Analysis for January 21st, 2014
Euro formed the first ascending impulse and correction. We think, today price may continue forming ascending wave; the first target is at level of 1.3700. Later, in our opinion, pair may fall down towards 1.3650 and then start moving upwards again to reach target at 1.3800.
Pound is still moving inside the fourth wave of bullish wedge
pattern. We think, today price may form consolidation channel inside this fourth wave and leave this channel upwards to reach level of 1.6500. Later, in our opinion, pair may form the fifth descending wave towards level of 1.6255 and then start reversal structure to continue ascending trend.
Franc formed the first descending impulse and corrected it. We think, today pair may continue moving inside descending trend. Main next target is at level of 0.8300.
Yen is still falling down inside the fifth wave of descending structure. We think, today price may continue moving downwards to reach level of 102.75.
Australian Dollar is forming consolidation channel to continue moving downwards to reach target at 0.8750. After reaching it, pair may consolidate for a while, break this level, and then continue this descending movement to reach level of 0.8400.
Gold is still moving inside the fifth ascending wave towards level of 1277. We think, today price may continue consolidating and forming continuation pattern near level of 1248.88. Later, after reaching this level, instrument may start new descending movement towards target at 1230.
RoboForex Analytical Department