Article By RoboForex.com
Analysis for October 19th, 2016
The EUR/USD pair is forming another consolidation range. After breaking it to the downside, the price may reach 1.0950. After that, the instrument may be corrected towards 1.1000 and then continue falling inside the downtrend to reach 1.0800.
GBP USD, “Great Britain Pound vs US Dollar” Being under pressure, the GBP/USD pair is growing. We think, today the price may fall to reach 1.2229 and then return to 1.2600 to test it from below. After that, the instrument may continue falling inside the downtrend to reach 1.1470.
USD CHF, “US Dollar vs Swiss Franc”
The USD/CHF pair is consolidating in the center of the range without any particular direction. We think, today the price is expected to reach 0.9940. Later, in our opinion, the market may be corrected towards 0.9800 and then continue growing inside the uptrend with the target at 1.0300.
USD JPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is forming the triangle consolidation pattern. We think, today the price may reach 103.50 and then return to the center of the pattern. Later, in our opinion, the market may rebound from it and continue falling inside the downtrend to reach 102.00.
AUD USD, “Australian Dollar vs US Dollar”
The AUD/USD pair is consolidating. We think, today the price may break this range downwards to start a new correction towards 0.7600. However, if the range is broken upwards, the market may reach 0.7730 without any corrections. After that, the instrument may continue falling inside the downtrend with the target at 0.7474.
USD RUB, “US Dollar vs Russian Ruble”
The USD/RUB pair is trading around 63.00 and breaking its consolidation range to the downside. Possibly, today the price may reach 62.35. This structure may be considered as a part of the descending wave with the target at 61.30. Later, in our opinion, the market may be corrected towards 63.60.
XAU USD, “Gold vs US Dollar”
Being under pressure, Gold is growing. We think, today the price may break 1265. The local target at 1290, the main one – at 1310.
Brent is still moving around 52.20 and trying to break its consolidation range upwards. According to the main scenario, the price may reach 54.50. Later, in our opinion, the market may be corrected towards 53.00 and then grow to reach 54.64.
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.