Forex Technical Analysis 20.08.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)
20.08.2013
Analysis for August 20th, 2013
EUR/USD
Euro is moving inside a narrowing trading range. We think, today the price may leave this range upwards, reach a new maximum, and then start a fast descending movement towards the target at 1.3200. Later, in our opinion, the start forming a new ascending wave to reach the level of 1.3600.
GBP/USD
Pound reached a new maximum again; it looks like the market completed this ascending wave. We think, today the price may make one more ascending movement and then start a descending correction towards the level of 1.5400. Later, in our opinion, the pair may start forming another ascending structure towards the target at 1.5890.
USD/CHF
Franc is moving inside a narrowing trading range. We think, today the price may leave this range downwards, reach a new minimum, and then return to the level of 0.9400. Later, in our opinion, the pair may continue falling down towards the main target at 0.9000.
USD/JPY
The USD/JPY currency pair is forming a correctional structure towards the previous descending movement. We think, today the price may beak the minimum of the descending impulse and then continue falling down. The target is at 95.00. Later, in our opinion, the pair may consolidate for a while and then continue moving downwards to reach the target at 94.00.
AUD/USD
Australian Dollar started a fast descending movement with the target at 0.9025. The main scenario implies that the price may continue falling down towards the level of 0.8800. An alternative scenario suggests that the pair may move upwards to reach a new maximum inside divergent triangle pattern and then start a new rapid descending movement.
GOLD
Gold formed a reversal structure. We think, today the price may continue falling down to reach the level of 1275, at least. Later, in our opinion, the instrument may form a slight correction and then continue moving downwards to reach the target at 1000.
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.