Article By RoboForex.com
Analysis for October 12th, 2016
Being under pressure, the EUR/USD pair is still falling and forming the third descending wave. The structure of this decline matches the downtrend towards 1.0840. We think, today the price may move downwards to reach the target at 1.0963.
GBP USD, “Great Britain Pound vs US Dollar”
The GBP/USD pair is consolidating and forming the flag correctional pattern. We think, today the price may fall towards 1.2065 and complete the pattern. After that, the instrument may start growing to reach 1.2633.
USD CHF, “US Dollar vs Swiss Franc”
The USD/CHF pair is growing to reach the target at 0.9940, but it’s just a half of this wave. After that, the instrument may form another consolidation range. If later the market breaks this range upwards, it may continue growing to reach the local target at 1.0300; if downwards – start a new correction with the target at 0.9800 (at least).
USD JPY, “US Dollar vs Japanese Yen”
Being under pressure, the USD/JPY pair is moving upwards. The price is expected to form the fifth wave with the target at 104.42 and complete this entire correctional structure. After that, the instrument may continue falling inside the downtrend with the target at 96.00. The local target is at 98.00.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair has reached its downside target and returned to the center of the consolidation range. Possibly, the price may extend this growth up to 0.7600. Later, in our opinion, the market may continue falling to reach the target at 0.7500.
USD RUB, “US Dollar vs Russian Ruble”
The USD/RUB pair is still consolidating; the market attempted to expand the range downwards at first, and then upwards. We think, today the price may fall towards the center at 62.36. If the instrument rebounds from the center and reaches a new high, the correction may continue up to 63.60. However, if the instrument breaks its lows, it may fall to reach 61.20.
XAU USD, “Gold vs US Dollar”
Gold has almost reached the target of the flag correctional pattern. We think, today the price may grow to break the top of the first impulse. Later, in our opinion, the market may continue growing with the first target at 1276. The main upside target is at 1310.
Brent is rebounding from 52.75. We think, the price may continue growing to reach 54.64. After that, the instrument may be corrected towards 50.50.
RoboForex Analytical Department
Article By RoboForex.com
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.