Analysis for September 3rd, 2014
EURUSD, “Euro vs US Dollar”
After reaching new lows, Euro started forming a new consolidation channel. We think, today the price may grow towards level of 1.3150 and then fall to reach new lows again. Later, in our opinion, the market may start consolidating, expand the channel upwards, and form a reversal pattern.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound reached the target of its descending wave. We think, today the price may return to level of 1.6535 and then form another descending structure to reach a new low. Later, in our opinion, the market may start consolidating and expand the channel upwards. The market may form a reversal pattern.
USDCHF, “US Dollar vs Swiss Franc”
Franc is moving downwards. We think, today the price may fall towards level of 0.9172 and then form another ascending structure to reach a new high. Later, in our opinion, the market may expand its consolidation channel downwards and form a reversal pattern.
USDJPY, “US Dollar vs Japanese Yen”
Yen is forming a descending impulse. We think, today the price may reach level of 104.25 and then form another ascending structure to reach a new high. Later, in our opinion, the market may form a reversal structure to continue forming a descending wave.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar is still forming a descending structure. We think, today the price may test the lower border of this consolidation channel and then return towards level of 0.9300. Later, in our opinion, the market may break the minimum and form a continuation pattern towards level of 0.9150. Alternative scenario implies that the pair may continue growing to reach and break the channel’s upper border.
USDRUB, “US Dollar vs Russian Ruble”
Ruble completed double top pattern. We think, today the price may fall to break an ascending channel and then continue this correction towards level of 34.70.
XAUUSD, “Gold vs US Dollar”
Gold continues moving downwards. We think, today the price may return towards level of 1275 and then start forming another descending structure to reach level of 1260.
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