Forex Technical Analysis 16.10.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

16.10.2014

Analysis for October 16th, 2014

EUR USD, “Euro vs US Dollar”

Euro is moving inside the third ascending wave. We think, today the price may form a consolidation channel and an upside continuation pattern. The target is at level of 1.3000. Later, in our opinion, the market may form a descending correction towards level of 1.2800.




GBP USD, “Great Britain Pound vs US Dollar”

After reaching a new minimum, Pound has started forming another ascending wave. We think, today the price may correct this wave with the target at level of 1.5950 and then form another ascending wave to break the top of the first one. Later, in our opinion, the market may consolidate for a while and then continue growing inside the third wave with the target at level of 1.6085.




USD CHF, “US Dollar vs Swiss Franc”

Franc has reached its downside target. We think, today the price may form a consolidation channel and a downside continuation pattern. The next target is at level of 0.9225. Later, in our opinion, the market may start a new correction to return to level of 0.9400.




USD JPY, “US Dollar vs Japanese Yen”

Yen has fallen and reached the targets of this wave. We think, today the price may consolidate and, probably, form a correction. If the price breaks this consolidation upwards, it may start a correction; if downwards – the downtrend may continue.




AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is still forming the third ascending wave. We think, today the price may form a consolidation range, break it upwards, and then continue growing to reach level of 0.8940. Later, in our opinion, the market may start falling to return to level of 0.8840.




USD RUB, “US Dollar vs Russian Ruble”

Ruble has reached its upside target. The next step is to form a consolidation channel and a reversal pattern. We think, today the price may reach level of 40.64 and then fall towards 40.24. Later, in our opinion, the market may start forming another descending structure to reach level of 39.50.




XAU USD, “Gold vs US Dollar”

Gold has broken level of 1233. We think, today the price may consolidate and continue growing towards level of 1266. Later, in our opinion, the market may fall again towards 1240 and then start another ascending wave with the target at 1270.



 
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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