Forex Technical Analysis 26.02.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

February 26, 2014

EUR USD, “Euro vs US Dollar”

Euro is still moving inside triangle pattern. We think, today price may form continue growing up towards its main target at level of 1.3900. Alternative scenario implies that instrument may try to test level of 1.3680 from above and only after that continue moving upwards to reach above mentioned target.

GBP USD, “Great Britain Pound vs US Dollar”

Pound continues moving inside descending channel towards level of 1.6580; this movement may be considered as correction. Later, in our opinion, instrument may continue growing up towards level of 1.7000.

USD CHF, “US Dollar vs Swiss Franc”

Franc is forming another consolidation channel towards level of 0.8730, which may be considered as continuation pattern to continue descending trend. Later, in our opinion, instrument may form another consolidation channel and then then continue falling down.

USD JPY, “US Dollar vs Japanese Yen”

Yen couldn’t finish its ascending structure; by now, market has completed correction towards previous ascending impulse. We think, today price may form the third ascending wave towards level of 103.30, fall down to test level of 102.40 from above, and then complete this correction by form another ascending structure at level of 104.00. Alternative scenario implies that instrument may fall down to reach level of 100.00 and after that start new ascending wave towards level of 104.00.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar finished the fourth wave of flag pattern. We think, today price may complete this correction by forming the fifth wave of this pattern, ascending structure towards level of 0.9050. Later, in our opinion, instrument may continue moving inside descending trend to reach level of 0.8400.

XAU USD, “Gold vs US Dollar”

Gold continues forming ascending structure; by now, market has already reached target of the third ascending wave. We think, today price may form the fourth wave of this correction to return to level of 1285 and then start another ascending structure to reach level of 1360, at least.

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