Forex Technical Analysis 19.08.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)
19.08.2013
Analysis for August 19th, 2013
EUR/USD
Euro is moving inside an ascending wave with the target at 1.3600; the market has already formed three waves and is about to start a correction inside the fourth one. The target of this correction is (at least) at 1.3200, or even at 1.2990. Later, in our opinion, the pair may make a reverse and start moving upwards inside the fifth wave.
GBP/USD
Pound is still moving near its maximums. We think, today the price may reach a new top, make a reverse, and start a correction inside the fourth wave. The target of this correction is at 1.5360. Later, in our opinion, the pair may start the fifth ascending structure to reach level of 1.5890.
USD/CHF
Franc is moving inside a descending wave with the target at 0.9000; by now the market has already formed three structures inside this wave. The main scenario implies that the pair may continue moving downwards. An alternative scenario suggests that the price may either form triangle pattern, or start a deeper correction towards the level of 0.9555, and then make a reverse to reach the main target of this wave.
USD/JPY
The USD/JPY currency pair is moving inside a descending wave with the target at 94.20. The market has already formed three structures inside this wave and right now is forming the fourth one. The main scenario implies that the pair may continue moving downwards. An alternative scenario suggests that the price may move upwards to reach a new maximum and then continue falling down towards the main target.
AUD/USD
Australian Dollar is still growing up towards the level of 0.9280. After completing this ascending wave by reaching the above-mentioned level, the price may start a new descending movement towards the target at 0.8800.
GOLD
Gold is completing the last structure, the fifth one, inside this ascending wave; the market reached its targets. We think, today the price may form a reversal pattern and start a new descending movement. The first target is at the level of 1275.
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.