Forex Technical Analysis 24.02.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

February 24, 2014

EUR USD, “Euro vs US Dollar”

Euro is moving inside ascending channel; this structure may be considered as the third ascending wave with target at level of 1.3900. We think, today price may reach new maximum, consolidate for a while, and then continue growing up towards above-mentioned target. Alternative scenario implies that instrument may first reach level of 1.3680 and only after that then continue moving upwards.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is under pressure and still moving downwards; predicted target is at level of 1.6576. Later, in our opinion, instrument may continue growing up towards level of 1.7000.

USD CHF, “US Dollar vs Swiss Franc”

Franc is still falling down. We think, today price may move downwards to reach new minimums, consolidate for a while, and then continue falling down towards target at level of 0.8730.

USD JPY, “US Dollar vs Japanese Yen”

Yen is still consolidating near level of 102.40. We think, today price may fall down to reach level of 102.10 and then form the third wave of flag pattern by growing up and reaching level of 103.40. Later, in our opinion, instrument may start another descending movement to return to level of 102.40.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar completed descending wave. We think, today price may form another ascending structure towards level of 0.9025 and then continue moving inside descending trend to reach level of 0.8400.

XAU USD, “Gold vs US Dollar”

Gold is still forming consolidation channel near its maximums. We think, today price may grow up and reach level of 1330. Later, in our opinion, instrument may form new descending structure to complete the fourth wave at level of 1285.

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