Article By RoboForex.com
Analysis for March 23rd, 2015
EUR USD, “Euro vs US Dollar”
At the daily chart, Eurodollar is trying to start an ascending wave, or a correction at least. However, the pullback towards level of 1.1000 makes this scenario very questionable; if the pair reaches .a new low, this structure will be considered as the central part of a downside continuation pattern. We think, this week the price may form a consolidation channel between the current highs and lows. If the market breaks this channel upwards, the correction may continue; if downwards – continue falling inside the downtrend.
GBP USD, “Great Britain Pound vs US Dollar”
As we can see at the daily chart, Pound is attempting to form a correction. We think, this week the price may continue consolidating. If the market breaks this channel downwards, the downtrend may continue towards level of 1.4200; if upwards – this correction may continue to return to level of 1.5680.
USD CHF, “US Dollar vs Swiss Franc”
At the daily chart, Franc is still moving inside a descending wave. Possibly, the pair may reach a new low. In this case, the price is expected to continue falling towards level of 0.9260. But if the market continues growing, it may reach level of 1.0145.
USD JPY, “US Dollar vs Japanese Yen”
As we can see at the daily chart, Yen continues falling; this descending structure may be considered as a correction towards level of 118.90 (at least). Later, in our opinion, the market may form another ascending structure to reach a new high at level of 122.30.
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AUD USD, “Australian Dollar vs US Dollar”
At the daily chart, Australian Dollar is attempting to form another ascending wave. If the market breaks the maximum of the first wave and forms a continuation pattern where a descending channel was broken, the pair will start the fourth correctional wave with the target at level of 0.8730. However, an alternative scenario implies that the price may yet reach new lows.
USD RUB, “US Dollar vs Russian Ruble”
As we can see at the daily chart, Ruble is still under pressure and continues falling. The target of this wave (which now may be considered as the first wave of the current descending movement) is at level of 44.00. If the price forms a continuation pattern, the downtrend will continue towards the next target at level of 50.00.
XAU USD, “Gold vs US Dollar”
At the daily chart, Gold has left its descending channel and is trying to start a correction towards level of 1210. Later, in our opinion, the market may continue falling inside the downtrend to reach level of 1113.
RoboForex Analytical Department
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
