Forex Technical Analysis 20.11.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

November 20, 2013

Euro reached local target of its growth. We think, today price may start descending correction to return to 1.3440. Alternative scenario implies that pair may consolidate at current maximums and then continue growing up to extend this ascending wave.

GBP/USD

Pound is still moving inside consolidation channel; trading range looks like triangle pattern. We think, today price may form another descending structure towards pattern’s lower border and then start new ascending movement to break upper one and continue growing up towards 1.6300.

USD/CHF

Franc reached local target of its decline. We think, today price may start ascending correction towards 0.9160. Alternative scenario implies that pair may consolidate at current minimums and then continue falling down.

USD/JPY

Yen extended its first descending impulse downwards. Although this impulse was corrected quite high, main scenario still implies that market may continue falling down. Target of this decline is at 98.25 now. Later, in our opinion, price may form new correction towards 99.25 and then continue moving downwards to reach lower border of triangle pattern from daily chart.

AUD/USD

Australian Dollar is still consolidating near 0.9400. We think, today price may fall down towards 0.9375 and then break the top of this consolidation to continue growing up towards 0.9500. Later, in our opinion, pair may start new descending movement to return to 0.9400.

GOLD

Gold continues moving downwards; market is forming another triangle pattern near current minimums. Later, in our opinion, instrument may break it downwards and form the fifth ascending wave with target at 1195.

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