Forex Technical Analysis 16.01.2015 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)
16.01.2015
Analysis for January 16th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar continues falling inside the downtrend. After reaching a new low, the pair is forming a consolidation channel. We think, today the price may move downwards to reach level of 1.1550 and then grow towards level of 1.1650. Later, in our opinion, the market may resume falling. The next target is at level of 1.1430.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has reached the minimum of its correction. We think, today the price may grow inside the fifth wave towards level of 1.5300. This ascending movement may be considered as a correctional one. The whole structure may complete as a three-wave and after that the pair resume falling inside the downtrend.
USD CHF, “US Dollar vs Swiss Franc”
After the decision made by the Swiss National Bank, Franc has strengthened against the US dollar by 30% in a matter of seconds. Such shocking scenario implies that the price may continue falling to reach level of 0.7150.
USD JPY, “US Dollar vs Japanese Yen”
Yen, being under pressure, is still falling. We think, today the price may reach level of 115.56. After that, the price may consolidate and form a downside continuation pattern as the third wave. The predicted target of this descending movement is at level of 109.35.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar continues consolidating. The market has formed another ascending wave, which may be considered only as a correctional one, and may complete this consolidation as a three-wave and resume moving inside the downtrend. We should note that according to alternative scenario the price may form the fifth ascending structure as a correctional wave with the target at level of 0.8330. After that, the market may continue falling. The local target of this wave is at level of 0.7575.
USD RUB, “US Dollar vs Russian Ruble”
Ruble continues consolidating. We think, today the price may form another descending structure towards level of 55.00. Later, in our opinion, the market may consolidate and continue falling to reach level of 44.00.
XAU USD, “Gold vs US Dollar”
Gold has reached the target of its ascending wave and completed it. The market is expected to fall towards level of 1113. We think, today the price may the first structure and correct it. After breaking the channel of the fifth ascending wave, the market is expected to start forming another descending wave.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.