Forex Technical Analysis 23.07.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

July 23, 2014

EUR USD, “Euro vs US Dollar”

Euro is still moving downwards; market is forming descending structure to reach target at level of 1.3440. The third wave of this descending movement may be considered completed. We think, today price may move upwards to return to level of 1.3565 and then start forming another descending structure to reach above-mentioned target.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is still consolidating; this pair doesn’t support strengthening of US Dollar against other currency pairs. However, we think, today price may fall down to reach level of 1.7010 and then continue moving inside uptrend. Next target is at level of 1.7500.

USD CHF, “US Dollar vs Swiss Franc”

Franc is forming the third wave of its ascending structure. We think, today price may form descending correction towards level of 0.8956 and then start forming the fifth ascending wave of this structure with target at level of 0.9056.

USD JPY, “US Dollar vs Japanese Yen”

Yen is still forming ascending structure with target at level of 101.67. After reaching it, pair may continue falling down inside downtrend towards main target at level of 99.30. Market continues forming the third wave of correctional flag pattern.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar wasn’t able to continue its correction and right now is moving upwards and forming the third ascending wave with target at level of 0.9510. We think, today price may form consolidation channel near level of 0.9420; this channel may be considered as continuation pattern. After market completes this pattern, we’ll specify targets of ascending movement.

USD RUB, “US Dollar vs Russian Ruble”

Ruble broke its consolidation channel downwards and may fall down towards level of 34.58; this movement may be considered as correction. After reaching it, pair may continue growing up towards level of 35.45 and then form the fourth wave of this correction. Later, in our opinion, instrument may complete the fourth wave of flag pattern by forming another structure towards level of 35.63.

XAU USD, “Gold vs US Dollar”

Gold continues moving downwards. We think, today price may fall down to break level of 1300 and reach level of 1275. Later, in our opinion, instrument may return to level of 1300 to test it from below and then form another descending structure towards level of 1255.

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