Forex Technical Analysis for 29.12.2015

December 29, 2015

EUR USD, “Euro vs US Dollar”

Eurodollar has almost reached the target of its ascending wave. We think, today, the price may continue forming its consolidation channel at the top of this ascending structure. Possibly, the pair may reach 1.0997. Later, in our opinion, the market may expand the channel downwards and form another descending wave with the target at 1.0752.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is consolidating; the pair has formed the ascending impulse and right now is correcting it, thus defining the border of the consolidation channel. The target is at 1.4864. If the market breaks the channel upwards, it may be corrected towards 1.5000. The main scenario implies that the price may form another descending wave with the target at 1.4746 (at least).

USD CHF, “US Dollar vs Swiss Franc”

Franc is growing towards 0.9920. Later, in our opinion, the market may return to 0.9880, thus defining the borders of another consolidation channel. If the pair breaks the channel upwards, it may continue growing inside the uptrend according to the main scenario. The first target is at 1.0000. If the channel is broken downwards, the instrument may only reach 0.9838 and then resume its growth.

USD JPY, “US Dollar vs Japanese Yen”

Yen has corrected its first ascending impulse. We think, today, the price may grow to break the top of this impulse. The target is at 121 or even at 122 (as a correction). Later, in our opinion, the market may start another decline to break 120.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar has almost completed its first descending impulse and right now is correcting it. We think, today, the price may form the descending structure with the target at 0.7174. Later, in our opinion, the market may return to 0.7227.

USD RUB, “US Dollar vs Russian Ruble”

Russian Ruble is growing according to an alternative scenario. We think, the price may reach 72.60 and then fall towards 68.00. Later, in our opinion, the market may start another growth with the target at 73.00.

XAU USD, “Gold vs US Dollar”

Gold has completed the correction with the target at 1067.20 and right now is moving to return to 1074.50, thus defining the borders of another consolidation channel. If later the market breaks this consolidation channel upwards – it may grow towards the upside border of rectangle pattern; if downwards – fall towards 1047.20.

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