Forex Technical Analysis 07.10.2015 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

October 7, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar is moving inside flag correctional pattern; the pair is trying to continue growing towards 1.1322. We think, today, the price may fall to reach 1.1142 as the fourth wave of this correction and then complete this correction by reaching 1.1322. After that, the market may continue falling inside the downtrend. The main target is at 1.1000.

GBP USD, “Great Britain Pound vs US Dollar”

Pound has broken 1.5231 upwards and may extend this correction to reach 1.5342 (an alternative scenario). In this case, the price may test the center of the descending wave from below. Later, in our opinion, the instrument may continue falling to break 1.5162, form a continuation pattern, and then move downwards to reach 1.5026.

USD CHF, “US Dollar vs Swiss Franc”

Being under pressure, Franc is falling; the pair is trying to break 0.9669 downwards and form a continuation pattern. Thus, the pair may choose an alternative scenario and extend the correction towards 0.9500. After that, the market may continue moving according to the main forecast and grow towards 0.9870 or even 1.0000.

USD JPY, “US Dollar vs Japanese Yen”

Yen hasn’t been able to continue its ascending structure and right now is trying to rebound from triangle’supper border. The market is back to the center of its consolidation channel. If the pair forms another ascending structure to break the pattern’s upper border, it may move to reach 121.40; if the pair breaks the pattern’s lower border, it may continue moving according to the main scenario inside the downtrend towards 115.00.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is still growing; the pair has reached the target of this wave. We think, today, the price may form another descending wave. An alternative scenario suggests that the market may extend this structure towards 0.7300. After that, the market may return to 0.7064.

USD RUB, “US Dollar vs Russian Ruble”

Ruble is forming the third descending wave. We think, today, the price may reach 62.00 and then rebound towards 64.50 to test it from below. After that, the instrument may resume falling to reach the local target at 60.00. Later, in our opinion, the market may form the correction (the fourth wave of the downtrend) to test 64.50 from below.

XAU USD, “Gold vs US Dollar”

Gold continues moving upwards. We think, today, the price may reach 1160 and then form another consolidation channel. If the market breaks this channel upwards, it may continue growing to 1220; if downwards – return to 1122.

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