Article By RoboForex.com
The EUR/USD pair has failed to maintain the descending wave. The market has broken the range from bottom upwards and the investors point to lift the pair further. For today we are expecting a consolidation range around 1.1620 to be developed. If this range is broken from bottom upwards, a rise towards 1.1698 can occur. If it is broken from top downwards, the market can lower to hit 1.1558.
The GBP/USD pair has completed a downward wave. For today we’d consider a possible rise towards 1.3031. Then the price can lower to 1.2870 once again.
The USD/CHF pair has completed its ascending wave and embarked to a new downtrend wave to reach 0.9466. At the moment the market is trading in a new consolidation range at its lowest values. If this range is broken from top downwards, the pair can start moving towards the above target. If it is broken from bottom upwards, a correction towards 0.9580 can occur.
The USD/JPY pair is trading below 111.90. A breakout of the consolidation range and hitting 111.18 are expected. Yet another possible scenario is rising towards 112.85.
The AUD/USD pair has broken the low of the first descending impulse. We’d consider a possible third descending wave towards 0.7838 to be developed. Then a correction move towards 0.7902 can occur. Another scenario is a downward move towards 0.7782.
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The USD/RUB pair keeps trading lower while the US dollar is facing pressure. The market is trying to break the 58.84 level from top downwards. However, bearing in mind that the ascending wave on the oil market is over and a correction has started, there can be a correction move for the RUB towards 59.94 level.
Gold has broken yet another consolidation range from bottom upwards. Practically, we see that the current wave can be extended to 1254.50. Then a descending move towards 1244.46 can be expected. After that, a rise can happen that can lift the pair to 1260.50.
Oil has hit the target of its ascending wave. For today we’d consider a correction towards 47.50 to start. The first target stands at 48.83. Then a rise can be expected that can lift the pair to 49.50. Practically, we’ll get a new consolidation range on top of the descending wave. If this range is broken through from bottom upwards, the pair can move higher towards 51.50. If it is broken from top downwards, the correction can be elongated to reach 47.50.
Article By RoboForex.com
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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.