Forex Technical Analysis 12.08.2015 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

August 12, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar has extended its ascending structure and may continue forming this wave towards 1.1052 according to an alternative scenario. Right now, the market is forming a descending structure with the target at 1.0950. Even if the scenario succeeds, this extension will be considered only as a correctional structure. After that, the pair may continue falling inside the downtrend. The main scenario remains the same: the market is expected to fall towards 1.0600.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is forming another ascending structure. We think, today, the price may reach 1.5637 and then start a new decline to break the minimum. The main target is at 1.5240.

USD CHF, “US Dollar vs Swiss Franc”

Franc is still consolidating. The man target is at 1.0000. Possibly, the price may form several descending corrections and test the tops of its previous consolidation channels. Later, in our opinion, the market may start another growth to break the current consolidation channel upwards.

USD JPY, “US Dollar vs Japanese Yen”

Yen has tested the upper border of its consolidation channel again. Possibly, the price may extend this structure towards 125.26 and then fall towards the lower border of the channel at 124.14. After breaking the channel downwards, the pair may continue the current correction towards 122.94 and then start another growth to reach 125.40.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar has reached 0.7432 and it may be considered as the truncated fifth wave. We can see another descending impulse with the target at 0.7266. We think, today, the price may reach 0.7382, thus forming another triangle consolidation pattern.

USD RUB, “US Dollar vs Russian Ruble”

Ruble is forming a descending structure. We think, today, the price may reach 62.00 and then return to 63.70 to test it from below. After breaking the minimum, the market may start a new descending wave with the target at 52.50.

XAU USD, “Gold vs US Dollar”

Gold is forming an ascending structure with the target at 1115.95. After reaching it, the price may form a continuation pattern near 1108.65 and then start another growth with the target at 1131.28.

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