Analysis for January 16th, 2014
Euro continues moving downwards; this movement may be considered as correction. We think, today price may grow up to break level of 1.3686, consolidate for a while, and then continue moving upwards to reach target at 1.3800.
Pound completed another descending structure and reached level of 1.6335. We think, today price may return to level of 1.6440 and then continue falling down towards level of 1.6250.
Franc completed its correction and is about to start new descending wave with target at 0.890. Later, in our opinion, price may continue falling down towards main target at level of 0.8300 without any serious corrections.
Yen reached target of the fourth correctional structure. We think, today price may form another descending structure to reach level of 102.74.
Australian Dollar formed consolidation channel and then continued forming descending structure. We think, today price may reach level of 0.8700, consolidate for a while, and then continue moving downwards to reach target at 0.8400.
Gold completed correctional structure. We think, today market may start forming ascending structure to break level of 1248.88. Later, in our opinion, instrument may continue its ascending movement towards target at 1277.
RoboForex Analytical Department