Analysis for August 21st, 2014
EUR USD, “Euro vs US Dollar”
Euro continues forming its descending structure. We think, today the price may reach level of 1.3230 and then return to level of 1.3320. Later, in our opinion, the pair may form another descending structure towards level of 1.3215 and then form a reversal pattern for a new ascending wave.
GBP USD, “Great Britain Pound vs US Dollar”
Pound also continues forming a descending structure. We think, today the price may reach new lows and then return to level of 1.6660 to test it from below. Later, in our opinion, the pair may form another descending structure towards level of 1.6460 and then start another ascending wave.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still forming an ascending structure. We think, today the price may form an ascending wave with the target at 0.9150. Later, in our opinion, the pair may consolidate for a while, form a reversal pattern, and then continue moving inside the downtrend.
USD JPY, “US Dollar vs Japanese Yen”
Yen reached the targets of another ascending wave. We think, today the price may consolidate, form a reversal pattern, and then continue moving inside the downtrend.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar reached new lows. Thus, the market is forming a descending continuation pattern towards level of 0.9150. We think, today the price may return to level of 0.9290 and then fall to break the minimum.
USD RUB, “US Dollar vs Russian Ruble”
Ruble completed its ascending correction. We think, today the price may break the channel of this correction and then continue forming a descending wave towards level of 34.70.
XAU USD, “Gold vs US Dollar”
Gold is under pressure and continues falling. We think, today the price may move downwards to reach level of 1288 and then return to level of 1303. Later, in our opinion, the instrument may start falling towards level of 1275.
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Editors’ Picks
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GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
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Week ahead – US GDP and BoJ decision on top of next week’s agenda
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