Forex Technical Analysis 27.05.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

Analysis for May 27^th, 2013

EUR/USD

Euro is moving downwards. Last Friday, the market attempted to start an ascending structure, but formed head & shoulders reversal pattern at the current top instead. We think, today the price may continue falling down towards the level of 1.2890 and then return to the level of 1.2940. Later, in our opinion, the pair may start another head & shoulder pattern, but a larger one, and then continue moving downwards. The target is to renew the minimums and break triangle’s lower border.

GBP/USD

Pound is still forming a descending structure. We think, today the price may continue falling down to reach the target at 1.4990. Later, in our opinion, the pair may form a reversal patter for a new correction towards the level of 1.5330.

USD/CHF

Franc completed a descending correction. We think, today the price may start a new ascending wave to reach the level of 0.9880; the first target is at 0.9730. Later, in our opinion, the pair may form another descending correction towards the level of 0.9650. The second target will be at 0.9800.

USD/JPY

The USD/JPY currency pair continue forming a descending wave. We think, today the price may return to the level of 103.15 and then continue moving downwards. The second target is at 99. An alternative scenario implies that the market may start falling down towards the level of 99.40 at once. Later, in our opinion, the pair may start a correction to return to the level of 100.95 and then move downwards again to break the daily ascending channel.

AUD/USD

Australian Dollar continues moving downwards. We think, today the price may complete the central part of the continuation pattern by reaching the target at 0.9580. Later, in our opinion, the pair may start forming the right part of the pattern with the target at 0.9710 and then continue moving downwards.

GOLD

Gold continues consolidating inside a narrowing trading range. We think, today the price may break this range upwards and reach the level of 1455. Later, in our opinion, the instrument may fall down to return to the level of 1400 and then start a new ascending structure towards the target at 1500.



 
RoboForex Analytical Department