Forex Technical Analysis 07.07.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

July 7, 2014

EUR USD, “Euro vs US Dollar”

Euro is still moving inside descending channel, which may be considered as correction. We think, today price may form reversal structure to start new ascending wave with target at level of 1.3700. Later, in our opinion, instrument may return to level of 1.3600. Alternative scenario implies that instrument may continue forming descending structure.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is still inside narrow consolidation channel and isn’t going to move downwards. We think, today price may continue growing up towards level of 1.7250. Later, in our opinion, instrument may form another consolidation channel and continue current ascending with target at level of 1.7730.

USD CHF, “US Dollar vs Swiss Franc”

Franc continues moving inside ascending channel. We think, today price may form reversal structure to continue falling down. Target is at level of 0.8830.

USD JPY, “US Dollar vs Japanese Yen”

Yen is still moving upwards. We think, today price may reach level of 102.30, consolidate for a while, and then form reversal pattern. Later, in our opinion, instrument may start another descending wave with target at level of 101.00.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is consolidating. We think, today price may form ascending structure towards level of 0.9400. Later, in our opinion, instrument may start falling down again to reach of 0.9300.

USD RUB, “US Dollar vs Russian Ruble”

Ruble broke its consolidation channel upwards. We think, today price may test this level from above and then continue growing up towards level of 35.00. Market has almost completed continuation pattern near level of 34.26. By reaching level of 35.00 pair may finish the fourth wave of flag pattern. Later, in our opinion, instrument may form the fifth wave of this pattern with target at level of 33.20.

XAU USD, “Gold vs US Dollar”

Gold is still moving inside ascending structure with target at level of 1337. We think, today price may form correction towards level of 1308 and then start growing up to reach above-mentioned target. Later, in our opinion, instrument may continue falling down towards level of 1208.

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