Forex Technical Analysis 06.03.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)
06.03.2014
Analysis for March 6th, 2014
EUR USD, “Euro vs US Dollar”
Euro reached its target and then formed the first impulse of reversal structure to break its correctional channel. We think, today price may continue moving upwards to break the top of this first impulse and then reach level of 1.3850.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is still forming ascending structure towards level of 1.6800. Right now, market is forming consolidation channel. We think, today price may leave it upwards and continue growing up towards above mentioned target.
USD CHF, “US Dollar vs Swiss Franc”
Franc reached target of its correction. We think, today price may form consolidation channel, break it downwards, and then continue falling down towards target at 0.8730.
USD JPY, “US Dollar vs Japanese Yen”
Yen continues forming ascending structure; market formed continuation pattern near level of 102.27. We think, today price may continue growing up to reach level of 103.30, return to level of 102.80, and then start moving towards level of 104.40.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar was able to form ascending structure, which may be considered as the fourth wave of correction. We think, today price may form the fifth wave, a descending one, to reach level of 0.8860. Later, in our opinion, instrument may return to level of 0.8970 and then continue moving downwards.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is forming consolidation channel inside the third descending wave. We think, today price may complete this consolidation in the form of divergent triangle pattern, leave it downwards to reach level of 35.60, and then start new ascending movement towards level of 36.06 or even 36.33. Later, in our opinion, instrument may form another descending structure to reach level of 35.27 and then return to level of 36.06.
XAU USD, “Gold vs US Dollar”
Gold is still forming consolidation channel near level of 1330. We think, today price may stop consolidating and continue falling down. Target is at level of 1319.15. Later, in our opinion, instrument may return to level of 1330 and then continue falling down towards level of 1285.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.