Forex Technical Analysis 14.08.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

14.08.2013

Analysis for August 14th, 2013

EUR/USD

Euro completed the first descending wave, which may be considered as a correction of the previous ascending movement. We think, today the price may form a new ascending wave to reach the target at 1.3600. An alternative scenario implies that the market may continue this correction towards the target at 1.3120. Later, in our opinion, the may start forming the fifth ascending wave to reach the level of 1.3600.



GBP/USD

Pound broke an ascending channel; right now, the market is forming a consolidation channel. We think, today the price may break the minimum and reach the level of 1.5370. Later, in our opinion, the pair may move upwards to reach the target at 1.5600 and then start a more serious correction.



USD/CHF

Franc completed the first wave of this correction. We think, today the price may start forming a new descending wave towards the target at 0.9000. An alternative scenario implies that the market may continue this ascending correction to reach the level of 0.9555 and then start falling down again towards the target at 0.9000.



USD/JPY

The USD/JPY currency pair was able to form a continuation pattern and right now is moving towards its local target at 98.60. We think, today the price may return to the level of 98.00 and then complete this ascending correction by moving upwards and reaching the target at 98.80. Later, in our opinion, the pair may start a fast descending movement towards the level of 95 and then 93.



AUD/USD

Australian Dollar completed the first structure of another descending movement. We think, today the price may return to the level of 0.9150 and then start another descending structure. The next local target is at the level of 0.8900. The main target is at 0.8800.



GOLD

Gold is still forming the fifth ascending wave; right now, the instrument is being corrected a little bit towards the previous ascending movement. We think, today the price may form a new ascending movement to reach the target at 1360. Later, in our opinion, the market may form a reversal pattern to continue moving downwards. The target is at the level of 1000.



 
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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