Analysis for March 19th, 2013
The EUR/USD currency pair tried to form an ascending impulse, and as result – formed a complete wave. However, the structure of this ascending movement is quite weak; it’s unlikely to continue moving upwards. We think today the price may correct this wave back to the level of 1.2900 and then continue falling down towards the level of 1.2880. Later, in our opinion, the market may start a new ascending impulse, which may continue up to the target at 1.3190.
The GBP/USD currency pair is consolidating near the top of the first impulse. We think today the price may leave this consolidation channel downwards; the target is at 1.4960. Later, in our opinion, from these levels the pair may start another ascending wave to break the top of the first impulse and then continue consolidating.
The USD/CHF currency pair form a correction towards the previous descending wave. We think today the price may continue growing up towards the target at 0.9500 and then start a new descending wave to reach the level of 0.9300.
The USD/JPY currency pair formed two descending impulses and corrected them by eliminating yesterday’s gap. We think today the price may form another descending impulse to renew yesterday’s minimums. Later, in our opinion, the pair may start a new ascending wave towards the level of 99.70.
Australian Dollar eliminated yesterday’s gap by forming double top
pattern. We think today the pair may move downwards and reach the level of 1.0300. Later, in our opinion, the price may start a new ascending wave towards the level of 1.0470 and then fall down to reach the target at 0.9920.
Gold continues consolidating near the level of 1608. We think today the instrument may grow up a little bit to reach the level of 1625 and then return to the level of 1608. Later, in our opinion, the market may continue consolidating and form a continuation pattern. A local target is at 1645.
RoboForex Analytical Department