Analysis for July 24th, 2014
EUR USD, “Euro vs US Dollar”
Euro is still moving close to its lows and forming narrow consolidation channel; this movement may be considered as reversal pattern. We think, today price may return to level of 1.3560 and then continue falling down to reach level of 1.3442.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is forming descending correction towards level of 1.7007. We think, today price may reach it, start forming another ascending structure towards current top, and then continue moving inside uptrend to reach next target at level of 1.7500.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still consolidating at the top of ascending wave; this movement may be considered as reversal pattern for new descending movement towards level of 0.8955. After reaching it, pair may complete this ascending wave by form another ascending structure towards current top and level of 0.9050. Later, in our opinion, instrument may continue moving inside downtrend.
USD JPY, “US Dollar vs Japanese Yen”
Yen is still forming ascending structure with target at level of 101.67. After reaching it, pair may continue falling down inside downtrend towards main target at level of 99.30. Market continues forming the third wave of correctional flag
pattern. Alternative scenario implies that instrument may continue forming descending structure at once.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar continues moving upwards. We think, today price may fall down towards level of 0.9424 and then continue growing up to reach new top and level of 0.9520. Later, in our opinion, instrument may start moving downwards again to return to level of 0.9424.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is still being corrected towards level of 34.58. After reaching it, pair may continue growing up towards level of 35.45 and then form the fourth wave of this correction towards level of 34.58.
XAU USD, “Gold vs US Dollar”
Gold continues moving downwards; market broke level of 1300 downwards and right now is moving towards level of 1275. Later, in our opinion, instrument may return to level of 1300 and then form another descending structure towards level of 1255.
RoboForex Analytical Department