Forex Technical Analysis 12.05.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

May 12, 2014

Euro is still moving inside descending structure, which may be considered as correction with just one descending impulse at the moment. We think, today price may return to level of 1.3867 and then form another descending structure inside this correction towards level of 1.3700. Later, in our opinion, instrument may start forming wider consolidation channel.

GBP USD, “Great Britain Pound vs US Dollar”

Pound reached its target and broke ascending channel. We think, today price may return to level of 1.6915. Later, in our opinion, instrument may continue this correction; next target is at level of 1.6740.

USD CHF, “US Dollar vs Swiss Franc”

Franc formed one ascending impulse. We think, today price may correct this impulse towards level of 0.8787. Later, in our opinion, instrument may start forming wide consolidation channel and then reversal pattern to continue moving upwards. Target is at level of 0.8955.

USD JPY, “US Dollar vs Japanese Yen”

Yen broke minimum of its descending impulse and right now is still forming consolidation channel. We think, today price may break minimums and reach level of 101.00. Later, in our opinion, instrument may return to level of 102.00.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is forming the first descending impulse towards level of 0.9340. Later, in our opinion, instrument may return to level of 0.9360 and then continue moving downwards to reach level of 0.9200.

USD RUB, “US Dollar vs Russian Ruble”

Ruble is still forming ascending structure and returning to level of 35.40. After reaching it, price may form another descending structure towards target at level of 34.70 and thus complete this descending wave. Later, in our opinion, instrument may form reversal pattern to start new ascending wave towards level of 37.50.

XAU USD, “Gold vs US Dollar”

Gold expanded its consolidation channel downwards and right now is forming another ascending impulse, which may continue up to level of 1300. Later, in our opinion, instrument may return to level of 1290 and then start another ascending wave to reach level of 1320.

RoboForex Analytical Department

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