Forex Technical Analysis 10.07.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

July 10, 2014

EUR USD, “Euro vs US Dollar”

Euro continues forming ascending wave with target at level of 1.3655. After reaching it, instrument may start descending correction towards level of 1.3620 and then start moving upwards to reach level of 1.3710. Later, in our opinion, instrument may start new correction towards this five-wave ascending structure.

GBP USD, “Great Britain Pound vs US Dollar”

Pound continues forming ascending wave; main target is at level of 1.7730. We think, today price may break the top of consolidation channel and then test level of 1.7137. Later, in our opinion, instrument may continue growing up to reach next target at level of 1.7300 and then start forming another consolidation channel.

USD CHF, “US Dollar vs Swiss Franc”

Franc is still forming descending structure towards level of 0.8890. Later, in our opinion, instrument may return to level of 0.8920 and then continue falling down to reach level of 0.8830. After reaching it, pair may start new correction towards this five-wave structure.

USD JPY, “US Dollar vs Japanese Yen”

Yen is still forming descending structure with target at level of 101.40. Later, in our opinion, instrument may return to level of 101.80 to test it from below and then complete the third structure by falling down towards level of 101.00. After reaching it, pair may test level of 101.70 from below and then continue moving inside descending trend.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar completed its ascending wave. We think, today price may continue falling down towards level of 0.9300 and then form another ascending structure to reach new high.

USD RUB, “US Dollar vs Russian Ruble”

Ruble broke its consolidation channel downwards, fell down, and completed correction. We think, today price may continue forming ascending wave, the third inside the fourth one with target at level of 34.78. Later, in our opinion, instrument may test level of 34.25 from above and then grow up to reach level of 35.00.

XAU USD, “Gold vs US Dollar”

Gold is still consolidating near the top of its ascending wave; right now price is forming ascending structure with target at level of 1337. Later, in our opinion, instrument may form reversal pattern and then start new descending wave. Target of this wave is at level of 1208.

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