Analysis for October 21st, 2014
EUR USD, “Euro vs US Dollar”
Euro continues forming the third ascending structure. We think, today the price may reach the target at level of 1.2900 and then start a new correction towards 1.2670. Later, in our opinion, the market may form another ascending structure, the fifth one, with the target at level of 1.3000. This whole ascending structure will be considered as the first ascending wave. After that, the pair may start forming the second wave as a correction towards level of 1.2670.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is still forming the third ascending wave. We think, today the price may reach level of 1.6227 and then form a correction to return to level of 1.6080. Later, in our opinion, the market may form the fifth ascending structure with the target at level of 1.6290. This ascending movement may be considered as flag pole of flag correctional pattern expected later.
USD CHF, “US Dollar vs Swiss Franc”
Franc continues forming the third descending structure. We think, today the price may reach level of 0.9330 and then form the fourth structure to return to level of 0.9460. Later, in our opinion, the market may form the fifth descending structure with the target at level of 0.9235.
USD JPY, “US Dollar vs Japanese Yen”
Yen is forming a correction with the target at 107.56. We think, today the price may fall towards level of 106.36 and then move upwards to reach the above-mentioned target of the correction. Later, in our opinion, the market may start the fifth descending structure towards level of 105.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still moving inside a wide consolidation channel. We think, today the price may grow to reach level of 0.8880. Later, in our opinion, the market may start falling to return to level of 0.8770.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is forming a consolidation channel at the top of its ascending wave. We think, today the price may break it downwards to reach level of 40.25 and then return to level of 40.70. Later, in our opinion, the market may continue falling as a correction. The next target is at level of 39.38. An alternative scenario implies that the pair may try to reach a new high first and then continue falling inside a descending correction.
XAU USD, “Gold vs US Dollar”
Gold is still forming the third ascending wave with the target at level of 1253; thus, the instrument is forming an upside continuation pattern. The target of this wave is at 1287. We think, today the price may fall to reach level of 1235. Later, in our opinion, the market may grow towards 1287 and then start a new descending movement to return to level of 1235.
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