Analysis for January 14th, 2016
EURUSD, “Euro vs US Dollar”
Eurodollar has finished the structure of its descending wave, corrected it, and returned to the breakout level. We think, today the price may fall to break 1.0800 and then continue moving downwards to reach 1.0682. This would be only the first half of this wave. The local target of this structure is at 1.0424.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound is forming flag correctional pattern. We think, today the price may fall towards 1.4376 and then form the second ascending impulse to break 1.4476. The next target of the correction is at 1.4570.
USDCHF, “US Dollar vs Swiss Franc”
Franc has reached the target of its ascending structure. We think, today the price may be corrected towards 1.0000 and then continue growing inside the uptrend to reach 1.0189.
USDJPY, “US Dollar vs Japanese Yen”
Yen is still consolidating. In fact, we can see a three-wave correction inside this channel, which may transform into a five-wave structure with the target at 118.50. Later, in our opinion, the market may continue falling inside the downtrend towards 115.85.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar has broken its consolidation range downwards and may continue falling towards 0.6790. An alternative scenario implies that the price may test 0.7070 from below. Later, in our opinion, the market may continue falling inside the downtrend to reach 0.6660.
USDRUB, “US Dollar vs Russian Ruble”
Russian Ruble has reached another new high. We think, today the price may reach 78.00; so far, the pair is following the oil prices. After reaching a new high, the pair may fall towards 75.00. Later, in our opinion, the market may form another ascending structure with the target at 78.80.
XAUUSD, “Gold vs US Dollar”
Gold has returned to the broke “neckline” of head and shoulders reversal pattern; the market has rebounded from 1095.00 and right now is moving downwards. We think, today the price may reach the local target at 1073.80. Later, in our opinion, the market may consolidate for a while and then fall to reach 1069.30.
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