Forex Technical Analysis 20.05.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)
20.05.2014
Analysis for May 20th, 2014
EUR USD, “Euro vs US Dollar”
Euro is still consolidating; market expanded this consolidation channel upwards and downwards to levels of 1.3740 and 1.3680. We think, today price may leave this channel and continue growing up towards level of 1.3820.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is still consolidating at the top of the fourth structure of its descending wave. We think, today price may complete this wave by forming the fifth structure towards level of 1.6655. Later, in our opinion, instrument may form reversal structure to continue moving upwards.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still forming ascending correction towards previous descending impulse. We think, today price may reach level of 0.8935, continue falling down to break level of 0.8880 and reach target at level of 0.8820.
USD JPY, “US Dollar vs Japanese Yen”
Yen is growing up towards level on 102.00. After reaching it, price may fall down towards level of 101.00 and then return to level of 101.70. Thus, market is forming consolidation channel as a continuation pattern to continue falling down. Target is at level of 100.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar reached target of its descending structure. We think, today price may start forming another ascending structure with target at level of 0.9415. If price rebounds from level of 0.9360 and reaches new minimum again, this descending movement may continue up to level of 0.9200. Later, in our opinion, instrument may start forming the third wave inside current descending trend.
USD RUB, “US Dollar vs Russian Ruble”
Ruble continues falling down; market completed the fifth wave. We think, today price may consolidate at current minimums and then form reversal structure to start new ascending wave. Next target is at level of 35.80.
XAU USD, “Gold vs US Dollar”
Gold is still consolidating inside the fifth wave. We think, today price may continue growing up towards level of 1321. After reaching it, price may continue consolidating channel and form continuation pattern. Main target of this ascending movement is at level of 1435.
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.