Forex Technical Analysis 17.07.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

July 17, 2014

EUR USD, “Euro vs US Dollar”

Euro reached targets of its descending structure. We think, today price may consolidate for a while, form reversal pattern, and then break descending channel. Later, in our opinion, instrument may form another ascending structure to reach level of 1.3710.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is still ignoring the strengthening of US dollar against other currencies. We think, today price may continue moving upwards inside the third wave towards level of 1.7500. Right now, pair is growing up to reach level of 1.7300.

USD CHF, “US Dollar vs Swiss Franc”

Franc completed another ascending structure. We think, today price may form consolidation channel and form reversal pattern. Later, in our opinion, instrument may continue falling down towards next target at level of 0.8830.

USD JPY, “US Dollar vs Japanese Yen”

Yen broke ascending channel downwards. According to main scenario, pair may continue forming descending wave towards level of 99.30. We think, today price may fall down to reach level of 101.00.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is still moving downwards; right now market is forming ascending structure to return to level of 0.9377. Later, in our opinion, instrument may move downwards to reach level of 0.9310.

USD RUB, “US Dollar vs Russian Ruble”

Ruble is still forming the third ascending wave with target at level of 34.84. Later, in our opinion, instrument may start descending correction towards level of 34.25 (at least) and then form the fifth ascending wave to reach level of 35.00.

XAU USD, “Gold vs US Dollar”

Gold continues moving downwards; this movement may be considered as correction towards level of 1321. Later, in our opinion, instrument may form head & shoulders reversal pattern and then move downwards to break its neckline and reach target at level of 1255.

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