Forex Technical Analysis 08.05.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

May 8, 2014

Euro is being corrected towards previous ascending impulse. We think, today price may continue moving upwards to reach target at level of 1.3990. Later, in our opinion, instrument may return to level of 1.3880 and then continue growing up towards level of 1.4100.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is forming descending structure, which may be considered as correction. Later, in our opinion, instrument may continue growing up towards level of 1.7020 and then form another descending structure. After that, pair may consolidate and form continuation pattern. Main target is at level of 1.7730.

USD CHF, “US Dollar vs Swiss Franc”

Franc is moving upwards slowly. We think, today price may continue moving downwards to reach level of 0.8700. Later, in our opinion, instrument may return to level of 0.8770 and then continue moving inside descending trend to reach level of 0.8630.

USD JPY, “US Dollar vs Japanese Yen”

Yen formed consolidation channel. We think, today price may continue falling down to reach level of 101.00, start new correction towards level of 102.10 and then form another descending structure towards main target at level of 100.00.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar completed another ascending structure and broke maximum of current wave. We think, today price may consolidate for a while, form reversal pattern, and then continue moving downwards. Next target is at level of 0.9200.

USD RUB, “US Dollar vs Russian Ruble”

Ruble continues falling down. We think, today price may continue falling down towards target at level of 34.80, test level of 35.22 from below, and then complete this descending wave by forming another descending structure to reach level of 34.70. Later, in our opinion, instrument may form new ascending wave towards level of 37.50.

XAU USD, “Gold vs US Dollar”

Gold is being corrected towards level of 1280. We think, today price may complete this correction and then form ascending wave towards level of 1321. Later, in our opinion, instrument may complete this ascending wave and start forming correctional bullish flag pattern with target at level of 1290. After that price may continue growing up towards main target at level of 1435.

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