Analysis for August 26th, 2014
EUR USD, “Euro vs US Dollar”
Euro reached a new low once again and right now is trying to start forming an ascending impulse. We think, today the price may continue moving to return to level of 1.3300. After the market reaches it, we’ll esteem the potential of this structure. If it’s not strong enough to form a reversal pattern, the pair may reach another minimum.
GBP USD, “Great Britain Pound vs US Dollar”
Pound continues moving to return to level of 1.6600. After reaching it, the price may start forming another descending structure with the target at level of 1.6480 and then move upwards to return to level of 1.6600.
USD CHF, “US Dollar vs Swiss Franc”
Franc continues forming a descending structure with the target at level of 0.9130. After reaching it, the price may return to level of 0.9145 and then move downwards again to reach level of 0.9090. An alternative scenario implies that the pair may reach a new high and only after that continue moving inside the downtrend.
USD JPY, “US Dollar vs Japanese Yen”
Yen completely formed a descending impulse. We think, today the price may return to level of 104.03 and then continue falling towards the target at 103.30. Later, in our opinion, the pair may start a new correction towards 103.80.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still forming its descending structure with the target at 0.9260. After reaching it, the price may start moving upwards to reach level of 0.9304. Thus, the market is forming a narrowing trading range. If the price breaks this range upwards, the market will continue growing with the target at 0.9510. If the price breaks it downwards, the pair will continue falling towards level of 0.9150.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is still consolidating near the top of the wave. We think, today the price may fall to break the minimum and expand this consolidation channel downwards. The target is at level of 34.70.
XAU USD, “Gold vs US Dollar”
Gold is still consolidating. We think, today the price may break this consolidation channel and expand it downwards to reach level of 1260. Later, in our opinion, the instrument may return to level of 1300 and then start falling again towards level of 1208. An alternative scenario implies that the instrument may reach level of 1300, correct for a while, and then fall again towards 1260.
RoboForex Analytical Department