Forex Forecast 20.10.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

October 20, 2014

Analysis for October 20th, 2014

EUR USD, “Euro vs US Dollar”

Euro is forming the third ascending structure. We think, today the price may reach the target at level of 1.2900 and then start a new correction towards 1.2670. Later, in our opinion, the market may form another ascending structure with the target at level of 1.3000. After that, the pair may form another correction towards level of 1.2670.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is still forming the third ascending wave. We think, today the price may reach level of 1.6138 and then return to level of 1.6080, thus forming an upside continuation pattern. The target of the third wave is at level of 1.6225. Later, in our opinion, the market may form another correction to return to level of 1.6080.

USD CHF, “US Dollar vs Swiss Franc”

Franc continues forming the third descending structure. We think, today the price may continue falling to reach level of 0.9330 and then return to level of 0.9460. Later, in our opinion, the market may form the fifth descending structure with the target at level of 0.9235.

USD JPY, “US Dollar vs Japanese Yen”

Yen is forming a correction with the target at 107.56. We think, today the price may fall towards level of 106.36 and then move upwards to reach the above-mentioned target of the correction. Later, in our opinion, the market may start the fifth descending structure towards level of 105.00.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is still moving inside a wide consolidation channel. We think, today the price may grow to reach level of 0.8880. Later, in our opinion, the market may start falling to return to level of 0.8760.

USD RUB, “US Dollar vs Russian Ruble”

Ruble is forming a consolidation channel at the top of its ascending wave. We think, today the price may break it downwards to reach level of 40.25 and then return to level of 40.70. Later, in our opinion, the market may continue falling as a correction. The next target is at level of 39.38.

XAU USD, “Gold vs US Dollar”

Gold is still consolidating; this consolidation may be considered as an upside continuation pattern. The target of this wave is at 1287. We think, today the price may fall to reach level of 1230. Later, in our opinion, the market may grow towards 1253 and then start a new descending movement to reach level of 1235.

RoboForex Analytical Department

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