Forex Technical Analysis 02.08.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)
02.08.2013
Analysis for August 2nd, 2013
EUR/USD
Euro started forming a correctional structure. We think, today the price may form the third part of this structure. The target is at a.3155. Later, in our opinion, the pair may return to the level of 1.3185 and then complete this correction by forming one more descending structure to reach the level of 1.3080. After that, the pair is expected to start a new ascending movement towards the target at 1.3570.
GBP/USD
Pound is still being corrected. We think, today the price may start forming the fifth descending structure. Right now, the market is moving downwards towards the target at 1.5050. Later, in our opinion, the pair may return to the level of 1.5140 and then complete this correction by reaching the level of 1.5040. After that, the pair is expected to form a reversal pattern and start a new ascending wave towards the level of 1.5570.
USD/CHF
Franc started a correction. We think, today the price may reach the level of 0.9380, return to the level of 0.9320, and then complete this correction by moving upwards and reaching the target at 0.9400. Later, in our opinion, the pair may start a new descending movement towards the level of 0.9050.
USD/JPY
The USD/JPY currency pair also started a correction; by now, the market has completed its third ascending part. We think, today the price may fall down towards the level of 98.70 and then complete this correction by making an ascending movement and reaching the target at 99.80. After that, the pair is expected to start a new descending wave towards the level of 95.
AUD/USD
Australian Dollar is still moving downwards. We think, today the price may continue falling down and reach the level of 0.8770. Later, in our opinion, the pair may return to the level of 0.8900 and then start a new descending movement towards the next target at 0.8740.
GOLD
Gold continues moving inside a consolidation channel; this movement may be considered as a correction towards the previous ascending wave. We think, today the price may complete the third descending structure and return to the channel’s upper border. The while structure looks like flag pattern with the target at 1300. After reaching the target, the instrument may start a new ascending movement towards the level of 1355.
RoboForex Analytical Department
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.