Analysis for January 14th, 2014
Euro is falling down a little bit; this movement may be considered as correction towards ascending structure formed last Friday. We think, today price may continue growing up to break level of 1.3686, form consolidation channel near this levels, and then continue moving upwards to reach target at 1.3800.
Pound is still being corrected. We think, today price may continue falling down towards level of 1.6265, move upwards to reach level of 1.6440, and then complete this correction by finishing its fifth wave at level of 1.6185. Later, in our opinion, pair may form reversal pattern to start new ascending structure inside up trend.
Franc is still consolidating; market is forming continuation pattern to continue falling down. Price has already formed central structure near level of 0.9015. We think, today pair may continue moving downwards to reach level of 0.8920.
Yen is still forming the third descending structure with target at 102.74. We think, today price may reach this target and then move upwards to 104.00. Later, in our opinion, pair may complete this correction by forming the fifth descending structure to reach level of 102.60 and then start new ascending movement to return to level of 104.00.
Australian Dollar started forming new impulse to continue descending movement. We think, today price may fall down towards level of 0.9000, return to 0.9045, and then start forming another descending structure inside down trend. Main target of this wave is at 0.8400.
Gold is still consolidating; market has formed central part of continuation pattern near level of 1248.88. We think, today price may continue forming this ascending structure towards level of 1277.
RoboForex Analytical Department