Analysis for January 10th, 2014
Euro is forming another ascending impulse, which may be considered as the beginning of reversal structure for new ascending movement. We think, today price may break descending channel and continue moving upwards. The first target is at 1.3830. Later, in our opinion, pair may consolidate for a while and then continue forming this ascending wave. Next target is at 1.4100.
Pound is still moving inside ascending structure; market is forming consolidation channel. We think, today price may fall down and return to level of 1.6400. Later, in our opinion, pair may start new ascending structure to break maximums and form the third wave towards level of 1.7470.
Franc completed one impulse inside descending wave; right now, market is forming consolidation channel near its minimums, which may be considered as continuation pattern to continue this descending wave. We think, today price may fall down to reach level of 0.9000, consolidate for a while, and then continue moving downwards. Main target of the third wave inside this descending trend is at level of 0.8300.
Yen is still consolidating inside narrow trading range. We think, today price may continue falling down towards level of 103.00 and then return to 104.00.
Australian Dollar continues forming ascending structure towards level of 0.9020; this structure may be considered as the fifth wave of current correction. Later, in our opinion, pair may continue falling down inside descending trend. Target of this wave is at 0.8400.
Gold is still moving upwards. We think, today price may continue growing up to reach level of 1248. Later, in our opinion, instrument may consolidate for a while and then continue forming ascending structure.
RoboForex Analytical Department