Forex Technical Analysis 23.06.2016 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)
23.06.2016
Analysis for June 23rd, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is still under pressure and continues growing. The market has fixed above 1.1300 and right now is forming an upside continuation pattern to break 1.1340. We think, today the price may choose an alternative scenario, which implies that it may grow towards the upside border of the flag correctional pattern. After rebounding from 1.1440, the pair is expected to start falling fast towards the pattern’s downside border at 1.1100. If the market breaks it downwards, the pair may start the third wave inside the downtrend with the target at 1.0800.
GBP USD, “Great Britain Pound vs US Dollar”
Being under pressure, Pound is moving upwards to reach 1.4900. According to this scenario, the market may almost complete the ascending structure as the fourth correctional wave towards the previous decline. Taking into consideration today’s fundamental background, the Brexit may make the market very volatile – from sharp growths towards 1.5100 to fast declines inside the fifth descending wave with the target at 1.2600.
USD CHF, “US Dollar vs Swiss Franc”
Before the news, Franc is moving rather neutral. In fact, the market has completed the correctional descending wave. We think, today the price may form the third ascending wave towards 1.0500.
USD JPY, “US Dollar vs Japanese Yen”
Yen is still consolidating. The price has rebounded from the upside border and right now is falling towards the downside one. If the price breaks this consolidation channel upwards, it may be corrected with the target at 106.44; if downwards – continue falling to reach 101.50.
AUD USD, “Australian Dollar vs US Dollar”
Being under pressure, Australian Dollar is moving upwards. We think, today the price may move according to an alternative scenario, which implies that it may reach 0.7555 and then continue falling with the target at 0.7130.
USD RUB, “US Dollar vs Russian Ruble”
Russian Ruble has broken the descending channel upwards. We think, today the price may continue growing inside the third correctional wave with the target at 69.00.
XAU USD, “Gold vs US Dollar”
Gold is consolidating and testing the center of the downside continuation pattern. We think, today the price may fall towards 1240 as the part of the descending wave with the target at 1200. The main target of the third wave is at 880.
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.