Forex Technical Analysis 18.11.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

November 18, 2013


Euro continues forming the third ascending wave. We think, today price may reach local predicted target at 1.3570 and then fall down towards 1.3440. Later, in our opinion, pair may start another ascending structure to reach main target of this ascending wave at 1.3590.



Pound completed its ascending wave and may continue growing up. Market wasn’t able to form correctional structure; it has broken the top of ascending impulse. We think, today price may form consolidation channel and then break it upwards. Target of this ascending movement is at 1.6350.



Franc continues consolidating inside the third descending wave. We think, today price may leave this consolidation channel downwards, reach 0.9080, and then return to 0.9160. Later, in our opinion, pair may start another descending movement towards 0.9070 and complete this five-wave structure, which may be considered as the first one of new down-trend.



Yen started forming first descending impulse. We think, today price may form wave with target at 98.50 and then start new correction to return to 99.50. Later, in our opinion, pair may form another descending wave to break lower border of triangle pattern from daily chart.



Australian Dollar continues forming ascending structure, which may be considered as the third ascending wave with target at 0.9450. Later, in our opinion, price may fall down to return to 0.9370 and then form another ascending structure, the fifth one, to complete current correction at 0.9466. After that, pair may start new descending movement towards 0.9210.



Gold is still moving inside the third ascending structure. We think, today price may leave its consolidation channel upwards, reach 1300, and then fall down to return to 1280. Later, in our opinion, instrument may complete this correction by forming the fifth wave and reaching 1306, and then start forming new descending impulse towards 1240.

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