Analysis for October 1st, 2014
EUR USD, “Euro vs US Dollar”
Euro hasn’t been able to form its first ascending wave; the pair has broken a consolidation channel downwards. We think, today the price may return to level of 1.2660 and then fall towards level of 1.2530. An alternative scenario suggests that the market may form an ascending impulse to return to level of 1.2700.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has broken a consolidation channel downwards. We think, today the price may fall towards level of 1.6168 and then try to return to level of 1.6340. After that, the price may form another structure of this correctional wave.
USD CHF, “US Dollar vs Swiss Franc”
Franc hasn’t been able to form a descending wave; instead it has broken a consolidation channel upwards and expanded this trading range. We think, today the price may return to level of 0.9485 and then grow again towards level of 0.9535. Thus, the market is expected to consolidate again, but inside a wider trading range.
USD JPY, “US Dollar vs Japanese Yen”
Yen has also broken a consolidation channel upwards and may continue growing. We should note that the pair has already reached all important targets. The main scenario implies that the price may form a consolidation channel, break it downwards, and then form a reversal pattern to start a new downtrend.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has broken a consolidation channel downwards and may continue moving towards level of 0.8600. We should note, that the pair has reached its targets and may start a new correction. At any time, the market may form a reversal pattern and start a correction towards level of 0.8800, at least.
USD RUB, “US Dollar vs Russian Ruble”
Ruble has broken a consolidation channel upwards and almost reached the target. We think, today the price may form another ascending structure to reach a new high and then start falling. The market is expected to consolidate and form a reversal structure at the top of this wave. Later, in our opinion, the pair may start a correction towards level of 34.00.
XAU USD, “Gold vs US Dollar”
Gold hasn’t been able to form an ascending wave. We think, today the price may form another consolidation channel by growing towards 1210 first and then falling to 1200. Later, in our opinion, the market may break this consolidation channel upwards. If the price expands this channel up to 1220, the market may form a reversal pattern and start a correction. An alternative scenario suggests that the market may break it downwards and move to reach level of 1190.
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