Forex Technical Analysis 20.01.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

January 20, 2014

EUR/USD

Euro continues moving downwards and expanding its consolidation channel; market is forming divergent triangle pattern. We think, today price may form reversal structure to continue growing up. The first target is at level of 1.3700. Later, in our opinion, pair may consolidate and then move upwards again to reach target at 1.3800.

GBP/USD

Pound is still moving inside the fourth wave of bullish wedge pattern. We think, today price may form consolidation channel at current levels and leave this channel upwards to reach level of 1.6500. Later, in our opinion, pair may form the fifth descending wave towards level of 1.6255 and then start reversal structure to continue ascending trend.

USD/CHF

Franc is moving upwards. We think, today pair may form reversal structure to continue moving inside descending trend towards level of 0.9000. Later, in our opinion, pair may return to level of 0.9075 and then continue falling down. The next target is at 0.8900.

USD/JPY

Yen is still falling down; market is forming the fifth wave of descending structure. We think, today price may continue moving downwards to reach level of 102.75. Later, in our opinion, price may return to level of 104.00.

AUD/USD

Australian Dollar continues moving inside descending structure with target at 0.8750. After reaching it, pair may consolidate, break this level, and then complete this descending movement by reaching target at 0.8400. Later, in our opinion, pair may return to level of 0.9075.

GOLD

Gold is still moving inside the fifth ascending wave towards level of 1277. We think, today price may continue consolidating and forming continuation pattern near level of 1248.88. Later, in our opinion, instrument may start new descending movement towards target at 1230.

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