Forex Technical Analysis 23.05.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

Analysis for May 23^rd, 2013

EUR/USD

Euro finished an ascending wave towards the level of 1.2990 and started forming a new descending structure. We think, today the price may continue moving downwards with the target at 1.2790. Right now, the pair is expected to return to the level of 1.2890 and then move towards the above-mentioned target. Later, in our opinion, the market may start one more correction to return to the level of 1.2990.

GBP/USD

Pound is trying to extend this wave by forming one more descending structure. We think, today the price may return to the level of 1.5074 and then form another descending structure towards the target at 1.4990. Later, in our opinion, the market may start an ascending correction to return to the level of 1.5330.

USD/CHF

Franc left a consolidation pattern upwards and reached its minimum target. We think, today the price may start a descending correction to break triangle’s lower border and then form another ascending structure to reach the level of 0.9855. Later, in our opinion, the market may start one more descending correction towards the level of 0.9500.

USD/JPY

The USD/JPY currency pair started a descending wave; right now, it is finishing the first structure. We think, today the price may return to the level of 102.75, form another descending structure (as the third wave) to reach the level of 101. The target of the wave is at 99.90.

AUD/USD

Australian Dollar is still moving downwards; the market is forming a continuation pattern. We think, today the price may reach the level of 0.9530 and then return to the level of 0.9680 to test it from below, thus completing the pattern. Later, in our opinion, the pair may continue falling down with the main target at the level of 0.8750 without any serious corrections.

GOLD

Gold continues forming a descending correctional wave. We think, today the price may start a new ascending movement towards the level of 1396. Later, in our opinion, the instrument may consolidate for a while and continue moving upwards to reach the level of 1435.



 
RoboForex Analytical Department