Forex Technical Analysis 03.12.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

03.12.2014

Analysis for December 3rd, 2014

EUR USD, “Euro vs US Dollar”

Eurodollar is under pressure and continues moving downwards; the pair is forming the fifth descending wave with the target at level of 1.2330. The current descending movement may be considered as the third structure inside the fifth wave. The local target is at level of 1.2355. We think, today the price may reach it and then form the fourth structure to return to level of 1.243 to test it from below. Later, in our opinion, the market may continue falling to reach the main target of this wave.




GBP USD, “Great Britain Pound vs US Dollar”

Pound has completed a correctional structure. We think, today the price may form an ascending structure to test level of 1.5715. Later, in our opinion, the market may form a consolidation channel and an upside continuation pattern. The target is at level of 1.5790.




USD CHF, “US Dollar vs Swiss Franc”

Franc is forming the fifth ascending wave. We think, today the price may form another ascending structure towards level of 0.9750. Later, in our opinion, the market may fall towards level of 0.9685 as the fourth structure and then grow to reach level of 0.9775.




USD JPY, “US Dollar vs Japanese Yen”

Yen has reached its target level. We think, today the price may form a descending structure towards level of 118.55 to test it from above. Later, in our opinion, the market may form another ascending structure with the target at level of 119.80.




AUD USD, “Australian Dollar vs US Dollar”

The market has completed a descending structure. We think, today the price may return to level of 0.8500 and then form a consolidation range. According to the main scenario, the downtrend may continue; an alternative one implies that the pair may form a correction.




USD RUB, “US Dollar vs Russian Ruble”

Ruble has reached its upside target earlier than we expected. We think, today the price may extend this ascending movement up to level of 55.00. However, our main scenario implies that the pair may consolidate, form a reversal pattern, and then start a serious correction.




XAU USD, “Gold vs US Dollar”

Gold has returned to level of 1196; right now, the market is forming a consolidation channel. We think, today the price may break it upwards to reach level of 1223.15. Later, in our opinion, the market may start another descending movement towards the channel’s lower border.



 
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.

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