Weekly Technical Analysis 19.08.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

Weekly Analysis, August 19^th – 23^rd, 2013

EUR/USD

At the daily chart, Euro is forming another wave inside the current ascending trend; the market has already completed the third structure of this wave and soon may start a correction inside the fourth one. The target of this correction (it may be considered as five-wave structure shown on the chart) is at 1.3200. Later, in our opinion, the pair may form a reversal pattern for a new ascending movement inside the fifth wave towards the target at 1.3600.

GBP/USD

At the daily chart, Pound continues forming an ascending wave; right now, the market is completing the third structure and may form an extension up to the level of 1.5670. Later, in our opinion, the pair may form a correction inside the fourth structure towards the level of 1.5400 and then start the fifth structure, an ascending one, to reach the main target at 1.5890.

USD/CHF

At the daily chart, Franc is moving inside a descending wave with the target at 0.9000; the market has already reached its local target and completed the correction. We think, during this week, the price may continue consolidating and form three more structures inside triangle pattern. After completing the pattern, the pair may continue falling down towards the main target.

USD/JPY

At the daily chart, the USD/JPY currency pair is forming a consolidation structure, which may be considered as triangle, a reversal pattern. Right now, the market is moving inside the third wave, a descending one; earlier it completed the first wave and then a correction inside the second one. We think, during this week, the price may continue falling down towards the target at 94.00.

AUD/USD

At the daily chart, Australian Dollar continues forming an ascending structure, which may be considered as a correction. The target of this correction is at the level of 0.9280. We think, during this week, the price may reach it, start falling down towards the level of 0.9070 and then 0.8800. Later, in our opinion, the pair may consolidate for a while and then continue moving downwards to reach the main target of this descending wave at 0.7800.

GOLD

At the daily chart, Gold competed its ascending correction. We think, during this week, the price may form a reversal structure for a new descending movement towards the target at 1000.



 
RoboForex Analytical Department