Analysis for March 7th, 2013
The EUR/USD currency pair continues moving downwards. I think today the price may reach a new minimum again. After
reaching the target at 1.2950, the pair may start forming new ascending structures. The first target will be at the level of 1.3070. Later, in my opinion, the price may start a correction and then continue growing up.
The GBP/USD currency pair is still falling down. I think today the price may reach the level of 1.4963. From this level the pair may start forming new ascending impulses, which may reverse the current descending trend. The first target will be at the level of 1.5220.
The USD/CHF currency pair continues growing up to reach the level of 0.9495. After reaching it, the price may start forming
descending impulses for a new descending wave. The first target is at 0.9240. in my opinion, at the top the pair may form head & shoulders
The USD/JPY currency pair continues forming an ascending wave. I think today the price may consolidate at the top and then continue growing up towards the target at 95. Later, in my opinion, the pair may test the level of 94 from above then continue moving upwards to reach the target at 97.
Australian Dollar started forming a descending structure. I think today the price may reach the level of 1.0190 and form a reversal pattern to continue moving downwards. The closest target is at 1.0120. the target of the descending wave is at the level of 1.0020.
Gold is still moving inside a consolidation channel. The market reached its upper border and may break it upwards. The first target is at 1608. This movement may be considered as the third wave. Later, in my opinion, the instrument may consolidate for a while and then continue growing up towards the level of 1645.
RoboForex Analytical Department