Forex Technical Analysis 08.10.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)

08.10.2014

Analysis for October 8th, 2014

EUR USD, “Euro vs US Dollar”

Euro has completed an ascending impulse and right now is forming a consolidation channel. We think, today the price may grow to break the channel’s upper border, continue moving upwards to reach level of 1.2750, and then return to level of 1.2630. An alternative scenario suggests that the price may break the minimum of this consolidation and continue falling to reach a new low. After that, the pair may start forming new ascending impulses.




GBP USD, “Great Britain Pound vs US Dollar”

Pound is moving upwards and forming ascending impulses; by now, the pair has formed two impulses and right now is correction the second one. We think, today the price may form the third impulse to return to level of 1.6165 and then fall towards 1.6025. After such structure, we’ll estimate if the market has a potential to continue moving upwards to reach the next target at level of 1.6400. An alternative scenario suggests that the price may continue falling to reach a new low and level of 1.5940.




USD CHF, “US Dollar vs Swiss Franc”

Franc is forming a consolidation at the top of its ascending impulse. We think, today the price may grow to break the channel’s upper border, continue moving upwards to reach level of 1.6190, and then return to level of 1.6070. An alternative scenario suggests that the price may break the minimum of this consolidation and continue falling to reach a new low. After that, the pair may start forming new ascending impulses.




USD JPY, “US Dollar vs Japanese Yen”

Yen has finished the second descending wave and broken the minimum of the first one. We think, today the price may return towards level of 108.85 (at least) and then form another descending wave with the target at 107.55. The market even may continue falling and extend this wave near level of 108.00.




AUD USD, “Australian Dollar vs US Dollar”

Australian Dollar is forming a descending wave with the target at level of 0.8745. Later, in our opinion, the market may grow to break level of 0.8825 and then continue forming this correction towards level of 0.9020. An alternative scenario suggests that the price may fall to reach a new low and then start forming new ascending impulses.




USD RUB, “US Dollar vs Russian Ruble”

Ruble is still growing; the market may complete this ascending structure by reaching level of 40.16. Later, in our opinion, the market may start falling to start a descending correction with the main target at level of 34.00. The target of the first descending wave is at 38.31.




XAU USD, “Gold vs US Dollar”

Gold has finished an ascending impulse. We think, today the price may start falling as a correction towards level of 1198. Later, in our opinion, the market may form another ascending structure to break level of 1215 and continue growing to reach level of 1235. An alternative scenario suggests that the price may fall to reach a new low.



 
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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