Forex Technical Analysis 29.05.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)
29.05.2014
Analysis for May 29th, 2014
EUR USD, “Euro vs US Dollar”
Euro is still moving inside descending structure. We think, today price may reach level of 1.3585 and then grow up towards level of 1.3650 to test it from below. Later, in our opinion, instrument may start forming another descending structure with target at level of 1.3580.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is still falling down and extending the fifth structure of this wave. We think, today price may reach target at level of 1.6655 and then form consolidation channel to form reversal structure. Later, in our opinion, instrument may break descending channel and continue goring up. Alternative scenario implies that pair may continue extending this structure downwards.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still forming ascending structure towards level of 0.8995. After reaching it, price may test level of 0.8946 from above. Later, in our opinion, instrument may start forming another ascending structure towards level of 0.9000.
USD JPY, “US Dollar vs Japanese Yen”
Yen is falling down. We think, today price may continue falling down to reach level of 101.30. Later, in our opinion, instrument may return to level of 101.70 and then start forming the third wave with local target at level of 99.30.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar completed correctional flag pattern. . We think, today price may start forming another descending structure to break level of 0.9200 and then reach level of 0.9135. Later, in our opinion, instrument may test level of 0.9200 from below and then continue falling down towards level of 0.9000.
USD RUB, “US Dollar vs Russian Ruble”
Ruble continues forming continuation pattern; market has already reached predicted target of the right part of this pattern. We think, today price may continue falling down towards level of 33.16.
XAU USD, “Gold vs US Dollar”
Gold reached target of central part of continuation pattern. We think, today price may form another ascending structure to test level of 1299 and then start falling down towards level of 1208. Later, in our opinion, instrument may start new ascending wave to break level of 1300.
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.