Forex Technical Analysis 06.08.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)
Analysis for August 6th, 2013
Euro is still moving inside its consolidation channel. We think, today the price may continue this correction towards the level of 1.3160 and then start a new ascending movement to reach the target at 1.3420. An alternative scenario implies that the pair may try to reach the level of 1.3350 first and then start a correction to return to the level of 1.3160 again.
Pound continues moving upwards. We think, today the price may form one more correctional structure towards the level of 1.5040 and then start a new ascending wave to test the level of 1.5430.
Franc is still consolidating below the level of 0.9400. We think, today the price may reach this level to test it from below and then start forming a new descending structure to reach new minimums and the target at the level of 0.9050.
The USD/JPY currency pair completed another descending wave. We think, today the price may return to the level of 99 and then continue moving downwards to reach the target at 95, which is located near the lower border of triangle pattern form the daily chart.
Australian Dollar is moving back to the level of 0.900. We think, today the price may test this level from below and then continue falling down towards the target at 0.8700.
Gold is still being corrected; the target of this correction is at the level of 1280. We think, today the price may form a reversal pattern for a new ascending movement with the target at 1370. After reaching this target, the instrument may start falling down again to reach the next target at 1000.