Forex Technical Analysis 04.02.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

February 4, 2014

EUR USD, “Euro vs US Dollar”

Euro formed the first ascending impulse and corrected it.  We think, today price may continue moving upwards to break maximum of the first impulse and descending channel as well. Main target of this ascending movement is at level of 1.3700.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is still moving inside descending channel. We think, today price may reach level of 1.6270 and testtriangle pattern from above. Later, in our opinion, instrument may form reversal pater for new ascending structure with target at level of 1.6680.

USD CHF, “US Dollar vs Swiss Franc”

Franc is forming descending structure. We think, today pair break ascending channel and continue falling down towards level of 0.8970. Later, in our opinion, instrument may consolidate for a while and then continue moving downwards.

USD JPY, “US Dollar vs Japanese Yen”

Yen broke its consolidation channel downwards and is still forming its descending structure. We think, today price may test level of 101.90 from below and then continue falling down towards target at level of 100.40.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is being corrected; market completed the third wave of this correction. We think, today price may continue moving downwards to reach level of 0.8750 and then complete this correction by forming its fifth wave at level of 0.8910. Later, in our opinion, instrument may continue moving inside descending trend to reach level of 0.8400.

XAU USD, “Gold vs US Dollar”

Gold finished the fourth ascending wave. We think, today price may form the fifth wave of this correction with target at level of 1230. Later, in our opinion, instrument may form reversal pattern and start new ascending movement towards level of 1360.

RoboForex Analytical Department

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