Analysis for November 21st, 2014
EUR USD, “Euro vs US Dollar”
The correction continues; Euro is forming the fourth wave with the minimum downside target at level of 1.2488. We think, today the price may reach it and then start growing and forming the fifth wave. The target of this wave is at level of 1.2620.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is consolidating close to its lows; inside this range, we can see an ascending impulse, which is strong enough to continue. The pair tried to expand this consolidation channel upwards and right now is forming a correction to return to the channel’s center. We think, today the price may break level of 1.5725 upwards and then reach level of 1.5765. This structure will be considered as a part of an ascending wave with the target at level of 1.600.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still being corrected; this correction may be considered as the fourth wave to return to level of 0.9600. Later, in our opinion, the market may form the fifth structure, a descending one, to reach level of 0.9500.
USD JPY, “US Dollar vs Japanese Yen”
Yen has formed a descending impulse. However, this impulse may reach only level of 116.35. Later, in our opinion, the market may form another ascending structure to reach a new high.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has left a descending channel. We think, today the price may form another ascending structure with the target at level of 0.8690. Later, in our opinion, the market may fall towards level of 0.8630 and then move upwards again to reach level of 0.8790.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is slowly falling towards its target; such scenario implies that the pair may form another ascending structure to reach level of 48.33. Later, in our opinion, the market may fall to reach level of 45.00, consolidate, and form a continuation pattern. The target is at level of 43.94.
XAU USD, “Gold vs US Dollar”
Gold continues moving in the center of its consolidation channel. We think, today the price may grow to reach level of 1208 and then move downwards again to reach level of 1188. After that, the price may start forming another ascending structure towards level of 1223.
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