Forex Technical Analysis 03.02.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

February 3, 2014

EUR/USD

Euro is still moving inside descending channel, which may be considered as correction. We think, today price may reach new minimum and then start new ascending wave to reach target at level of 1.3570.

GBP/USD

Pound is still moving inside the third descending wave. We think, today price may reach new minimum and then start moving upwards to return to level of 1.6560.

USD/CHF

Franc completed its correction. We think, today pair may consolidate for a while and then start forming reversal pattern to continue moving inside descending trend towards target at level of 0.8880.

USD/JPY

Yen is finishing its descending structure with target at 101.70. We think, today price may reach this target and then start forming new ascending structure to reach level of 104.00.

AUD/USD

Australian Dollar is still moving inside descending structure with main target at 0.8400. We think, today price may continue moving downwards to break level of 0.8660, consolidate for a while, and then form continuation pattern to continue this descending movement to reach local target at level of 0.8460.

GOLD

Gold is still forming the fourth wave of current correction. We think, today price may reach level of 1258, and then complete this correction by forming its fifth wave at level of 1230. Later, in our opinion, instrument may form reversal pattern and start new ascending movement towards level of 1360.

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