Analysis for January 17th, 2013
The EUR/USD currency pair completed a descending structure and now may start a new ascending wave. Near the minimums the market formed diamond
pattern. After such a pattern the price may both make a reverse and continue moving downwards. If it moves downwards, the market may reach the target at 1.3180. If it continues growing up, the target will be at the level of 1.3500.
The GBP/USD currency pair formed another descending wave. Today, in my opinion, the price may return to the level of 1.6090 and then start forming the right shoulder of head & shoulders
reversal pattern. The target is at the level of 1.6400.
The USD/CHF currency pair is consolidating near the maximums. I think the price may form the first descending impulse with the target at 0.9270. Later the pair may start a correction towards the level of 0.9320 and then a new descending structure to reach the target at 0.9200.
The USD/JPY currency pair completed a descending structure and today the market has corrected it. I think later the pair may form head & shoulders
reversal pattern in order to continue moving upwards. The next target is at 90.
Australian Dollar formed a descending structure and reached the target at 1.0500. Today, in my opinion, the pair may start a new ascending movement towards the main target of this wave at the level of 1.0650.
Gold is still moving near its maximums. The structure of this consolidation implies that the instrument may move downwards to reach the target at 1670. Later, in my opinion, the price may start a new ascending movement towards the level of 1690.
RoboForex Analytical Department