Forex Technical Analysis 22.05.2015 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

May 22, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar is still moving inside its consolidation channel, which may be considered as a continuation pattern towards the previous descending movement. We think, today, the price may expand this channel downwards. The target is at level of 1.0750. Later, in our opinion, the market may return to level of 1.1110 to test it from below and then continue falling inside the downtrend.

GBP USD, “Great Britain Pound vs US Dollar”

Pound has reached the target of its correction and today may finish consolidating at the top of the current ascending movement. After breaking this consolidation channel downwards, the price may form another descending structure with the target at level of 1.5000.

USD CHF, “US Dollar vs Swiss Franc”

Franc is still consolidating. We think, today, the price may leave this channel upwards and continue growing. An alternative scenario implies that the pair may test level of 0.9300 from above one more time. Later, in our opinion, the market may continue growing towards level of 0.9540.

USD JPY, “US Dollar vs Japanese Yen”

Yen has formed a reversal pattern. We think, today, the price may continue falling to reach level of 119.00. Later, in our opinion, the market may return to level of 120.70 and then fall again to reach level of 117.44.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is trying to expand its consolidation channel towards level of 0.7990 to test it from below. After reaching it, the price may fall towards level of 0.7815, thus forming a new consolidation channel.

USD RUB, “US Dollar vs Russian Ruble”

Ruble is still consolidating near level of 48.96; the pair has formed triangle pattern. If the pattern is broken upwards – the market may start forming an ascending correction to return to level of 58.50; if downwards - fall to reach level of 46.00.

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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