Analysis for August 20th, 2014
EUR USD, “Euro vs US Dollar”
Euro broke its consolidation channel downwards and may continue extending a descending structure. We think, today the price may reach level of 1.3300 upwards and then return to level of 1.3360 to test it from below. Later, in our opinion, the pair may form another descending structure towards level of 1.3285.
GBP USD, “Great Britain Pound vs US Dollar”
Pound also broke its consolidation channel downwards and right now is extending a descending structure downwards. We think, today the price may reach level of 1.6565 and then return to level of 1.6650 to test it from below. Later, in our opinion, the pair may form another descending structure towards level of 1.6460.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still forming am ascending structure; the market is forming another ascending wave with the target at 0.9150. At the moment, the price may form a correction towards level of 0.9060. Later, in our opinion, the instrument may form another ascending structure towards level of 0.9115.
USD JPY, “US Dollar vs Japanese Yen”
Yen formed another ascending wave and, thus, completed a five-wave structure. We think, today the price may fall to break level of 101.70 and then continue moving inside the downtrend to reach target at 100.50.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar completed a correctional structure. We think, today the price may continue forming an ascending structure to reach level of 0.9510. Alternative scenario implies that the market may break minimums and continue falling towards level of 0.9150.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is still consolidating near the top. According to the main scenario, the market may fall towards level of 34.70. We think, today the price may form a part of this descending structure with the target at level of 35.70.
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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