Analysis for January 22nd, 2013
The EUR/USD currency pair is still moving inside triangle
pattern. i think today the price may move downwards and test the pattern’s lower border. Later it may grow up towards the upper border. The consolidation inside triangle
The GBP/USD currency pair reached the target of the fall; this movement may be considered as the third wave. Today, in my opinion, the price may start a correction towards the above-mentioned target and then return to the level of 1.5995 to test it from below.
The USD/CHF currency pair completed a descending impulse; this wave is now weak. Today I think the price may return to the level of 0.9342 and then consolidate for a while between these levels. If the price grows up higher than 0.9385, it may continue moving upwards and reach the target at 0.9570. But if it falls down lower than 0.9300, the pair may fall down towards the level of 0.9150.
The USD/JPY currency pair continues a correctional movement. The target for today is at 88.20. Later, in my opinion, the price may grow up towards the current levels and then move downwards to reach the target at 88.10. This may be the end of this correction. After that, I think the pair may continue moving upwards. The next target is at 92.30.
Australian Dollar reached the target of the correction. Today I think the price may start another descending movement towards the main target at 1.0465 and then start moving upwards to reach the level of 1.0750.
Gold is still moving near its maximums. Today I think the instrument may form another descending structure towards the level of 1683, thus forming the first part of a new correction with the target at 1670. After reaching this target, the price may start a new ascending movement to reach the level of 1707.
RoboForex Analytical Department