Forex Technical Analysis 08.08.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)
Analysis for August 08th, 2014
EUR USD, “Euro vs US Dollar”
EURUSD has probably completed correctional phase. For today, as a basic scenario, I will watch for development of another ascending structure for achieving 1.3450. After that, I will watch for decline to 1.3385. Then I will look for possible reversal structure with 1.3550 as a target.
GBP USD, "British pound vs US Dollar"
GBPUSD has broken out consolidation area to the downside. Expecting to see decline with achieving 1.6767. After that I will look for possible reversal pattern with further ascending move.
USD CHF (“US Dollar vs Swiss Franc”)
USDCHF has completed correctional phase and continues to develop within descending structure. For today, I will expect development of descending wave with 0.9010 as a target. After that, I expect to see pullback to 0.9060. In case everything happens, I will look for descending move to 0.9000.
USD JPY «US Dollar vs Japanese Yen"
USDJPY is continuing to move within descending structure in sync with downtrend. Basic target will be around 99.30. For today, I will expect that price will achieve 101.00. Later, I will not exclude that market will attempt to return to 102.00. After that price again may go down to achieve target.
AUD USD, "Australian dollar vs US dollar"
AUDUSD is continuing to trade within consolidation. Market is trying to extend trading range to 0.9222. After that, I will watch for possible reversal and continuation of the growth with 0.9510 as target.
USD RUB (US dollar vs Russian rouble)
Russian rouble continues to rise with 36.48 as a target. If it happens, I expect to see completion of elongation of this ascending wave. After that, I will assume that price will decline with 35.93 as a target. Expecting to see 35.35 as a target.
XAU USD (“Gold vs US dollar”)
Gold continues to move within ascending structure. Basic scenario is consolidation around recent highs. After that, I will watch for descending structure with 1275 as target.
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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.