Forex Technical Analysis 04.03.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)

March 4, 2014

EUR USD, “Euro vs US Dollar”

Euro is moving downwards. We think, today price may leave this descending channel and start new ascending movement to form consolidation channel in the form of triangle pattern near level 1.3780. Later, in our opinion, instrument may break it upwards and then continue moving upwards to reach target at level of 1.3900.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is forming another descending structure. We think, today price may continue moving upwards to reach level of 1.7000. Alternative scenario implies that instrument may continue falling down and form correctional flag pattern to reach level of 1.6550. Later, in our opinion, instrument may continue growing up towards its main target.

USD CHF, “US Dollar vs Swiss Franc”

Franc is trying to form ascending impulse, which is very weak; market is not expected to continue this ascending movement. We think, today price may move downwards to reach level of 0.8730, form consolidation channel, break it, and then continue falling down.

USD JPY, “US Dollar vs Japanese Yen”

After making slight descending movement, Yen was able to eliminate yesterday’s gap. We think, today price may continue forming descending structure towards target at level of 100.00 and then start growing up to return to level of 104.

AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is moving downwards and forming consolidation channel. We think, today price may continue falling down towards level of 0.8400.

XAU USD, “Gold vs US Dollar”

After yesterday’s gap, Gold expanded its trading range and reached level of 1352. We think, today price may form new descending structure and expand this trading range downwards. Later, in our opinion, instrument may start new correction towards level of 1285 and then form the fifth ascending wave to reach level of 1360, or even 1380.

RoboForex Analytical Department

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