Forex Technical Analysis 21.10.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)
21.10.2013
Analysis for October 21st, 2013
EUR/USD
Euro is moving inside an ascending structure with the target (at least) at 1.3750. We think, today the price may form a consolidation channel, beak it upwards, and then continue forming this ascending wave. After reaching the above-mentioned target, the pair may start forming a reversal pattern for a new correction towards the level of 1.3450.
GBP/USD
Pound is still forming consolidation channel. We think, today the price may break it upwards, reach the level of 1.6300 (at least), and then form a reversal pattern for a descending correction towards the level of 1.5400. If the market is unable to form a pivot point and a reversal structure, the pair may only reach the level of 1.6000 and then start forming a new ascending structure to break the maximum and continue growing up.
USD/CHF
Franc is forming a consolidation channel. We think, today the price may leave it downwards and continue falling down towards the level of 0.8900. After reaching the above-mentioned target, the pair may form a reversal pattern to start a new correction to return to the level of 0.9177.
USD/JPY
The USD/JPY currency pair is also forming a consolidation channel, near the level of 97.85. We think, today the price may leave it downwards, fall down towards the target at 96.75, form another consolidation channel, and then continue moving downwards to reach the target at 96.00.
AUD/USD
Australian Dollar is extending its ascending structure. We think, today the price may continue moving upwards to reach the level of 0.9720 and then form a reversal pattern for a new correction towards the level of 0.9230.
GOLD
Gold is still forming the fourth ascending wave with the target at 1342. We think, today the price may form a consolidation channel and event fall down a little bit to reach the level of 1300. After reaching the above-mentioned level, the instrument may continue moving downwards to reach the level of 1195.
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.