Forex Technical Analysis 03.04.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

April 3, 2014

EUR USD, “Euro vs US Dollar”

Euro formed the first ascending wave and right now is correcting it. We think, today price may form consolidation channel with continuation pattern to continue growing up. According to main scenario, pair is forming ascending wave with target at level of 1.3990. Alternative scenario implies that instrument may reach new minimum of this wave and then continue growing up towards above-mentioned target.

GBP USD, “Great Britain Pound vs US Dollar”

Pound continues consolidating; market completed the fourth wave. We think, today price may continue forming descending structure, which is the fifth wave of correctional flag pattern with target at level of 1.6430.

USD CHF, “US Dollar vs Swiss Franc”

Franc is still forming consolidation channel. We think, today price may form another descending structure towards target at level of 0.8630. Alternative scenario implies that instrument may reach new maximum and then continue moving upwards to reach above-mentioned target.

USD JPY, “US Dollar vs Japanese Yen”

Yen is still moving near its maximums; market may continue forming consolidation channel. We think, today price may move upwards to reach new maximum. Later, in our opinion, instrument may form reversal pattern and continue falling down to reach level of 100.00.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar continues forming its first descending wave with target at 0.9200. Later, in our opinion, instrument may return to level of 0.9250 and then continue moving inside descending trend. Main target is at level of 0.8400.

USD RUB, “US Dollar vs Russian Ruble”

Market was opened with gap up. Ruble returned to level of 35.34 and may continue moving upwards to reach target at level of 35.90. We think, today price may form consolidation channel by reaching level of 35.50 and then starting correction towards level of 35.20. If later market breaks this channel upwards, price will complete this correction at above-mentioned target; if downwards – it will continue falling down.

XAU USD, “Gold vs US Dollar”

Gold expanded its consolidation channel upwards. We think, today price may reach the first target at level of 1300 and then fall down towards level of 1287.80 to test it from above. Later, in our opinion, instrument may continue growing up towards main target at level of 1435.

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