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

17 July, 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.

RoboForex Analytical Department


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The pound is strengthening for the second day

The British Pound continues to grow on Wednesday. The currency is rather actively moving away from the previous local minimum. The current quotation of the GBP/USD pair is 1.5310. No one is talking about the pound moving above 1.55 yet there are too many external risks to which investors are not paying attention...

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Euro has returned to test triangle pattern from below. We think, today the price may fall towards level of 1.2400 and then form a consolidation channel. If later the channel is broken downwards, the pair may move downwards to reach level of 1.2200...

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