Analysis for January 9th, 2014
Euro completed descending structure towards level of 1.3555 and right now is forming new ascending structure. We think, today price may form reversal pattern and start moving upwards to reach target at 1.4100.
Pound finished ascending structure towards level of 1.6470 and right now is starting new descending movement to return to level of 1.6400. Later, in our opinion, pair may continue growing up inside ascending trend to reach 1.7470.
Franc is trying to reach its resistance level at 0.9137. Later, in our opinion, instrument may fall down and form reversal pattern to continue moving downwards. Target is at level of 0.8300.
After completing another ascending impulse, Yen is consolidating. We think, today price may leave this consolidation channel downwards to reach target at 103.00 and then return to level of 104.00.
Australian Dollar is still forming correctional structure. We think, today price may complete this correction in the form of flag
pattern by forming its fifth wave with target at 0.9020. Later, in our opinion, pair may continue falling down. Target is at level of 0.8400.
Gold reached level of 1220. We think, today price may start forming new ascending structure towards level of 1277.
RoboForex Analytical Department