Analysis for April 24th, 2013
The EUR/USD currency pair was able to reach only the level of 1.2875. The structure of this wave implies that the price may
continue falling down towards the target at 1.2940. Later, in our opinion, the pair may form an ascending correction to test the level of 1.3030 from below and then start a new descending structure to reach the level of 1.2880.
The GBP/USD currency pair is still forming the third descending wave. We think, today the price may reach the target at 1.5190 and form an ascending structure to test the level of 1.5284 from below. Later, in our opinion, the pair may move downwards to reach the level of 1.5161 and, thus, complete this correction. After that, the market is expected to start a new ascending wave towards the target at 1.5615.
The USD/CHF currency pair continues forming an ascending structure. We think, today the price may reach the target at 0.9475 and then start a descending correction to test the level of 0.9340 from above. Later, in our opinion, the pair may start forming another ascending structure to reach the level of 0.9570.
The USD/JPY currency pair is still moving near its maximums. This ascending wave is becoming weak and is quite unlikely to reach a new maximum. The main scenario suggests that the pair may start a strong descending movement towards the level of 88.20. If the price does reach a new maximum, it should be considered as an attempt to form a pivot point for a new descending movement, which is expected to be fast and intensive, without any serious corrections.
Australian Dollar is moving right in the middle of the previous descending wave. We think, today the price may break the level of 1.0222 and then continue falling down. The target of this wave is at 1.0085. In our opinion, the pair may expand this wave downwards to the level of 0.9915.
Gold continues forming an ascending wave from the level of 1405. We think, today the price may reach a local target at 1470, return to the level of 1405, and then continue moving upwards to reach the target at 1490.
RoboForex Analytical Department