Euro completed three-wave descending correction and may form diamond pattern. We think, today price may start new ascending movement to break the top of the structure formed earlier and then continue moving upwards. Main target of this ascending movement (considered as the fifth wave) is at level of 1.4100.
GBP USD, “Great Britain Pound vs US Dollar”
Pound finished another descending structure, which may be considered as correction. We think, today price may move upwards to reach level of 1.6850 at least, or even 1.6880. Later, in our opinion, instrument may form another descending structure towards level of 1.6655 and then form reversal pattern for new ascending wave to break level of 1.7000.
USD CHF, “US Dollar vs Swiss Franc”
Franc completed ascending wave. We think, today price may form descending structure to break ascending channel downwards and reach level of 0.8800. It looks like pair formed diamond reversal pattern, which means that descending trend may continue. Main target of descending wave is at level of 0.8300.
USD JPY, “US Dollar vs Japanese Yen”
Yen is still forming descending structure; which may be considered as extension of the third wave. We think, today price may reach local target at level of 102.00 and then return to level of 10.240 to test it from below. Later, in our opinion, instrument may continue falling down towards next target at level of 100.50. Local target of the third wave is at 99.30.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is breaking triangle pattern upwards and may continue moving according to alternative scenario. We think, today price may grow up to reach level of 0.9460 and then continue falling down towards next target at level of 0.9000.
USD RUB, “US Dollar vs Russian Ruble”
Ruble continues falling down to reach level of 33.90. After reaching it, price may return to level of 35.00 and then complete this wave by forming another descending wave towards level of 33.20. Later, in our opinion, instrument may start new ascending trend. Target is at level of 38.50.
XAU USD, “Gold vs US Dollar”
Gold finished its ascending structure. We think, today price may continue forming descending wave with local target at level of 1213. Later, in our opinion, instrument may return to level of 1260 to test it from below and then start another descending movement towards level of 1208.
RoboForex Analytical Department