Forex Technical Analysis 29.07.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

July 29, 2014

EUR USD, “Euro vs US Dollar” Pair continues consolidation at current minimums. In our opinion, descending structure is being formed. Double inverted top may be formed. The basic scenario for this currency pair is the forming of ascending structure towards level of 1.3510. Then, the price may start falling down towards level of 1.3470. After reaching it, another ascending structure may be formed and price may reach level of 1.3590.

GBP USD, “Great Britain Pound vs US Dollar” Pound continues moving in consolidation channel. The basic scenario is that price will be moving upwards inside ascending wave with target at level 1.7500.

USD CHF, “US Dollar vs Swiss Franc” Pair continues consolidation near its maximums. The ascending structure is forming. We think that slight changes near maximums may occur. Today the descending structure may be formed and price may reach level of 0.9000.  Then, we think price may resume moving upwards towards level of 0.9030. After reaching it, price may resume descending movement towards level of 0.8955.

USD JPY, “US Dollar vs Japanese Yen” Yen broke its consolidation channel upwards. The third wave may be formed, after it, price may start moving towards level of 102.60. Thus, market is forming daily consolidation triangle that is considered as a pattern of downtrend continuation towards level of 99.30.



AUD USD, “Australian Dollar vs US Dollar” Australian Dollar is still moving inside descending structure as correction. Today ascending wave may be formed and price may reach level of 0.9510. As an alternative scenario, in our opinion, price may start falling down towards level of 0.9370. After it, we expect the ascending wave again.



USD RUB, “US Dollar vs Russian Ruble” Ruble is still moving in the ascending channel. Price is expected to reach level of 35.66 due to the extension. Then, this growth stage will be completed. After it, we expect correction towards level of 34.68. Then, the fifth wave may be formed inside this correction and price may reach the level of 35.85.



XAU USD, “Gold vs US Dollar” Gold continues its recovery pattern. We expect price may try to reach level of 1311. Then, descending wave may be formed and level of 1290 may be broken. We expect the third descending wave. The target is level of 1275.

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