Analysis for October 15th, 2014
EUR USD, “Euro vs US Dollar”
Euro is forming another descending structure with the target at level of 1.2598. This structure may also be considered as a correctional one; as a result, the pair may form three-wave correction here. Later, in our opinion, the market may form another ascending wave, the third one, with the predicted target at level of 1.2900. After the price breaks level of 1.2780, we’ll specify the target.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is moving according to an alternative scenario and still forming a descending structure. The pair has completed another descending wave. The next step is to form an ascending structure to return to level of 1.6230. We think, today the price may form a consolidation channel and a reversal pattern.
USD CHF, “US Dollar vs Swiss Franc”
Franc is moving inside an ascending structure to return to level of 0.9589. Thus, the pair is forming a consolidation channel, which may be considered as a downside continuation pattern. We think, today the price may fall to break level of 0.9470. The predicted target of the third descending wave is at level of 0.9375.
USD JPY, “US Dollar vs Japanese Yen”
Yen is consolidating. We think, today the price may grow to test level of 108.00 from below and then continue falling towards 106.00. As a result, the price may reach the target of the third wave. Later, in our opinion, the market may return to level of 108.00 and then form the fifth wave to reach the target at level of 105.80.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still consolidating. We think, today the price may grow to break level of 0.8810. Later, in our opinion, the market may consolidate for a while and then continue growing. The next target is at level of 0.8940.
USD RUB, “US Dollar vs Russian Ruble”
Ruble continues extending its ascending wave. We think, today the price may fall towards level of 40.46 and then continue moving to reach level of 41.05, which is considered a strategic target of this wave. Later, in our opinion, the market may form a consolidation channel. The pair is expected to start a new correction to return to level of 34.00, at least.
XAU USD, “Gold vs US Dollar”
Gold is still consolidating at the top of its ascending wave. We think, today the price may fall towards 1222; this movement may be considered as a part of a correction. Possibly, the market may extend this descending correction towards level of 1208. Later, in our opinion, the market may start forming another ascending wave. The predicted target of the third ascending wave is at 1250.
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