Analysis for January 27th, 2014
Euro continues forming ascending structure inside the fifth wave with target at 1.4100. We think, today price may consolidate for a while at current levels and form continuation pattern to reach level of 1.3800. Later, in our opinion, pair may consolidate again for some time and continue growing upwards.
Pound is still moving inside another ascending wave with target at 1.6670; market returned to level of 1.6475 to test it from above. We think, today price may continue moving upwards to reach above-mentioned target.
Franc is still falling down. We should note that this pair continues moving inside descending trend towards level of 0.8300. This descending movement is expected to be quite fast and without any serious corrections. We shouldn’t expect the market to form proper five-wave structure during this descending movement until price reaches its main target.
Yen reached target of its descending structure; right now market is forming continuation pattern. If price is able to break current minimum, pair may extend this structure up to level of 100.00. Alternative scenario implies that pair may form new correction and return to level of 104.00.
Australian Dollar is still falling down towards target at 0.8400. However, we shouldn’t expect the market to form proper five-wave structure during this descending movement until price reaches its main target.
Gold reached target of its first ascending wave. We think, today price may form correctional structure to fall down towards level of 1230. This movement is considered as the right shoulder of head & shoulders
reversal pattern and may reach target at 1360.
RoboForex Analytical Department