Analysis for April 16th, 2013
The EUR/USD currency pair is still moving inside a consolidation channel. We think, today the price may stop growing up and start a new descending movement to reach minimum, break an ascending channel, and then continue moving downwards to reach the target at 1.2940.
The GBP/USD currency pair continues forming a descending correction. We think, today the price may return to the level of 1.5340 and then start another descending structure to reach the level of 1.5200. Later, in our opinion, the market may start a new wave with the target at 1.5615.
The USD/CHF currency pair continues moving inside the third descending wave with the target at 0.9200. We think, today the price may start forming a correction; the first target is at the level of 0.9330. Later, in our opinion, the pair may move downwards a little bit and then continue growing up towards the level of 0.9400. This may be considered as the end of this correction and the price may continue falling down towards the target at 0.9200.
The USD/JPY currency pair continues forming its first descending structure. We think, today the price may return to the level of 98 and then continue falling down to break an ascending channel. The next target is at 93.70. Later, in our opinion, the pair may return to the level of 95.70 and then continue moving downwards.
Australian Dollar broke an ascending channel, formed a continuation pattern, and continued moving downwards. We think, today the price may reach the target at the level of 1.0260 and then return to the level of 1.0420. Later, in our opinion, the pair may continue falling down towards the next target at 1.02.
Gold reached the main target of this descending wave without forming any correctional structures. Right now, the market is trying to start a new ascending movement and has already formed two ascending impulses. We think, today the price may correct these impulses and only after that we can define possible future scenarios. The first one implies that the instrument may continue growing up, return to the level of 1590, and then start forming another descending structure towards new minimums at the level of 1260. The second scenario suggests that market may fail to form the correction. In this case, the price may continue falling down straight to the level of 1260.
RoboForex Analytical Department