Analysis for January 13th, 2014
Euro is still forming ascending structure. We think, today price may consolidate for a while near level of 1.3687, break this consolidation channel upwards, and then continue moving upwards to reach level of 1.3800. Later, in our opinion, pair may form descending wave towards target at 1.3700.
Pound is still forming consolidation channel close to level of 1.6515. We think, today price may break this channel upwards and continue growing up to reach level of 1.6655. Later, in our opinion, pair may start new descending structure to return to current consolidation.
After falling down last Friday, Franc continues forming consolidation channel; this movement may be considered as continuation of down trend. Next target is at 0.8900.
Yen is still forming the third descending wave, which may be considered as correction. We think, today price may reach level of 102.70 and then test level of 104.00 from below. Later, in our opinion, pair may complete the first wave of this correction by forming one more descending structure and reaching level of 102.30.
Australian Dollar reached target of its correction. We think, today price may continue forming descending structure inside down trend. Main target of this wave is at 0.8400.
Gold is still moving upwards. We think, today price may form consolidation channel near level of 1248. Break it upwards, and then continue growing up to reach target at 1277. Later, in our opinion, instrument may form new descending structure to return to level of 1250.
RoboForex Analytical Department