Forex Technical Analysis 31.10.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

31.10.2013

Analysis for October 31st, 2013

EUR/USD

Euro is moving inside the descending channel; this movement may be considered as a correction towards the level of 1.3700. We can’t exclude a possibility that the pair may test the level of 1.3675. Later, in our opinion, the price may complete the correction and start a new ascending wave to reach new maximums. The target is at 1.3874.



GBP/USD

Pound continues falling down inside a correctional wave We think, today the price may reach the level of 1.5986 and then form a new ascending wave to reach a new maximum.



USD/CHF

Franc is still moving upwards; the market tested the level of 0.9021 from below. We think, today the price may test this level once again and then start forming a new descending wave to reach a new minimum and the target at 0.8880.



USD/JPY

The USD/JPY currency pair formed an ascending structure and is not expected to continue moving upwards. We think, today the price may form a reversal pattern and start a new descending wave. The target is at 96.00.



AUD/USD

After reaching a new minimum, Australian Dollar started an ascending impulse. We think, today the price may continue growing up and form head & shoulders reversal pattern. After breaking the neckline, the pair may complete the correction at the level of 0.9620.



GOLD

Gold continues moving downwards; the market broke the minimum of the first descending impulse. We think, today the price may form a consolidation and then start head & shoulders reversal pattern. The local target is at 1315.



 
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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