Pound Continues Its Correction; Yen Moves In Descending Channel
RoboForex | Jul 21, 2014 01:47PM ET
The euro continues Friday’s ascending movement. Today the price may reach level of 1.3550. In our opinion, price may start correction towards level of 1.3520. The the price may start forming another ascending structure towards level of 1.3520.
The pound continues its correction. Today the price may reach level of 1.7140 and start forming another descending structure towards level of 1.7010. The price may continue moving upwards inside ascending trend and reach level of 1.7500.
Swiss franc is still moving in the descending channel. We think, price may continue Friday’s descending movement. Price may reach level of 0.8965 and, then, start correction towards level of 0.8990. Later, the price may continue falling down towards level of 0.8935.
The yen is still moving in the descending channel. Today the price may reach level of 101.00. Then, as we think, price may form consolidation channel and continue falling down towards its next target at level of 100.50, rebound from this level and reach level of 101.70.
The Aussie may reach level of 0.9415. Today the price is still forming descending structure towards level of 0.9355. Later, price may go upwards and, then, start descending movement to reach level of 0.9300.
The Russian ruble continues forming the forth correction wave. Today, in our opinion, the price may consolidate for a while at current highs. Later, instrument may extend its ascending structure and reach the target at level of 35.40. The price may resume its descending movement towards level of 34.60. We think, instrument may form the fifth wave in this correction to reach level of 35.60.
Gold continues descending pattern. We think, Today the price may resume level of 1313. The price may continue descending movement along the neck of head & shoulders reversal pattern. Target of this pattern is at level of 1275.
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