Forex Technical Analysis 22.05.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

May 22, 2014

EUR USD, “Euro vs US Dollar”

Euro is under pressure and continues falling down towards level of 1.3580; this descending structure may be considered as the fourth correctional wave. Later, in our opinion, instrument may start new ascending movement to reach level of 1.4100.

GBP USD, “Great Britain Pound vs US Dollar”

Pound formed ascending impulse. We think, today price may fall down to return to level of 1.6825 and then complete this five-wave correction by forming the fifth descending structure with target at level of 1.6655. Later, in our opinion, ascending trend may continue. Alternative scenario implies that pair may rebound from level of 1.6825, reach new top, and then continue forming ascending wave.

USD CHF, “US Dollar vs Swiss Franc”

Franc is moving upwards. We think, today price may reach new top at level of 0.8980. Later, in our opinion, instrument may continue falling down. Main target is at level of 0.8300.

USD JPY, “US Dollar vs Japanese Yen”

Yen reached level of 101.00 and right now is moving towards level of 102.00. The whole structure may be considered as continuation pattern, the third descending wave. Local target of this wave is at level of 99.20.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is forming continuation pattern to continue moving downwards. We think, today price may reach level of 0.9300, fall down towards to break level of 0.9200, and form the central part of this continuation pattern. Later, in our opinion, instrument may reach level of 0.9110, return to level of 0.9200 to test it from below, and then continue falling sown. Next target will be at level of 0.9000.

USD RUB, “US Dollar vs Russian Ruble”

Ruble is moving upwards. We think, today price may continue growing up towards level of 37.50. Alternative scenario implies that pair may consolidate at current levels during the next several days. If market is able to form descending continuation pattern, pair may extend its descending movement up to levels of 33.40 – 33.00.

XAU USD, “Gold vs US Dollar”

Gold is still consolidating inside triangle pattern. Main scenario remains the same - price may continue growing up towards level of 1321. Later, in our opinion, instrument may consolidate for a while continue growing up towards level of 1435.

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