Forex Technical Analysis 04.06.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

June 4, 2014

EUR USD, “Euro vs US Dollar”

Euro continues forming descending structure towards level of 1.3570. We think, today price may reach it, form another ascending wave to test level of 1.3650 from below, and then form another descending structure to reach level of 1.3540. Later, in our opinion, instrument may start consolidating and form reversal pattern to continue moving upwards.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is still falling down. We think, today price may break level of 1.6718 downwards; target is at level of 1.6655. Later, in our opinion, instrument may start consolidating and form reversal pattern to continue growing up.

USD CHF, “US Dollar vs Swiss Franc”

Franc continues moving inside ascending structure to reach target at level of 0.9010. We think, today price may reach it and then form another descending structure to return to level of 0.8946. Later, in our opinion, instrument may start growing up to reach level of 0.9030, reverse downwards, and continue falling down.

USD JPY, “US Dollar vs Japanese Yen”

Yen is still extending its ascending structure. We think, today price may break this ascending channel downwards and continue falling down to reach level of 100.50. Later, in our opinion, instrument may return to level of 101.780 and then move downwards again to reach level of 99.30.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is still forming consolidation channel. We think, today price may break level of 0.9200 downwards and then continue falling down to reach target at level of 0.9000. Alternative scenario implies that pair may move upwards to test upper border of triangle pattern.
USD RUB, “US Dollar vs Russian Ruble”

Ruble continues moving upwards towards level of 35.44. Possibly, this ascending movement (considered as correctional one) may continue after testing level of 34.70 from above. Later, in our opinion, instrument may form another descending structure to reach level of 33.85.

XAU USD, “Gold vs US Dollar”

Gold is forming consolidation channel at current levels; this channel may be considered as descending continuation pattern. Target is at level of 1213. Later, in our opinion, instrument may form another ascending structure to return to level of 1260.

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