AUD/USD Moves Inside Descending Structure
RoboForex | Jul 29, 2014 12:54PM ET
EUR/USD continues consolidation at current minimums. In our opinion, descending structure is being formed. Double inverted top may be formed. The basic scenario for this currency pair is the forming of ascending structure towards level of 1.3510. Then, the price may start falling down towards level of 1.3470. After reaching it, another ascending structure may be formed and price may reach level of 1.3590.
GBP/USD continues moving in consolidation channel. The basic scenario is that price will be moving upwards inside ascending wave with target at level 1.7500.
USD/CHF continues consolidation near its maximums. The ascending structure is forming. We think that slight changes near maximums may occur. Today the descending structure may be formed and price may reach level of 0.9000. Then, we think price may resume moving upwards towards level of 0.9030. After reaching it, price may resume descending movement towards level of 0.8955.
USD/JPY broke its consolidation channel upwards. The third wave may be formed, after it, price may start moving towards level of 102.60. Thus, market is forming daily consolidation triangle that is considered as a pattern of downtrend continuation towards level of 99.30.
AUD/USD is still moving inside descending structure as correction. Today ascending wave may be formed and price may reach level of 0.9510. As an alternative scenario, in our opinion, price may start falling down towards level of 0.9370. After it, we expect the ascending wave again.
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USD/RUB is still moving in the ascending channel. Price is expected to reach level of 35.66 due to the extension. Then, this growth stage will be completed. After it, we expect correction towards level of 34.68. Then, the fifth wave may be formed inside this correction and price may reach the level of 35.85.
Gold continues its recovery pattern. We expect price may try to reach level of 1311. Then, descending wave may be formed and level of 1290 may be broken. We expect the third descending wave. The target is level of 1275.
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