Analysis for April 5th, 2013
The EUR/USD currency pair reached a new minimum and completed an ascending correction. The structure of this ascending movement implies that the price may continue growing up a bit towards the level of 1.2970; however, the market is very unlikely to break the channel’s border. Later, in our opinion, the pair may start a new descending movement to reach new minimums. The target is at the level of 1.2700 (at least).
The GBP/USD currency pair started forming the third ascending wave. We think today the price may continue growing up according to the main scenario: a slight correction towards the level of 1.5160, another ascending structure to break the current maximums. The target is at the level of 1.5440.
The USD/CHF currency pair completed a descending wave. We think today the price may grow up towards the level of 0.9500 and form diamond
technical pattern, a reversal one in this case. Later, in our opinion, the pair may start a new descending trend with the target at 0.8700. Right now, the market is forming the right part of the pattern. The next thing is the sixth structure, which may be a descending one, and break the current minimums.
The USD/JPY currency pair continues forming an ascending wave; the market has broken the maximum. We think today the price may foam a descending correction towards the level of 94.20 and then form a new ascending structure to reach the target at 98.30. Later, in our opinion, the pair may return to the level of 96.20 and then start a new ascending movement towards the target at 99.90.
Australian Dollar finished its descending structure towards the level of 1.0390 and corrected it. We think today the price may continue falling down and break yesterday’s minimum. The first target is at 1.0325. Later, in our opinion, the pair may test the level of 1.0380 from below and continue moving downwards to reach the target at 1.0300.
Gold started forming a reversal pattern; it has already formed the first ascending wave. We think today the price may form a correction towards the level of 1546, break the top of the first wave, and then start a new correction to reach the level of 1570. Later, in our opinion, the instrument may form another correction towards the level of 1556 and then start moving upwards to reach the target at 1592.
RoboForex Analytical Department