Forex Technical Analysis 06.10.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

06.10.2014

Analysis for October 6th, 2014

EUR USD, “Euro vs US Dollar”

Euro is still under pressure and continues falling. After a descending movement made on Friday, the pair hasn’t been able to form an ascending impulse and is still consolidating inside a narrow trading range. We think, today the price may return towards level of 1.2590 and then form another descending structure to reach level of 1.2460. An alternative scenario suggests that the price may try to reach a new low and only after that start forming an ascending impulse.




GBP USD, “Great Britain Pound vs US Dollar”

Pound is still under pressure and continues moving downwards. We think, today the price may return to level of 1.6100 and even test level of 1.6160. Later, in our opinion, the market may form another descending structure towards level of 1.5940 and then start forming new ascending impulses.




USD CHF, “US Dollar vs Swiss Franc”

Franc is still under pressure and continues moving upwards. We think, today the price may return to level of 0.9600 and then form another ascending structure to reach a new high. Later, in our opinion, the market may start forming new descending impulses. An alternative scenario suggests that the price may reach a new high first and then start forming the above-mentioned descending impulses.




USD JPY, “US Dollar vs Japanese Yen”

Yen is moving inside a wide consolidation channel. We think, today the price may form a descending structure to reach level of 108.50 and then grow towards level of 109.50. Thus, the pair is forming rhomb(diamond) pattern, which is a reversal one. Later, in our opinion, the market may continue moving inside the downtrend. An alternative scenario suggests that the price may try to reach a new high and then continue forming the above-mentioned pattern.




AUD USD, “Australian Dollar vs US Dollar”

Australian is forming an ascending structure to return to level of 0.8723; it may even test level of 0.8770 from below. Later, in our opinion, the market may form another descending structure to reach a new low and then continue forming rhomb (diamond) pattern, which is considered as a reversal one.




USD RUB, “US Dollar vs Russian Ruble”

Ruble is under pressure and today is moving downwards. We think, today the price may reach level of 39.69 and then form another ascending structure to reach a new high. Later, in our opinion, the pair may form another descending wave and break the minimum of this consolidation channel. The market is expected to start a correction towards level of 34.00.




XAU USD, “Gold vs US Dollar”

Gold has reached a new low and is starting an ascending impulse; it looks like the market is rebounding form triangle pattern from the weekly chart. We think, today the price may return to level of 1200 and then start a correction. Later, in our opinion, the market may continue consolidating to form a higher ascending structure.



 
RoboForex Analytical Department

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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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