Forex Technical Analysis 04.07.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

July 4, 2014

EUR USD, “Euro vs US Dollar”

Influenced by the news, Euro is forming consolidation channel. We think, today price may leave its descending channel and continue growing up to break level of 1.3650 again and then reach level of 1.3700. We remind you that instrument is forming the third ascending wave with target at level of 1.3790.

GBP USD, “Great Britain Pound vs US Dollar”

Pound expanded its consolidation channel downwards and right now is moving to break level of 1.7176 upwards. We think, today price may expand this channel towards level of 1.7245. Later, in our opinion, instrument may return to level of 1.7176 to test it from above and then continue growing up.

USD CHF, “US Dollar vs Swiss Franc”

Influenced by the news, Franc completed ascending structure and right now is consolidating. We think, today price may break ascending channel and continue falling down. Pair is expected to form triangle consolidation inside wide trading range, which may be considered as continuation pattern. Target of the third wave is at level of 0.8794.

USD JPY, “US Dollar vs Japanese Yen”

Yen tried to continue moving upwards by forming continuation pattern. Main scenario suggests that pair may fall down towards level of 101.00. We think, today price may form descending structure to break ascending channel and form reversal pattern. One of its parts may be another ascending structure to reach level of 102.30. Later, in our opinion, instrument may continue falling down towards above-mentioned target.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar completed its descending wave and broke level of 0.9417. We think, today price may return to level of 0.9417. After reaching it, we’ll see whether price is going to continue falling down or growing up. If falling down – it may reach level of 0.9270; if growing up – reach new high. Later, in our opinion, instrument may continue moving inside descending trend.

USD RUB, “US Dollar vs Russian Ruble”

Ruble broke descending channel of its third wave. Right now market is consolidating and forming the fourth wave with target at level of 35.00; this wave may become perfect five-wave structure. Alternative scenario implies that after breaking level of 34.40, price may form continuation pattern towards level of 35.00. Later, in our opinion, instrument may form the fifth wave with target at level of 33.20.

XAU USD, “Gold vs US Dollar”

Gold is not traded today because of the Independence Day in the USA. After the market opening on Monday, we think price consolidate, form reversal pattern, and continue falling down towards level of 1208.

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