Forex Technical Analysis 23.08.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)
23.08.2013
Analysis for August 23rd, 2013
EUR/USD
Euro completed the first descending impulse and corrected it. We think, today the price may start the second impulse, which is expected to be as long as the first one. Later, in our opinion, the pair may form the third impulse. The main target is at 1.3150. This descending movement may be considered as a correction, after which the pair may continue moving upwards towards the target at 1.3600.
GBP/USD
Pound formed the first descending impulse, but wasn’t able to correct it. Right now, the market is inside a narrow consolidation channel and may leave it downwards to continue falling down. We think, today the price may reach the level of 1.5386 and then start a new ascending structure towards the target at 1.5890.
USD/CHF
Franc completed the first ascending impulse and corrected it. We think, today the price may start the second impulse, which is expected to be as long as the first one. Later, in our opinion, the pair may start a slight correction towards the level of 0.9450 and then start a new descending wave to reach the target at 0.9000.
USD/JPY
The USD/JPY currency pair is extending the fifth structure inside this ascending wave. The internal structure of this wave implies that it may be extended up to the level of 99.50. We think, today the price may complete this wave by reaching the above-mentioned level. Later, in our opinion, the pair may start a new descending wave to break minimums of the previous one and then continue falling down.
AUD/USD
Australian Dollar is still forming a descending structure with the target at 0.8800. We think, today the price may reach the level of 0.8840, return to the level of 0.9050, and then continue falling down towards the above-mentioned target.
GOLD
Gold continues moving inside triangle pattern. We think, today the price may fall down towards the pattern’s lower border, break it, and continue moving downwards to reach the target at 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.