Analysis for September 4th, 2015
EUR USD, “Euro vs US Dollar”
After a fast decline yesterday, Eurodollar is consolidating. The market hasn’t reached the target of this wave yet. We think, today, the price may reach 1.1024 and then form a correction to return to 1.1360. After that, the pair may continue falling inside the downtrend.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has reached the minimum target of its descending structure. We think, today, the price may form a correction towards 1.5488. However, while the market is moving inside the descending channel and trying to break its lower border, the pair is expected to reach the next target at 1.5163, then 1.5108, and then 1.4960. We will be able to define the local target of this descending wave only after the price tests these levels from below.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still moving upwards. We think, today, the price may reach 0.9816 and then return to 0.9638 to test it from above. After that, the pair may start another growth with the target at 0.9870.
USD JPY, “US Dollar vs Japanese Yen”
Yen hasn’t been able to form an ascending wave, and right new is forming the fifth descending structure to reach 118.91. After that, the pair may return to 120.33 and then start another decline with the target at 119.63.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar hasn’t been able to form the third ascending impulse; the pair has broken its consolidation channel downwards. We think, today, the price may form an extension to reach 0.6888. After that, the pair may form a reversal structure for a new growth towards 0.7555.
USD RUB, “US Dollar vs Russian Ruble”
Ruble has returned into its consolidation channel and is rebounding from the center. We think, today, the price may break the channel upwards again and grow to reach 69.00. After that, the pair may start moving downwards to break the minimum of the channel and then continue falling to reach 61.00.
XAU USD, “Gold vs US Dollar”
Gold is forming the fifth correctional structure with the target at 1110. Later, after breaking the descending channel, the instrument is expected to form a reversal structure to break the top of the ascending wave. The local target is at 1215.
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