Analysis for March 6th, 2013
The EUR/USD currency pair is forming the third ascending impulse. I think today the price may reach the level of 1.3110 and then correct this wave. The structure of this movement will help the market to define possible future scenarios: to continue moving upwards or reach a new minimum. So far, the market hasn’t formed any structure for a new descending trend. The main scenario implies that the pair may grow up and reach the target at 1.4100.
The GBP/USD currency pair completed the second ascending impulse. I think today the price may correct this impulse up to the level of 1.5075 and then start forming the third impulse towards the target at 1.5200. Later, in my opinion, the market may correct this impulse as well.
The USD/CHF currency pair continues falling downs and correcting the previous ascending structure; the market is moving inside a consolidation channel. I think today the price may form the third descending impulse and break the channel downwards to reach the target at 0.9370. Later, in my opinion, the pair may reach a new maximum and then start forming a reversal structure for a new descending trend.
The USD/JPY currency pair is forming a correction inside an ascending wave; the market is moving inside a consolidation channel. I think today the price may break the channel upwards and continue forming an ascending wave towards the target at 95.
Australian Dollar completed an ascending wave. I think today the price may return to the level of 1.0190. The structure of this descending movement will help the market to define possible future scenarios: to start a new ascending movement or continue moving towards the above mentioned level. According to the current structure of the wave, the pair may continue falling down to reach the level of 1.0020.
Gold continues moving inside a consolidation channel near its minimums. I think today the instrument may break the channel’s upper border and reach the target at 1608. Later, in my opinion, the price may fall down a little bit and start a new consolidation channel for a future ascending movement. The next target will be at the level of 1645.
RoboForex Analytical Department