Analysis for May 6th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is moving inside the third ascending wave; the pair is consolidating. We think, today the price may continue forming this consolidation channel near the current highs. If the market breaks this channel upwards, it may continue forming the third wave towards level of 1.1432; if downwards – continue the correction towards level of 1.0970. Later, after completing the third wave, the market may start the fourth one (as a descending correction) to reach the local target at 1.0970.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is forming an ascending structure to return to level of 1.5290, thus forming a new consolidation channel. If the price breaks this channel upwards, it may form an ascending structure to break the maximum and continue forming an ascending wave with the target at level of 1.5800; if downwards – continue the correction to reach level of 1.5020.
USD CHF, “US Dollar vs Swiss Franc”
Franc is falling. We think, today the price complete the third wave by falling and reaching level of 0.9222. After that, the pair may return to level of 0.9540 as the fourth wave and then form the fifth one with the target at 0.8955.
USD JPY, “US Dollar vs Japanese Yen”
Yen has finished its descending structure, which may be considered as a correction. We think, today the price may an ascending wave by growing towards level of 121.00. After that, the market may start forming the fifth wave, a descending one, to reach level of 117.44.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still growing. We think, today the price may test level of 0.7938 from above, move upwards to reach level of 0.8030, and then fall again towards level of 0.7940. Later, in our opinion, the market may complete this five-wave structure inside the first wave by reaching level of 0.8090. After that, the pair may start a descending correction towards level of 0.7800 (as the second wave).
USD RUB, “US Dollar vs Russian Ruble”
Ruble is moving downwards. We think, the price may reach level of 46.00 or even extend this structure towards level of 40.00 and break it. After that, the market may start growing again to return to level of 58.50.
XAU USD, “Gold vs US Dollar”
Gold has reached its target and returned to the level where an ascending channel was broken. Possibly, the price may extend this structure towards level of 1202. Later, in our opinion, the market may start another descending wave (the third one, to break the current minimums) with the target at level of 1140.
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