Analysis for January 9th, 2013
The EUR/USD currency pair couldn’t continue growing up; the whole movement looks like a five-wave structure of the first ascending wave. Today the price may complete the fifth part of this wave with the target at the level of 1.3160. Later, in my opinion, the pair may start a new correction towards the level of 1.3080 and then form another ascending wave.
The GBP/USD currency pair continues forming another ascending wave. Today the price may finish the fifth part of the wave with the target at 1.6140. After that, I think, the pair may be corrected towards the level of 1.6080 and then start forming a new ascending wave.
The USD/CHF currency pair is forming another descending wave. Today the price may reach the level of 0.9185; this movement may be considered as the first wave of a new descending structure. Later, in my opinion, Franc may start a correction towards 0.9240 and then form a new descending wave.
The USD/JPY currency pair continues forming a descending wave; the market was able to reach the lower border of the previous ascending channel, but the structure is not completed yet. Today, in my opinion, the price may move downwards and reach new minimums. After that, I think, the pair may return to the current levels and then start forming a new descending wave.
Australian Dollar continues forming an ascending structure; the market hasn’t been able to keep the price above the level of 1.0500 yet. Today, I think, the pair may grow up to break this level from below, reach the target at 1.0550, and then return to the level of 1.0480.
Gold is forming another ascending structure; today the instrument may reach the level of 1666. Later, in my opinion, the price may consolidate for a while near this level and then continue growing up towards the target at 1690. After that, I think, the market may form a new descending structure to test the level of 1670 from above and then start moving upwards to reach the target at 1707.
RoboForex Analytical Department