Forex Technical Analysis for 15.12.2015

December 15, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar is expanding its consolidation channel upwards. We think, today, the price may prefer to move according to an alternative scenario and grow to reach 1.1068. Later, in our opinion, the market may fall and expand the channel downwards to reach 1.0925. After that, the instrument may return to the center to test 1.1000 from below.

GBP USD, “Great Britain Pound vs US Dollar”

Pound has expanded its consolidation channel upwards and then downwards. We think, today, the price may return to the center of the channel at 1.5196, breaks the lows, and then continue falling inside the downtrend with the target at 1.5030. An alternative scenario suggests that the pair may expand the channel upwards to reach 1.5260.

USD CHF, “US Dollar vs Swiss Franc”

Franc has completed its descending structure and already formed two ascending impulses. We think, today, the price may form the third one with the target at 0.9867. Later, in our opinion, the market may test 0.9826 from above and then grow to reach 0.9953.

USD JPY, “US Dollar vs Japanese Yen”

Yen has reached the target of the third wave and right now is consolidating. If the price breaks this consolidation channel upwards, it may be corrected to return to 122.25; if downwards – expand the third wave towards 118.03.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar has almost completed the correction of the descending five-wave structure. We think, today, the price may fall towards 0.7206 and then return into the consolidation channel at 0.7240. If the price breaks this channel upwards – the market may grow to reach 0.7420; if downwards, the downtrend may continue to reach 0.7141.

USD RUB, “US Dollar vs Russian Ruble”

Russian Ruble has expanded its trading range upwards.  We think, today, the price may return to 69.25 and then to 70.00. After that, the instrument may fall towards 68.50 and form a reversal structure.

XAU USD, “Gold vs US Dollar”

Gold has reached the local target of the flag correctional pattern. We think, today, the price may form the fourth correctional structure towards 1071.88 and then the fifth one with the target at 1055.44.

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