Forex Technical Analysis 05.03.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

March 5, 2014

EUR USD, “Euro vs US Dollar”

Euro is moving downwards to test level of 1.3710. We think, today price may leave this descending channel and start new ascending movement to form consolidation channel in the form of triangle pattern near level 1.3780. Later, in our opinion, instrument may break it upwards and then continue moving upwards to reach level of 1.3850.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is moving inside consolidation channel; market may either continue falling down towards level of 1.6550 or move upwards to reach level of 1.6800. However, main scenario still implies that price may continue growing up towards target at level of 1.7000.

USD CHF, “US Dollar vs Swiss Franc”

Franc is still forming ascending impulse. We think, today price may reach level of 0.8890, consolidate for a while, form reversal structure, and then continue falling down. Next target is at 0.8730.

USD JPY, “US Dollar vs Japanese Yen”

Yen continues moving inside wide consolidation channel; which may be considered as continuation pattern towards level of 100.00. Only after reaching this level, price may reverse and move upwards to reach level of 104.00.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is still being corrected. We think, today price may continue falling down towards level of 0.8800, test level of 0.8940 from below, and then move downwards again to reach level of 0.8830.

XAU USD, “Gold vs US Dollar”

Gold broke ascending channel at level of 1335 and right now is forming consolidation channel near it. We think, today price may stop consolidating and continue falling down to reach level of 1319.50. Later, in our opinion, instrument may start return to level of 1335 and then continue falling down towards level of 1285.

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