Analysis for April 3rd, 2013
The EUR/USD currency pair started forming a descending wave; it has already completed the first structure. We think today the price may correct yesterday‘s descending movement towards the level of 1.2830 and then continue falling down to reach the target at 1.2700. Later, in our opinion, the pair may start forming a pivot point for a reverse.
The GBP/USD currency pair reached the minimum target of this correction. We think today the price may start forming some kind of a reversal pattern. An alternative scenario implies that the pair may fall down a little bit more, reach the level of 1.5020 and only then make a reverse. The target will be at the level of 1.5440.
The USD/CHF currency pair completed a correction towards the previous descending wave. We think today the price may continue moving downwards towards the target at 0.9300. An alternative scenario implies that the pair may form another ascending structure to reach the level of 0.9600 and then start falling down.
The USD/JPY currency pair completed the first reversal impulse; the price broke the channel of the previous descending wave. We think today the price may correct this first impulse. Later, in our opinion, the pair may continue growing up towards the target at 93.50
Australian Dollar is forming the first impulse of a descending wave. We think today the price may complete this impulse at the level of 1.0435 and then start a correction towards the level of 1.0460. Later, in our opinion, the pair may form another descending wave with the target at 1.0300.
Gold continues moving downwards; the instrument broke triangle’s
lower border. We think today the price may reach the target at 1544 and then start forming a new correction towards the level of 1640.
RoboForex Analytical Department