Forex Technical Analysis 06.11.2014 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD)
06.11.2014
Analysis for November 6th, 2014
EUR USD, “Euro vs US Dollar”
Euro has completed a descending structure and is expected to start growing towards level of 1.2600. We think, today the price may reach level of 1.2540 and then return to level of 1.2480, thus forming a consolidation range in the form of triangle. If the price breaks it upwards, the market may reach level of 1.2600; if downwards – the price may form a descending structure towards level of 1.2310 (an alternative scenario).
GBP USD, “Great Britain Pound vs US Dollar”
Pound has reached a new low and formed a strong ascending impulse, which may continue moving upwards. We think, today the price may form a correction towards level of 1.5920, grow to break the maximum of this ascending impulse, and reach another target at level of 1.6100.
USD CHF, “US Dollar vs Swiss Franc”
Franc is moving downwards. We think, today the price may form a descending structure to reach the target at level of 0.9570 and then return to level of 0.9631, thus forming a consolidation range. Later, in our opinion, the market may break it downwards and continue falling towards level of 0.9475.
USD JPY, “US Dollar vs Japanese Yen”
After reaching a new high, Yen has started forming a strong descending impulse. We think, today the price may reach level of 113.75 and then return to level of 114.60. Later, in our opinion, the market may continue moving downwards. The local target is at level of 111.60.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has reached its downside target; the pair is expected to form a consolidation channel and break it upwards. We think, today the price may return to level of 0.8750 to test it from below and then fall towards level of 0.8650. Thus, the market may be forming a new consolidation range.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is consolidating near the top of its ascending wave. We think, today the price may break this consolidation range downwards and leave an ascending channel to continue falling towards level of 43.50. Later, in our opinion, the market may return to level of 44.50 and then move downwards again. The next target is at level of 42.06.
XAU USD, “Gold vs US Dollar”
Gold is still consolidating near its lows. We think, today the price may break this consolidation channel upwards and return to level of 1167. An alternative scenario implies that the market may fall and break this consolidation range downwards. The next downside target is at level of 1100.
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.