Forex Technical Analysis 26.12.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

December 26, 2013

EUR/USD

Euro is still forming consolidation channel, which may be considered as triangle pattern. After the market opening, price may fall down to reach level of 1.3644, return to triangle’s upper border, and then complete this correction by moving downwards and reaching level of 1.3560. Later, in our opinion, instrument may continue growing up with target at 1.4100.

GBP/USD

Pound is still consolidating below 1.6380. After the market opening, price may continue its correction and reach level of 1.6300 (at least). Later, in our opinion, instrument may continue moving upwards to reach predicted target at 1.7150.

USD/CHF

Franc started forming another ascending structure; right now market is moving inside consolidation pattern. After the market opening, price may reach level of 0.9000 and then fall down towards 0.8960. Later, in our opinion, instrument may complete this correction by reaching level of 0.9060 (at least) and then continue falling down towards 0.8300.

USD/JPY

Yet is still consolidating near its maximums. After the market opening, price may start descending structure towards level of 103.58, return to 104.00, and then continue falling down towards next target at 102.70. Alternative scenario implies that pair may continue growing up to reach new maximums.

AUD/USD

Australian Dollar is still being corrected towards previous descending movement; structure of this correction implies that price may fall down to reach 0.8840. Later, in our opinion, instrument may complete this correction by forming ascending structure to reach level of 0.8958 and then start moving inside down trend towards 0.8720.

GOLD

Gold is still moving towards level of 1220; after the market opening, price may reach it. This movement may be considered as the fourth wave of another descending structure. Later, in our opinion, instrument may start the fifth wave inside this final structure with target at 1175 and then form reversal pattern for new ascending movement to return to 1360.

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