Forex Technical Analysis 07.05.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

May 7, 2014

EUR USD, “Euro vs US Dollar”

Euro broke its consolidation channel upwards. We think, today price may continue moving upwards towards target at level of 1.3990. Alternative scenario implies that instrument may return to the broken border of consolidation channel and then continue growing up towards above-mentioned target. Main tendency is still bullish; target is at level of 1.4100.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is extending its ascending wave; market has already reached consolidation area to continue forming ascending wave with target at level of 1.7730. We think, today price may another consolidation channel and form new continuation pattern. Closest target is at level of 1.6850.

USD CHF, “US Dollar vs Swiss Franc”

Franc broke lower border of triangle pattern and is still moving downwards to reach level of 0.8700. Later, in our opinion, instrument may grow up towards level of 0.8780 and then continue falling down to reach 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 fall down to 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 completed its correctional wave. We think, today price may move downwards to reach level of 0.9317. Later, in our opinion, instrument may test level of 0.9340 from below and then continue falling down to break level of 0.9210.

USD RUB, “US Dollar vs Russian Ruble”

Ruble continues falling down. We think, today price may consolidate for a while near level of 35.44 and then continue falling down with target at level of 34.80. Later, in our opinion, instrument may form another consolidation channel and new reversal pattern to start new ascending movement towards level of 37.50.

XAU USD, “Gold vs US Dollar”

Gold is still consolidating near level of 1309; this movement may be considered as continuation pattern. We think, today price may form ascending structure towards 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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