Forex Technical Analysis 18.12.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

December 18, 2013

EUR/USD

Euro is still moving inside consolidation channel; market couldn’t form descending structure. We think, today price may continue moving upwards to reach level of 1.3815 and then start new correction towards 1.3700.

GBP/USD

Pound formed triangle pattern inside its consolidation channel, broke it downwards, and right now is forminghead & shoulders pattern with target at 1.6100. We think, today price may test level of 1.6300 from below and then continue forming the second part of this descending wave, which may be considered as correction. Later, in our opinion, pair may start new ascending wave.

USD/CHF

Franc is still moving downwards inside its consolidation channel. We think, today price may continue falling down to reach new minimum and level of 0.8820, return to level of 0.8960, and then move inside down trend again. If market rebounds from level of 0.8867 and reaches new minimum, it may continue falling down towards level of 0.8300.

USD/JPY

Yen reached level of 102.58. We think, today price may form new correction in the form of five-wave flagpattern to return to level of 103.37. Later, in our opinion, pair may continue moving inside down trend.

AUD/USD

Australian Dollar broke its trading range downwards and continues falling down. We think, today price may reach level of 0.8720 and then form new consolidation channel. Next target is at 0.8420.

GOLD

Gold couldn’t start ascending structure; market formed triangle pattern. We think, today price may break pattern’s lower border and continue falling down to reach level of 1210 and then test level of 1230 from below. Later, in our opinion, instrument may complete this descending wave by falling down and reaching level of 1195.

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