Forex Technical Analysis 18.05.2015

May 18, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar is still moving upwards. As long as the pair is moving inside an ascending channel, it may continue growing to reach level of 1.1700. Later, in our opinion, the market may start a correction to return to level of 1.2000 and then resume growing towards level of 1.1800.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is falling. We think, today, the price may expand its trading range downwards to reach level of 1.5620. Later, in our opinion, the market may return to level of 1.5700.

USD CHF, “US Dollar vs Swiss Franc”

Franc is expected to continue falling towards level of 0.8989 and then test level of 0.9100 from below. Later, in our opinion, the market may complete the third wave by falling again to reach level of 0.8870. After that, the pair may form the fourth wave to return to level of 0.9360.

USD JPY, “US Dollar vs Japanese Yen”

Yen is falling to reach level of 119.00. After reaching it, the price may break it and continue falling towards 117.80. Later, in our opinion, the market may return to level of 119.00 and then continue falling towards level of 117.30.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is moving downwards. We think, today, the price may complete the first structure of the correction; the target is at level of 0.7970. After that, the pair may return to level of 0.8070 to test it from below and then continue the correction towards level of 0.7815.

USD RUB, “US Dollar vs Russian Ruble”

Being influenced by fundamental background, Ruble is still falling. We think, today, the price may continue moving downwards to reach level of 46.00. However, an alternative scenario implies that the pair may break its descending channel and start forming an ascending correction with the target at level of 58.50.

XAU USD, “Gold vs US Dollar”

Gold has broken its consolidation channel upwards and may continue moving according to an alternative scenario: the third ascending wave with the target at level of 1250. Later, in our opinion, the market may start a correction to return to level of 1210.

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