00 thus forming a consolidation channel and an upside continuation pattern. The target of such pattern is at 1220.00. This growth may be considered as the third wave. After that, the instrument may start the fourth wave to fall towards 1160.00.
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