Article By RoboForex.com
Analysis for July 5th, 2016
EUR USD, “Euro vs US Dollar”
The EUR/USD pair is moving inside an ascending correctional channel. The pair has almost a consolidation channel, which looks like the pennant pattern. Possibly, the price may choose an alternative scenario, which implies that it may grow towards 1.1205. The main scenario still suggests that the market may continue fall inside the downtrend and forming the third wave with the target at 1.0830.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair is still consolidating. We think, today the price may fall to reach 1.3176 and then return to 1.3375. After that, if the price breaks this level upwards, it may choose an alternative scenario, which implies that it may extend the correction towards 1.3600. However, if the price rebounds, the market may continue moving according to the main scenario and falling inside the downtrend to reach 1.2650. This scenario may start at any moment.
USD CHF, “US Dollar vs Swiss Franc”
The USD/CHF pair is falling and may extend the correction towards 0.9690. Later, in our opinion, the market may test 0.9750 from below and then fall towards 0.9656 (an alternative scenario). After breaking the descending channel, the price may move upwards according to the main scenario to reach 1.0000. This scenario may start at any moment.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is falling towards the downside border of the consolidation range at 101.30. After that, the pair may return to 102.00. If the price rebounds downwards and reaches a new low, it may continue falling with the target at 98.00; if breaks upwards – grow towards the upside border of the range at 103.55. The main scenario suggests that the downtrend may continue.
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AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair is growing so far; the target is at 0.7546. After breaking the channel downwards, the market may form one more descending wave to reach 0.7130. The first target is at 0.7380.
USD RUB, “US Dollar vs Russian Ruble”
The USD/RUB pair is falling towards 63.00. We think, today the price may reach this level and return to 64.55. If the price rebounds downwards, it may continue falling with the target at 60.00; if breaks upwards – start a correction to reach 69.00.
XAU USD, “Gold vs US Dollar”
After the market opening, Gold is expected to extend the ascending structure towards 1358 and then form a descending correction with the target at 1336 at least. Later, in our opinion, the market may form another ascending structure towards 1425 and then resume falling to reach 1250.
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.
