Forex Technical Analysis 28.02.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

February 28, 2014

Euro formed the third structure of descending wave, which may be considered as correction. We think, today price may form another descending structure to reach minimum of this wave and then continue moving upwards to reach target at level of 1.3900.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is still forming consolidation channel; market may yet continue moving downwards.  We think, today price may move downwards to reach level of 1.6575 and then continue growing up towards level of 1.7000.

USD CHF, “US Dollar vs Swiss Franc”

Franc completed another structure of the third ascending wave. We think, today price may form one more ascending structure to reach level of 0.8930 and then continue falling down towards level of 0.8730.

USD JPY, “US Dollar vs Japanese Yen”

Yen couldn’t continue its ascending movement towards level of 103.30 and right now is moving downwards. We think, today price may break its consolidation channel downwards and then continue falling down towards level of 100.00. Later, in our opinion, instrument may reverse and start growing up to return to level of 102.80.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar completed the third descending weave and corrected it. We think, today price may form another descending structure to reach level of 0.8870, consolidate for a while, and then continue moving inside descending trend towards level of 0.8400.

XAU USD, “Gold vs US Dollar”

Gold completed the first descending impulse and right now is correcting it. We think, today price may return to level of 1336, form another descending structure towards level of 1303, and then return to level of 1320. Later, in our opinion, instrument may form the fourth correctional wave with target at level of 1285.

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