Analysis for October 2nd, 2014
EUR USD, “Euro vs US Dollar”
Euro has started forming an ascending impulse to return to level of 1.2716. After reaching it, the pair may test level of 1.2646 from above. After such structure, we’ll estimate whether the market has a potential to form another ascending wave towards level of 1.2900.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has formed another consolidation channel and right now is breaking it upwards. We think, today the price may continue growing to return to level of 1.6340; this structure may be considered as another ascending wave with the target at level of 1.6550. An alternative scenario suggests that the market may fall to reach a new low of this wave and then to start moving towards the above-mentioned target.
USD CHF, “US Dollar vs Swiss Franc”
Franc is forming another descending structure towards the target at level of 0.9485. Later, in our opinion, the market may start a correction towards level of 0.955 to test it from below and then continue forming this wave. The next target is at 0.9400.
USD JPY, “US Dollar vs Japanese Yen”
Yen continues forming a descending wave with the target at 108.25. Later, in our opinion, the market may return to level of 109.10. Thus, the pair is forming head & shoulders reversal pattern to start a new downtrend. The next target is at level of 106.50.
AUD USD, “Australian Dollar vs US Dollar”
Australian has started forming a structure to return to level of 0.8800. Later, in our opinion, the market may test level of 0.8770 from above and then start another ascending movement to reach the target at 0.8970.
USD RUB, “US Dollar vs Russian Ruble”
Ruble has started forming the first descending wave. We think, today the price may reach level of 39.20 and then test level of 39.51. Later, in our opinion, the pair may start falling towards level of 38.50.
XAU USD, “Gold vs US Dollar”
Gold is forming another ascending structure to break a descending channel. We think, today the price may grow towards 1236 and then fall to reach 1220. After that, we’ll estimate if such pattern has a potential to continue moving upwards to reach level of 1266.
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