Forex Technical Analysis 07.03.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)
07.03.2014
Analysis for March 7th, 2014
EUR USD, “Euro vs US Dollar”
Euro reached another target level. We think, today price may form consolidation channel near current maximum, leave it upwards, and then continue growing up to reach level of 1.4000. Later, in our opinion, instrument may consolidate and form correction towards level of 1.3900 and then move upwards to reach level of 1.4100.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is still forming ascending structure towards level of 1.6800. Right now, market is forming consolidation channel. We think, today price may leave it upwards and continue growing up towards above mentioned target. Later, in our opinion, instrument may return to level of 1.6700 and then continue growing up towards target at level of 1.7000.
USD CHF, “US Dollar vs Swiss Franc”
Franc continues falling down towards target at 0.8730. We think, today price may consolidate for a while near current levels and then start falling down towards above mentioned target. Later, in our opinion, instrument may form another consolidation channel and continue moving downwards to reach level of 0.8300.
USD JPY, “US Dollar vs Japanese Yen”
Yen continues forming ascending structure; market is forming consolidation channel. We think, today price may leave it upwards to reach level of 103.30, return to level of 102.80, and then start moving towards level of 104.40.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is finishing ascending wave. We think, today price may form consolidation channel and move upwards to reach level of 0.9114. Later, in our opinion, instrument may form reversal pattern to continue moving downwards to reach target at 0.8400.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is forming consolidation channel inside the third descending wave; market is forming of divergent triangle pattern. We think, today price may form the second half of the third wave with target at level of 35.58. Later, in our opinion, instrument may return to level of 36.06 and then form another the fifth wave to reach level of 35.28.
XAU USD, “Gold vs US Dollar”
Gold completed the first descending impulse and then formed ascending correctional structure. We think, today price may fall down and form double top pattern towards level of 1285. Later, in our opinion, instrument may start new ascending movement towards level of 1360.
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.