Forex Technical Analysis 13.05.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

May 13, 2014

EUR USD, “Euro vs US Dollar”

Euro is still consolidating. We think, today price may return to level of 1.3865 and then expand this consolidation channel downwards. Later, in our opinion, instrument may form another ascending structure to complete this correction and then start new descending movement to reach target at level of 1.3700.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is moving towards level of 1.6930. After reaching it, instrument may start another descending structure to reach level of 1.6740, which may be considered as the third wave of this correction.

USD CHF, “US Dollar vs Swiss Franc”

Franc continues consolidating. We think, today price may expand this consolidation channel upwards, reach new maximums, and then fall down towards level of 0.8787. Thus, market is expected to form wide consolidation channel and continue moving upwards. Target of this ascending movement is at level of 0.8955.

USD JPY, “US Dollar vs Japanese Yen”

Yen is trying to expand its consolidation channel upwards. We think, today price may continue falling down to reach level of 101.00 and then return to level of 102.00. Main target of this descending movement is at level of 100.00.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is still consolidating; market has already formed small triangle pattern, which may be considered as reversal one. We think, today price may continue moving inside descending trend. Next target is at level of 0.9200.

USD RUB, “US Dollar vs Russian Ruble”

Market was opened with gap down and Ruble is still moving downwards. We think, today price may reach level of 34.70. Alternative scenario implies that instrument may return to level of 35.40 and only after that form another descending structure towards level of 34.70. After reaching it, this descending wave will be completed. Later, in our opinion, instrument may consolidate for a while and form reversal pattern to start new ascending wave towards level of 37.50.

XAU USD, “Gold vs US Dollar”

Gold is forming the fifth ascending structure; market has already completed its first part and right now is falling down towards level of 1290. After that, instrument is expected to continue growing up to reach level of 1321. Later, in our opinion, price may form new correction to return to level of 1295, thus forming head & shoulders reversal pattern to continue growing up towards level of 1435.

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