Forex Technical Analysis 16.05.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

Analysis for May 16^th, 2013

EUR/USD

Euro continues moving downwards inside a consolidation channel. We think, today the price may return to the level of 1.2935 and then form another descending structure to reach a new minimum at 1.2830. Later, in our opinion, the pair may start a new ascending movement to test the level of 1.3000 from below and then continue falling down towards the target at 1.2780.

GBP/USD

Pound continues forming a descending wave. We think, today the price may return to the level of 1.5320 and then form a new descending structure to reach a new minimum at the level of 1.5170, thus expanding the trading range. The lowest point may be the level of 1.5160. Later, in our opinion, the pair may start forming a new ascending wave towards the target at 1.5780.

USD/CHF

Franc reach a local target of the growth. We think, today the price may start a descending correction towards the level of 0.9490. This correction may be considered as the fourth wave. Later, in our opinion, the pair may start the fifth ascending wave with the target at 0.9770.

USD/JPY

The USD/JPY currency pair is still consolidating near its maximums; the price is forming diamond reversal pattern. We think, today the price may break the pattern’s minimum and start falling down towards the target at 99.90.

AUD/USD

Australian Dollar is moving near its minimums and forming a narrow consolidation channel. Until now, the market hasn’t been able to form any ascending impulses, which are strong enough. We think, today the price may reach a new minimum once again and then form new ascending impulses. Later, in our opinion, the pair may form a pivot point for a new ascending wave.

GOLD

Gold continues forming a descending correction with the target at 1382. We think, today the price may return to the level of 1412 and then start a new descending movement to reach a new minimum.



 
RoboForex Analytical Department