Forex Technical Analysis 18.10.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)
18.10.2013
Analysis for October 18th, 2013
EUR/USD
Euro continues forming an ascending wave. We think, today the price may consolidate for a while near the level of 1.3640 and then continue growing up to reach the target at 1.3750 or even 1.3800.
GBP/USD
Pound is still forming an ascending structure, which may be considered as an extension of the fifth wave. We think, today the price may consolidate for a while near the level of 1.6115 and then continue growing up towards the level of 1.6300.
USD/CHF
Franc continues moving inside the descending trend. We think, today the price may consolidate near the level of 0.9040 and then continue falling down to reach the level of 0.8900.
USD/JPY
The USD/JPY currency pair is moving downwards. We think, today the price may consolidate near the level of 98.00 and then continue falling down towards the target at 97.25. Later, in our opinion, the pair may form a new consolidation channel. The target of this descending wave is at 96.00.
AUD/USD
Australian Dollar is extending its ascending wave. We think, today the price may reach the level of 0.9666 and then start forming a reversal pattern for a new correction. The target of the correction is at the level of 0.9230.
GOLD
Gold is still forming the fourth correctional structure. We think, today the price may consolidate for a while near the current levels, test the level of 1326 from below, and then fall down towards the level of 1297. Later, in our opinion, the instrument may complete this ascending wave by reaching the level of 1335 and start forming a reversal structure for a new descending movement.
RoboForex Analytical Department
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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.