Analysis for February 27th, 2014
EUR USD, “Euro vs US Dollar”
Euro couldn’t finish its ascending structure; after slight consolidation, market started descending correction towards level of 1.3620. We think, today price may consolidate for a while and then continue moving downwards and form the third wave of this correction with target at level of 1.3630. Later, in our opinion, instrument may continue growing up.
GBP USD, “Great Britain Pound vs US Dollar”
Pound continues forming consolidation channel near level of 1.6700 and right now is moving downwards to reach level of 1.6580; this movement may be considered as correction. Later, in our opinion, instrument may continue growing up towards level of 1.7000.
USD CHF, “US Dollar vs Swiss Franc”
Franc broke its consolidation channel upwards and may continue this correction. We think, today price may reach level of 0.8980 and then continue falling down towards level of 0.8730.
USD JPY, “US Dollar vs Japanese Yen”
Yen is forming the third ascending wave of correctional flag
pattern (a bearish one, in this case) with target at 103.40. We think, today price may complete this wave and then start the fourth one with target at 102.10. Later, in our opinion, instrument may form the fifth wave towards level of 104.00 and then fall down to reach level of 100.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar completed its three-wave correction; market has broken the minimum of the first descending wave and may continue falling down towards level of 0.8820. Later, in our opinion, instrument may return to level of 0.8930 and then continue moving inside descending trend.
XAU USD, “Gold vs US Dollar”
Gold broke the channel of the third ascending wave and right now is forming descending structure. We think, today price may form the first wave of correction with target at 1312 and then return to level of 1329. Later, in our opinion, instrument may continue this correction towards level of 1285.
RoboForex Analytical Department