Forex Technical Analysis 23.12.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

December 23, 2013

EUR/USD

Euro is still consolidating channel near 1.3660; market has completed the first descending impulse and right now is forming continuation pattern to continue falling down. We think, today price may reach level of 1.3660, break it, and then continue moving downwards to reach level of 1.3560. After reaching this level, pair may form reversal pattern and start new ascending structure to break maximum of this wave. Main target of this wave is at 1.4100.

GBP/USD

Pound is also still consolidating; this consolidation channel may be considered as continuation pattern with target at 1.6300. After reaching this level, pair may form reversal pattern and start new ascending structure to break maximum of this wave. Target is at 1.7150.

USD/CHF

Franc is still forming ascending structure. We think, today price may complete current consolidation, move upwards to each target at 0.9050, and then fall down to return to 0.8950. Later, in our opinion, instrument may complete this ascending structure by making one more ascending movement to reach level of 0.9060 and then continue moving inside down trend towards target at 0.8680.

USD/JPY

Yen finished the first descending impulse; right now market is forming consolidation channel inside the second one. We think, today price may continue falling down towards level of 103.00 and then form new correction to return to 103.70. Later, in our opinion, instrument may continue falling down. Main target of this wave is at 98.80.

AUD/USD

Australian Dollar expanded its training range downwards. We think, today price may return to level of 0.8980 and then continue falling down towards 0.8720. Later, in our opinion, instrument may form new consolidation channel to continue moving inside down trend.

GOLD

Gold is still moving towards level of 1220; this movement may be considered as the fourth wave of another descending structure. After that, instrument may form the fifth wave of this final descending structure with target at 1175. Later, in our opinion, instrument may start forming reversal pattern to start new ascending movement to return to level of 1360.

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