Forex Technical Analysis 20.10.2015 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)
20.10.2015
Analysis for October 20th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is moving downwards with the target at 1.1300. After that, the instrument may return to 1.1400 and then form another descending structure with the target at 1.1242.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is consolidating; the pair has formed another triangle pattern, which may be considered as the start of the correction towards 1.5320. We think, today, the price may reach a new high and then continue falling inside the correction. Later (an alternative scenario), the pair may form another ascending structure towards 1.5550 and then continue falling inside the downtrend to break 1.5160.
USD CHF, “US Dollar vs Swiss Franc”
Franc has broken pennant consolidation pattern upwards and right now is forming an upside continuation pattern. We think, today, the price may reach 0.9630 and then fall towards 0.9421. This decline can only be considered as an alternative scenario to extend the correction towards triangle’s lower border. Later, the pair may form another ascending structure to reach 0.9870.
USD JPY, “US Dollar vs Japanese Yen”
Yen is consolidating inside a narrow trading range and may extend its growth towards 120.00. An alternative scenario suggests that the pair may move upwards. But the main scenario remains the same – the market is expected to continue falling to reach 115.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still consolidating inside triangle pattern. We think, today, the price may fall to reach 0.7170 (at least) or even continue this correction towards 0.7070.
USD RUB, “US Dollar vs Russian Ruble”
Ruble continues forming the third descending wave. The price is expected to reach the target at 60.00. An alternative scenario suggests that the pair may grow towards 63.70 and then fall to reach 60.00. After that, the instrument may start the correction towards 64.50 and then continue falling to reach the target at 57.00.
XAU USD, “Gold vs US Dollar”
Gold has broken the ascending channel and right now is forming a new consolidation channel as a continuation pattern. The target is at 1155.00. After that, the instrument may grow towards 1198.50 and then return to 1155.00. This entire growth may be considered as an alternative to scenario to continue the correction. The main scenario remains the same – the market is expected to continue falling inside the downtrend towards 830.00.
RoboForex Analytical Department
Attention!
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.