Forex Technical Analysis 12.08.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

12.08.2014

Analysis for August 12th, 2014

EUR USD, “Euro vs US Dollar”

It looks like Euro completed the second impulse and right now is correcting it. We think, today the price may form another ascending impulse, the third one. The target of this wave is at level of 1.3440; however, the pair may extend this wave upwards. Later, in our opinion, the instrument may form a descending correction towards level of 1.3400 and, thus, form head & shoulders reversal pattern. The target of this pattern is at level of 1.3550, at least.




GBP USD, “Great Britain Pound vs US Dollar”

Pound continues moving downwards; possibly, it may reach a new low. Later, in our opinion, the instrument may continue consolidating at the current lows and then form a reversal pattern in order to return to level of 1.700.




USD CHF, “US Dollar vs Swiss Franc”

It seems like Franc completed the second impulse and right now the market is correcting it. We think, today the price may form another descending impulse. The target is at level of 0.9020; however, the pair may extend this wave. Later, in our opinion, the instrument may return to level of 0.9065 and, thus, form head & shoulders reversal pattern. The target of this pattern is at level of 0.8950, at least.




USD JPY, “US Dollar vs Japanese Yen”

Yen is still being corrected. We think, today the price may move upwards to reach level of 102.65 (at most). After reaching it, the pair may start forming another descending structure within the downtrend with the target at level of 99.30.




AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is moving back towards level of 0.9297. After reaching it, the pair may start forming another descending structure towards level of 0.9222. Later, in our opinion, the instrument may start growing up to reach the target at level of 0.9510.




USD RUB, “US Dollar vs Russian Ruble”

Ruble is still forming a descending structure. We think, today the price may reach level of 35.67 and then move upwards to return to level of 36.10. Later, in our opinion, the instrument may start forming another descending wave to reach level of 35.60.




XAU USD, “Gold vs US Dollar”

Gold continues moving downwards to break level of 1300. We think, today the price may form a descending wave to reach level of 1275 and then return to level of 1300. Later, in our opinion, the instrument may start falling down again towards level of 1255.



 
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.

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