Forex Technical Analysis 06.05.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

May 6, 2014

EUR USD, “Euro vs US Dollar”

Euro is still moving close to upper border of divergent triangle pattern and forming narrow consolidation channel, which may be considered as continuation pattern. We think, today price may continue moving upwards towards target at level of 1.3990. Later, in our opinion, instrument may return to level of 1.3890 and then move upwards again to level of 1.4100.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is still forming ascending structure. We think, today price may grow up to reach new maximum at level of 1.6940, consolidate for a while, and then form reversal pattern to start new correction towards level of 1.6690.

USD CHF, “US Dollar vs Swiss Franc”

Franc is still moving downwards. We think, today price may fall down to reach level of 0.8700. Later, in our opinion, instrument may return to level of 0.8780 and then continue falling down towards level of 0.8630.

USD JPY, “US Dollar vs Japanese Yen”

Yen continues falling down; market is forming another descending wave with target at level of 100.00. We think, today price may form consolidation channel as continuation pattern and reach level of 101.00. Later, in our opinion, instrument may return to level of 102.10 and then continue moving downwards to reach main target.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is being corrected with target at level of 0/9334. Later, in our opinion, instrument may start forming the third wave towards level of level of 0.9085 and then the fourth one to reach level of level of 0.9210.

USD RUB, “US Dollar vs Russian Ruble”

Ruble is still moving inside triangle pattern. We think, today price may  continue falling down with target at level of 34.80 and then start new ascending movement towards level of 37.50.

XAU USD, “Gold vs US Dollar”

Gold is still forming ascending impulse, which may be considered as the third wave. We think, today price may form consolidation channel at current levels, break it upwards, and reach local target at level of 1340. Later, in our opinion, instrument may fall down towards level of 1310 to test it from above and then start new ascending movement to reach level of 1350.

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