Forex Technical Analysis 16.05.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

May 16, 2014

EUR USD, “Euro vs US Dollar”

Euro continues forming ascending impulse. We think, today price may reach level of 1.3734 and then start correction towards level of 1.3600, at least. Later, in our opinion, instrument may start another ascending movement to reach level of 1.3840.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is moving inside the fourth of wave of descending structure. We think, today price may return to level of 1.6825 and then start forming the fifth wave with target at level of 1.6655.

USD CHF, “US Dollar vs Swiss Franc”

Franc formed descending impulse. We think, today price may test level of 0.8920 and then continue falling down. Next target is at level of 0.8810.

USD JPY, “US Dollar vs Japanese Yen”

Yen is still moving downwards. We think, today price may reach local target at level of 101.00. Later, in our opinion, instrument may return to level of 102.00 and then continue falling down towards level of 100.00.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is still consolidating; market expanded this consolidation channel downwards. We think, today price may continue forming this descending wave. The first target is at level of 0.9200.

USD RUB, “US Dollar vs Russian Ruble”

Ruble continues moving without any particular direction. We think, today price may reach level of 34.55 and then start forming the fourth structure inside the fifth wave with target at level of 35.20, at least. Later, in our opinion, instrument may complete the fifth wave by forming another descending wave with target at level of 34.50. After reaching it, pair may then continue growing up.

XAU USD, “Gold vs US Dollar”

Gold is forming the fifth ascending structure; market is moving in the middle of this wave. We think, today price may continue growing up to reach target at level of 1321. Later, in our opinion, price may form new correction to return to level of 1295 and then continue growing up towards main target at level of 1435.

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