Analysis for September 16th, 2014
EUR USD, “Euro vs US Dollar”
Euro has completed an ascending impulse and right now is correcting it. The target of the decline is at level of 1.2900. Such pattern is not strong enough to continue an ascending movement. The main scenario still implies that the price may reach a new low. However, an alternative one suggests that the pair may try to grow to break level of 1.2990 and then continue an ascending correction.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is correcting an ascending impulse. We think, today the price may reach level of 1.6975. Such pattern has no potential to continue an ascending movement. The main scenario still suggests that the price may continue falling to reach a new low. However, an alternative one implies that the pair may try to continue growing to break a descending channel and then continue moving inside an ascending correction.
USD CHF, “US Dollar vs Swiss Franc”
Franc has finished a descending impulse and right now is correcting it. We think, today the price may reach level of 0.9373. Such pattern is not strong enough to continue a descending movement. The main scenario implies that the price may reach a new high. However, an alternative one suggests that the market may try to break an ascending channel and then start forming a descending correction.
USD JPY, “US Dollar vs Japanese Yen”
Yen has forming a narrow consolidation range inside an ascending channel and may continue growing to reach level of 108.00. This may be the end of this ascending structure, after which the pair may form a descending correction towards level of 104.50. Later, in our opinion, the market may form another ascending structure, the final one, to reach level of 108.50.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has completed the first ascending impulse and corrected it. Such pattern is not strong enough to reverse and start an ascending correction. We think, today the price may reach a new low and then continue consolidating to form a reversal pattern. Later, in our opinion, the market may form a correction towards level of 0.9300.
USD RUB, “US Dollar vs Russian Ruble”
Ruble, being influenced by the fundamental background, has reached its local target of the growth. We think, today the price may form a consolidation range. The market is expected to form a reversal pattern for a new descending correction towards level of 34.00, at least. Later, in our opinion, the market may start forming the fifth ascending wave with the target at level of 41.00.
XAU USD, “Gold vs US Dollar”
Gold is still consolidating. The main scenario implies that the price may continue falling towards level of 1208. However, an alternative one suggests that the market may try to test level of 1247 from below and then continue falling towards the above-mentioned target.
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