Analysis for November 6th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is moving above the broken consolidation channel; the pair has formed the downside continuation pattern. The main scenario remains the same and suggests that the market may continue falling towards the local target at 1.0505. Possibly, the price may reach 1.0300 as well. After that, the instrument maybe corrected to return to 1.1000 to test it from below. An alternative scenario implies that the regulator may interfere to restore the price to 1.1000. Later, in our opinion, the market may continue moving downwards.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is moving inside the third descending wave with the target at 1.4660. We think, today, the price may reach the center of the downside continuation pattern at 1.5165 and then form another consolidation channel near it. After that, the instrument may break the channel downwards and continue falling inside the downtrend.
USD CHF, “US Dollar vs Swiss Franc”
Franc has broken 0.9950 and right now continues moving inside the narrow consolidation channel. We think, today, the price may continue growing to 1.0106. The local target of this ascending wave is at 1.0200.
USD JPY, “US Dollar vs Japanese Yen”
Yen is moving according to an alternative scenario and continues extending its ascending structures. We think, today, the price may grow to reach 122.77 and then return to 121.39. After that, the instrument may continue growing towards 124.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is consolidating inside another descending wave. We think, today, the price may reach a new low at 0.7108 and then grow towards 0.7174. After that, the instrument may continue falling inside the downtrend to reach 0.7000.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is still moving inside the narrow consolidation channel. We think, today, the price may fall towards 60.50 and then return to 62.55 to test it from below. After that, the instrument may start another decline towards 59.55.
XAU USD, “Gold vs US Dollar”
Gold is attempting to return to 1113 to test it from below. After that, the market may continue falling towards 1089 and then test 1104 from below. Later, in our opinion, the market may start another decline to reach 1071.
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