Forex Technical Analysis 01.07.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

July 1, 2014

EUR USD, “Euro vs US Dollar”

Euro is forming the third ascending wave. We think, today price may reach level of 1.3650 to test it from above and then continue growing up and forming the third wave with target at level of 1.3790. Later, in our opinion, instrument may start the fourth correctional wave to return to level of 1.3650 and then complete this whole structure by forming the fifth ascending wave with target at level of 1.3800.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is still forming ascending wave; market has almost completed continuation pattern near level of 1.6990 and may continue growing up towards level of 1.7730. We think, today price may fall down to test this pattern’s upper border and then continue moving upwards to reach its next target at level of 1.7176.
 

USD CHF, “US Dollar vs Swiss Franc”

Franc is still moving inside the third wave of its descending structure. We think, today price may test level of 0.8900 from below and then continue falling down to reach level of 0.8794. Later, in our opinion, instrument may start the fourth correctional wave to return to level of 0.8900 and then form the fifth one, down to level of 0.8770.

USD JPY, “US Dollar vs Japanese Yen”

Yen formed consolidation channel near its lows. We think, today price may continue falling down to reach level of 101.00 and then return to level of 101.70 to test it from below. Later, in our opinion, instrument may start another descending wave with target at level of 99.30.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar continues forming the third ascending wave towards level of 0.9465. After reaching it, price may start the fourth wave of this correction with target at level of 0.9270 and then form the fifth correctional wave to reach level of 0.9485.

USD RUB, “US Dollar vs Russian Ruble”

Ruble started forming the first ascending wave inside the fourth one with target at level of 34.29. Later, in our opinion, instrument may fall down to return to level of 33.91 and then form the third wave with target at level of 34.62.
 

XAU USD, “Gold vs US Dollar”

Gold is still forming ascending wave. We think, today price may expand its trading range up to level of 1334.15 and then fall down towards level of 1321.90. Later, in our opinion, instrument may move upwards to reach level of 1338.00 and then start another descending wave with target at level of 1208.

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