Analysis for February 3rd, 2016
EURUSD, “Euro vs US Dollar”
Eurodollar has again reached the upper border of triangle pattern; by now, the pair has formed the descending impulse and corrected it. We think, today the price may fall to break the minimum of the first descending impulse and reach 1.0845.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound is still forming the third ascending structure with the target at 1.4540. After that, the market may return to 1.4345.
USDCHF, “US Dollar vs Swiss Franc”
Franc is still forming its consolidation channel. We think, today the price may break it upwards and continue growing to reach 1.0350. An alternative scenario suggests that the pair may try to test 1.0116. Later, in our opinion, the market may continue growing inside the uptrend.
USDJPY, “US Dollar vs Japanese Yen”
Yen has reached is downside target and broken the ascending channel. We think, today the price may reach 120.13 and then be corrected towards 120.87. After that, the market may start forming another descending structure with the target at 118.60.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar has broken its ascending channel downwards and formed a continuation pattern. We think, today the price may reach its local target at 0.6947 and then start a correction towards 0.7037. Later, in our opinion, the market may continue moving downwards to reach 0.6940.
USDRUB, “US Dollar vs Russian Ruble”
Russian Ruble is moving upwards. Possibly, the price may reach 80.22. Later, in our opinion, the market may form the fifth descending wave with the target at 70.84.
XAUUSD, “Gold vs US Dollar”
Gold is moving inside a narrow consolidation channel at the top of its ascending wave. We think, today the price may form a reversal pattern and move towards 1111. Later, in our opinion, the market may consolidate, break the channel downwards, and then continue falling inside the downtrend towards 1090.
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