Analysis for February 6th, 2013
The EUR/USD currency pair completed the first descending impulse; right now the price is forming a correctional structure towards it. Today the pair may form an ascending structure towards the target at 1.3615, then move downwards and return to the current levels, and, finally, start a new ascending movement to reach the target at 1.3660. This may be considered as the end of the correction. Later, in my opinion, the pair may continue falling down; the target is at 1.3380.
The GBP/USD currency pair continued moving downwards and reached the main target of this wave. The price rebounded from the minimum, but this movement isn’t strong enough to force a reverse. I think today the pair may reach a new minimum again and then start forming a reversal structure for a new ascending wave. The next target is at 1.6400.
The USD/CHF currency pair completed the first ascending impulse. Right now the price is forming a correctional structure towards it, which may be finished at the level of 0.9050. Later, in my opinion, the pair may continue growing up to break the level of 0.9100 or even 0.9175.
The USD/JPY currency pair is still moving upwards; the market reached its closest target at 93.60. Today I think the price may continue growing up towards the level of 94.60 and then form a new consolidation channel.
Australian Dollar continues moving downwards. I think today the pair may reach the target at 1.0340, return to the level of 1.0400, and then continue moving towards the next target at 1.0220.
Gold continues moving inside triangle
pattern. Today I think the price may reach the pattern’s lower border and then continue falling down. Later, in my opinion, the instrument may reach the target at 1650, and only after that start a new ascending movement towards the target at 1707.
RoboForex Analytical Department