Analysis for February 27th, 2013
The EUR/USD currency pair continues consolidating near its minimums, but the instrument is very unlikely to continue moving downwards. I think today the price may leave this consolidation channel upwards and reach the level of 1.3190. After that, there may be two possible scenarios: the price may either continue growing up or reach a new minimum once again.
The GBP/USD currency pair is still moving near its minimums. I think today the price may form upside down double top
pattern by leaving this consolidation channel upwards and reaching the level of 1.5360. Later, in my opinion, the pair may return to test the channel’s upper border from above and then continue growing up to reach the target at 1.5360.
The USD/CHF currency pair continues consolidating near its maximums, but the instrument hasn’t formed a pivot point for a reverse. I think today the price may leave this consolidation channel downwards, reach a new top, and then start forming a reversal pattern.
The USD/JPY currency pair is still moving near its minimums; the market is forming another descending structure towards the level of 90.85. After that, in my opinion, the price may form a reversal pattern to start a new ascending movement to reach the next target at 97.
Australian Dollar reached the target of this descending movement. I think today the pair may start a new correction towards the level of 1.0300 to test it from below. If the price expands this correction downwards, the market may continue falling down towards the lower border of diamond
Gold finished the first ascending impulse, which may be considered as the first of the correction. I think today the instrument may correct this impulse up to the level of 1585. Later, in my opinion, the price may start forming the third wave of the correction to break the level of 1645.
RoboForex Analytical Department