Forex Technical Analysis for 16.10.2015

October 16, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar has completed the descending impulse with the target at 1.1375; the impulse is quite strong and may yet continue. We think, today, the price may fall towards 1.1315 and then return to 1.1400. After that, the instrument may continue falling to reach 1.1200. An alternative scenario suggests that the pair may form another ascending structure to reach new highs.

GBP USD, “Great Britain Pound vs US Dollar”

Pound has finished the third structure of the ascending wave. Possibly, the price may grow to reach 1.5517 and then complete this correction by forming the fourth structure with the target at 1.5330 and the fifth one towards 1.5550. This entire growth may be considered as an alternative correction. Later, in our opinion, the pair may continue falling inside the downtrend. The local target is at 1.4660.

USD CHF, “US Dollar vs Swiss Franc”

Franc has formed the ascending impulse and today is expected to break its top. After the price leaves its descending channel. It may return to .9632. After that, the market may form another descending structure of the correction and then continue growing inside the uptrend to reach 0.9870.

USD JPY, “US Dollar vs Japanese Yen”

Yen is moving to return to 119.40 to test it from below. After that, the instrument may continue moving inside the downtrend to reach the next target at 117.77.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is being corrected. Possibly, the price may form triangle pattern. If the pair breaks the pattern downwards, the market may reach 0.7070; if upwards – continue growing towards 0.7555.

USD RUB, “US Dollar vs Russian Ruble”

Ruble continues forming the third descending wave with the target at 60.00. After reaching it, the price may start the correction towards 64.50 and then form the fifth descending structure with the target at 57.00, thus completing the first wave. Later, in our opinion, the pair may start another correction to return to 65.00.

XAU USD, “Gold vs US Dollar”

Gold is consolidating at the top of another ascending impulse. We think, today, the price may break the channel downwards to reach 1155. However, if the market breaks it upwards, it may continue forming the third structure with the target at 1205.

RoboForex Analytical Department

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