Analysis for January 29th, 2013
The EUR/USD currency pair is moving near its maximums. I think today the price may continue growing up towards the level of 1.3500, and then fall down to reach and test the level where triangle pattern has been broken. Later, in my opinion, the market may reach a new maximum again and then start a more serious correction towards the level of 1.3080, at least.
On Monday the GBP/USD currency pair reached a new minimum and formed a continuation pattern. I think today the price may test the level of 1.5726 from below and then continue falling down to complete this wave by reaching the target at 1.5630. Later, in my opinion, the pair may form a pivot point to make a reverse upwards and reach the level of 1.6400.
The USD/CHF currency pair completed a correction. I think today the price may continue moving downwards, consolidate for a while near the level of 0.9250, and then fall down again to reach the target at 0.9215 or even 0.9195. Later, in my opinion, the pair may start forming a new ascending wave.
The USD/JPY currency pair completed a slight correction and continued moving upwards. I think today the price may break its maximum. In my opinion, the pair may reach the target 91.60, return to the level of 91 to test it from above, and then continue growing up towards the target at 92.30.
Australian Dollar returned and tested the level where the channel had been broken. I think today the price may continue falling down towards the target at 1.0320.
Gold started forming an ascending wave. I think today the instrument may test the level of 1673 from below and then start a new descending structure. In my opinion, during this correction the price may form double bottom
pattern. I assume only after that Gold may start a new ascending structure to reach the target at 1707.
RoboForex Analytical Department