Forex Technical Analysis: EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, XAU/USD (Gold)
Analysis for May 30th, 2016
EURUSD, “Euro vs US Dollar”
Eurodollar has reached the target of the first Fibonacci retracement expansion; the structure looks like the first wave of another downtrend. We think, today the price may form another consolidation channel, update its lows, and reach 1.1200. According to the main scenario, the pair may break this channel upwards to start a new correction with the target at 1.1400. If the channel is broken downwards, the market may move to reach 1.0750.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound has returned to 1.4612. We think, today the price may grow towards 1.4670, thus defining the borders of another consolidation range. If the range is broken downwards, the pair may continue falling towards 1.4300; if upwards (an alternative scenario) – grow with the target at 1.4900.
USDCHF, “US Dollar vs Swiss Franc”