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Analysis for July 29th, 2013

EUR/USD

After testing the level of 1.3165, Euro continues forming an ascending wave, the third one, with the target at 1.3330. Later, in our opinion, the pair may start a new descending movement to return to the level of 1.3165.

GBP/USD

After testing the level of 1.5265, Pound continues forming an ascending wave, the third one, with the target at 1.5500. Later, in our opinion, the pair may start another descending correction towards the level of 1.5265 and then form the fifth ascending wave to reach the target at 1.5710.

USD/CHF

Franc is still forming a descending wave with the target at 0.9260. Later, in our opinion, the pair may grow up towards the level of 0.9400 and then start falling down again to reach the target at 0.9050.

USD/JPY

The USD/JPY currency pair continues forming a descending wave. We think, today the price may reach the level of 97.50 and then start a correction to test the level of 99.00 from below. Later, in our opinion, the pair may continue falling down to react the target at 97.00.

AUD/USD

Australian Dollar is forming an ascending correction with the target at 0.9290. Later, in our opinion, the pair may move downwards to reach the level of 0.9030, consolidate for a while, and then continue falling down towards the target at 0.8900.

GOLD

Gold is forming another ascending structure with the target at 1355. Later, in our opinion, the price may move downwards to reach the level of 1295 and then start a new ascending wave towards the target at 1385.