Forex Technical Analysis: EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, Gold

Analysis for January 11th, 2016

EUR USD, “Euro vs US Dollar”

Eurodollar has reached the target of its ascending wave and completed the correction. We think, the price may start forming another wave inside the downtrend with the target at 1.0682. The target of this wave’s first structure is at 1.086. Later, in our opinion, the market may be corrected towards 1.0907.

GBP USD, “Great Britain Pound vs US Dollar”

Pound has almost completed its descending structure. Soon the price may start another correction to return to 1.5116. Today the pair tried to form a reversal impulse, but it wasn’t strong enough for a higher correction. We think, today, the price may reach new lows and consolidate close to the current ones.

USD CHF, “US Dollar vs Swiss Franc”

Franc has reached the target of its descending wave, which may be considered as a correctional one. The main scenario suggests that the price may move upwards; the target of another wave is at 1.0186. Right now, the pair is forming the first ascending impulse with the target at 0.9983. Later, in our opinion, the market may form a correction towards 0.9932 and then continue growing. The next target is at 1.0000.

USD JPY, “US Dollar vs Japanese Yen”

Yen is forming the first wave inside the downtrend. The pair has almost reached the target of this wave; inside the fifth wave, we can see several continuation patterns, which may extend this decline up to 115.00. By now, the market has broken its consolidation channel downwards and may continue this extension towards 115.85.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is forming another wave inside the downtrend, which is the third wave inside the fifth one. The main target is at 0.6600; the local target of the current structure is at 0.6792. Later, in our opinion, the market may be corrected to return to 0.7060 and then continue falling to reach the main target.

USD RUB, “US Dollar vs Russian Ruble”

Russian Ruble is still influenced by the oil market. The market was opened with a gap up this morning and thus reached 76. We think, the price may consolidate and reach 72.

XAU USD, “Gold vs US Dollar”

Gold has broken its rectangle consolidation patter upwards and may be corrected to reach 1115.20. Later, in our opinion, the market may fall towards 1092.80 to test it from above and then complete the correction by forming another structure, the fifth one, with the target at 1127.20. Later, in our opinion, the market may continue falling inside the downtrend. The next target is at 1015.00.