Analysis for April 29th, 2016
EURUSD, “Euro vs US Dollar”
Eurodollar has almost reached the local target of its ascending structure. We think, today the price may be corrected to the downside to reach 1.1330. After that, the pair may form another ascending structure towards 1.1419. Later, in our opinion, the market may continue falling inside the downtrend towards 1.1200.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound has broken the maximum of another ascending structure. We think, today the price may reach its local target and then be corrected towards 1.4400 to test it from above. Later, in our opinion, the market may form another ascending structure with the target at 1.4728.
USDCHF, “US Dollar vs Swiss Franc”
Franc is still being corrected towards 0.9617. By now, the market has already completed the third wave. We think, today the price may return to 0.9696 to test it from below and then form another descending structure with the target at 0.9600. After that, the pair may start a new ascending wave to reach 0.9800.
USDJPY, “US Dollar vs Japanese Yen”
Yen has reached its first downside target at the downside border of the divergent triangle pattern. Possibly, the price may consolidate and grow towards 109.00. Later, in our opinion, the market may continue falling inside the downtrend to reach 104.00.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar is being corrected towards 0.7676. Possibly, it may test 0.7770 from below. After that, the pair may continue falling inside the downtrend to reach 0.7400.
USDRUB, “US Dollar vs Russian Ruble”
We think, today Russian Ruble may reach 63.85, thus completing the third descending wave. Later, in our opinion, the market may be return to 69.00.
XAUUSD, “Gold vs US Dollar”
Gold is still growing; in fact, the market is forming an extension. We think, today the price may complete this growth and start consolidating. Later, in our opinion, the instrument may break this consolidation range downwards and form another descending wave with the target at 1200.
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