Forex Technical Analysis 16.07.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

Analysis for July 16^th, 2013

EUR/USD

Euro completed its descending correction. We think, today the price may form a new ascending structure; the first target is at 1.3115. Later, in our opinion, the pair may fall down towards the level of 1.3050 and then start moving upwards again to reach the target at 1.3250.

GBP/USD

Pound also completed its descending correction. We think, today the price may form the fifth ascending wave towards the target at 1.5265. Right now, the market is forming the first ascending structure inside this wave; the target is at 1.5130. Later, in our opinion, the pair may form a correction towards the level of 1.5080 and then start a new ascending structure to reach the main target of this wave.

USD/CHF

Franc completed its ascending correction. We think, today the price may fall down to break the lower border of triangle pattern, consolidate for a while, and then continue falling down towards the target at 0.9340. Later, in our opinion, the pair may start a new correction to return to the level of 0.9560.

USD/JPY

The USD/JPY currency pair also completed its ascending correction. We think, today the price may form the fifth structure inside a descending wave; the target is at 97.15. Later, in our opinion, the pair may form a new correction towards the level of 99.50 and then start a new descending movement.

AUD/USD

Australian Dollar is finishing an ascending structure. We think, today the price may reach the target at 0.9185 and then start a new descending movement. The next target is at 0.8900.

GOLD

Gold reached its local target and is currently consolidating near its maximum. We think, today the price may continue falling down towards the level of 1250 and then form another ascending structure to reach the target at 1320. Later, in our opinion, the instrument may start forming a new descending structure.



 
RoboForex Analytical Department