Forex Technical Analysis 06.08.2015 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

August 6, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar has formed another ascending structure and almost defined the borders of its new consolidation channel. We think, today the price may fall towards the lower border and then continue moving downwards. An alternative scenario implies that the regulator may try to prevent the pair from a further decline, so that it could continue the correction towards 1.1000 to test it from below. After that, the pair may continue falling inside the downtrend.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is trying to stay inside the consolidation channel, which turns out to be triangle pattern again to continue the decline. We think, today, the price may reach 1.5460 and then return to the center of the channel.

USD CHF, “US Dollar vs Swiss Franc”

After completing the ascending impulse, Franc is forming another consolidation channel. We think, today, the price may continue growing to reach 0.9944. An alternative scenario implies that the market may test 0.9734 from above and then continue growing.

USD JPY, “US Dollar vs Japanese Yen”

Yen has reached the local target. We think, today, the price may form a consolidation channel, break it downwards, and then form the fourth wave as a correction to reach 122.94.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is forming the fourth correctional structure. We think, today the price may complete it and start the fifth structure, an ascending one, to reach the target at 0.7450. After that, the pair may start falling towards the center of the consolidation channel towards 0.7345.

USD RUB, “US Dollar vs Russian Ruble”

Being influenced by the oil prices, Ruble continues reaching new highs. We think, today the price may complete this extension and fall towards 61.00. The market is expected to form a reversal pattern and start a new descending wave with the target at 52.50.

XAU USD, “Gold vs US Dollar”

Gold is moving in the center of its consolidation channel without any particular direction. We think, today, the price may continue consolidating.

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