Forex Technical Analysis 21.11.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

November 21, 2013

EUR/USD

Euro completed its correction and right now is moving inside descending channel. We think, today price may consolidate at current levels and then break this descending channel to form the fifth ascending wave towards 1.3590.

GBP/USD

Pound is still consolidating inside narrow triangle pattern. We think, today price may continue forming ascending structure towards 1.6350. Alternative scenario implies that pair may start correction to reach 1.5970 and then start moving upwards.

USD/CHF

Franc completed its correction to the maximum degree. We think, today price may consolidate at current levels and then start forming the fifth descending structure with target at 0.9070.

USD/JPY

Yen is still extending its ascending structure; however, market hasn’t formed any structures for significant ascending movement. We think, today price may fall down towards 99.00 to test it from above and then start new ascending movement to reach level of 101.20.

AUD/USD

Australian Dollar expanded its consolidation channel downwards and continued current correction. We think, today price may from another wave, the fifth one, to reach 0.9460. Alternative scenario implies that pair may continue falling down towards 0.9210 and then start moving upwards to return to level of 0.9480.

GOLD

Gold continues moving downwards; market is forming the fifth wave with target at 1195. We think, today price may reach it this target or even level of 1225, start consolidating, and then form reversal structure.

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