Forex Technical Analysis 22.11.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

November 22, 2013

EUR/USD

Euro is forming the first ascending structure of the fifth wave with target at 1.3590. We think, today price may form continuation pattern by reaching 1.3520 and then consolidating near 1.3495. Later, in our opinion, pair may leave this consolidation channel upwards to reach above-mentioned target.

GBP/USD

Pound continues moving upwards; market has formed central part of continuation pattern. We think, today price may fall down towards 1.6120 and then start growing up to reach 1.6350 (at least). Later, in our opinion, pair may form new descending correction to return to 1.6120.

USD/CHF

Franc is still moving downwards; market is forming the fifth descending wave with target at 0.9070. We think, today price may return to 0.9160 and then start another descending movement to form continuation pattern near 0.9130.

USD/JPY

Yen extended its structure, which may be considered as the third wave; market is expected to form the fifth wave of this correction with target at 101.60. We think, today price may start correction to return to 99.10 and form the first wave of this correction with target at 100.20.

AUD/USD

Australian Dollar finished its descending correction. We think, today price may start forming new wave return to 0.9470. This structure may help to define future scenario. Pair is expected to form the first structure of this wave with target at 0.9330.
 

GOLD

Gold is still moving downwards with target at 1195; right now, market is consolidating near 1240. We think, today price may continue falling down towards target at 1225, consolidate for a while, and then move downwards again to complete this descending wave. Alternative scenario implies that instrument may start correction towards upper border of this consolidation channel and then continue falling down.
 
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