Analysis for September 22nd, 2014
EUR USD, “Euro vs US Dollar”
Euro has completed another structure of its descending wave; this structure has a potential for a reverse. Right now, the pair is forming an ascending impulse and may today reach level of 1.2914. Later, in our opinion, the market may fall towards level of 1.2875. After that, we’ll estimate if such structure may be head & shoulders reversal pattern. The market is expected to for a correction with the first target at level of 1.3100. An alternative scenario suggests that the market reach a new low at level of 1.2790.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has finished its descending movement as the fourth wave of an ascending structure. We think, today the price may form a descending wave towards level of 1.6400. Later, in our opinion, the market may consolidate and form the fifth ascending wave with the target at level of 1.6550 (at least).
USD CHF, “US Dollar vs Swiss Franc”
Franc is expanding its consolidation channel upwards. We think, today the price may try to reach a new high and then move downwards again to reach level of 0.9376. This whole structure may be considered as a consolidation at the top of this ascending wave and at any time the market may start falling to break level of 0.9300 and form a continuation pattern inside the downtrend. The first target is at level of 0.9070.
USD JPY, “US Dollar vs Japanese Yen”
Yen started forming a descending impulse. We think, today the price may form the fifth structure of this impulse and reach level of 108.48 or even expand this impulse lower. Later, in our opinion, the market may return to level of 109.00 to test it from below. After such pattern, we’ll estimate if the pair may continue falling inside the downtrend. The first target of the decline is at level of 105.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still falling inside a consolidation channel. We think, today the price may move downwards to reach level of 0.8912 and then return to level of 0.8980. Later, in our opinion, the market may complete this descending structure by falling and reaching level of 0.8800. After that, the pair may start a higher correction the target at level of 0.9100.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is still falling inside a descending structure towards the target at level of 38.09. We think, today the price may stop consolidating inside triangle pattern and break it downwards to reach the above-mentioned target. Later, in our opinion, the market may return to level of 38.50 to test it from below and then move downwards to reach level of 37.00.
XAU USD, “Gold vs US Dollar”
Gold has reached the target of its descending wave. We think, today the price form a consolidation range and a reversal pattern. The market is expected to start a correction towards level of 1300. An alternative scenario suggests that the market may form a consolidation channel as a descending continuation pattern to break the minimum of triangle pattern from major charts and then continue falling.
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