Forex Technical Analysis 21.05.2015 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

May 21, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar is still moving inside a narrow consolidation channel, which may be considered as a continuation pattern towards the previous descending movement. We think, today, the price may break this channel downwards, =return to the center, and then continue falling inside the downtrend. The target is at level of 1.0750.

GBP USD, “Great Britain Pound vs US Dollar”

Pound has formed the first descending impulse and right now is being corrected. the target of this correction may be at level of 1.5620. After reaching it, the price may continue forming its descending wave. The target of this structure is at level of 1.5000.

USD CHF, “US Dollar vs Swiss Franc”

Franc is still consolidating near the top of its ascending impulse. After the price breaks the top, it may continue growing towards level of 0.9541.

USD JPY, “US Dollar vs Japanese Yen”

Yen has reached the target of its ascending wave and right now is forming a new consolidation channel, which may be considered as a reversal pattern. If the channel is broken downwards, the pair may fall towards level of 117.44; if upwards (an alternative scenario) – continue growing to reach level of 122.30.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar continues falling towards level of 0.7815. This movement may be considered as a correction, after which the price may return to level of 0.7990, thus forming a ne3 consolidation channel. If the channel is broken upwards, the pair may continue forming an ascending wave; if downwards – fall and reach new lows at 0.7510.

USD RUB, “US Dollar vs Russian Ruble”

Ruble is still consolidating near level of 48.96. If this consolidation channel is broken downwards, the pair may fall to reach level of 46.00; if upwards - start forming an ascending correction to return to level of 58.50.

XAU USD, “Gold vs US Dollar”

After making a fast descending movement, Gold has started consolidating. We think, today, the price may break this channel downwards and continue falling inside the downtrend. The next target is at level of 1179; the main one is still at 1113.

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