Forex Technical Analysis 18.08.2015 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

August 18, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar has reached the predicted target of its descending wave. However, this structure may yet continue. We think, today, the price may extend this decline towards 1.1032 and then return to 1.1110. After that, the pair may start a new descending movement to reach 1.1000.

GBP USD, “Great Britain Pound vs US Dollar”

Pound hasn’t been able to continue its growth; the pair has formed a continuation pattern at 1.5596 and today is falling. The target of this descending structure is at 1.5500. After that, the market may test 1.5596 from below and then continue falling inside the downtrend towards 1.5400.

USD CHF, “US Dollar vs Swiss Franc”

Franc hasn’t been able to stay above 0.9800. We think, today, the price may fall towards 0.9760. After that, the market may resume moving upwards to reach the next target at 0.9960.

USD JPY, “US Dollar vs Japanese Yen”

Yen has formed a consolidation channel. If the market breaks this consolidation channel upwards – it may grow to reach the target at 125.46; if downwards – the current correction may continue towards 123.00.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is still consolidating. We can see triangle pattern, which looks like bullish pennant though. However, the descending structure may yet continue. The main scenario implies that the price may fall and reach 0.7200. An alternative scenario suggests that the market may break the channel upwards and reach 0.7452.

USD RUB, “US Dollar vs Russian Ruble”

Ruble is still “monitoring” the oil market. We think, today, the price may grow to reach 66.10 and even extend this structure towards 67.00. After that, the pair is expected to start forming a descending wave with the target at 52.50.

XAU USD, “Gold vs US Dollar”

Gold is consolidating below the broken ascending channel. The target of the correction is at 1106. After reaching it, the price may continue growing towards 1131 and then fall again to return to 1106.

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