Analysis for September 17th, 2014
EUR USD, “Euro vs US Dollar”
Euro is still forming a consolidation channel; inside this channel, we can see a structure towards level of 1.3000. We think, today the price may fall towards level of 1.2920 and then move upwards to form flag pattern and reach level of 1.3000. This pattern is not strong enough to continue an ascending movement. The main scenario implies that the price may reach new lows. However, an alternative one suggests that the pair may continue an ascending correction.
GBP USD, “Great Britain Pound vs US Dollar”
Pound continues moving upwards to break a descending channel. We think, today the price may break level of 1.6300, consolidate, and form an ascending continuation pattern towards level of 1.6450. Later, in our opinion, the market may fall to return to level of 1.6300.
USD CHF, “US Dollar vs Swiss Franc”
Franc has finished a descending impulse. We think, today the price may form a correction towards level of 0.9355 and then start another descending structure to break level of 0.9300. the next target is at level of 0.9235. An alternative scenario suggests that the market may try to reach a new high and then reverse to start forming a new correction.
USD JPY, “US Dollar vs Japanese Yen”
Yen is still moving close to its highs. We think, today the price may continue growing to reach level of 107.80 with an extension towards 108.00 and reach a local target of this ascending wave. Later, in our opinion, the market may consolidate and form a reversal pattern. The market is expected to form a descending correction towards level of 104.50.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has completed the second ascending impulse. We think, today the price may fall towards level of 0.9050 and then form another ascending impulse with the target at level of 0.9120. Thus, the pair may form the first wave of a correction towards level of 0.9300 and test it from below. Later, in our opinion, the market may start falling to reach level of 0.8920.
USD RUB, “US Dollar vs Russian Ruble”
Ruble started forming the first impulse of a descending wave. We think, today the price may reach level of 38.09 and then return to level of 38.50. Later, in our opinion, the market may start forming the second impulse of this correction. The main target of the first correctional wave is at level of 36.00.
XAU USD, “Gold vs US Dollar”
Gold is still consolidating. The market is under pressure and trying to return towards level of 1247. Later, in our opinion, the price may continue falling towards the target at 1208.
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