Forex Technical Analysis 06.05.2013 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, GOLD)
06.05.2013
Analysis for May 6th, 2013
EUR/USD
The EUR/USD currency pair continues forming an ascending wave. We think, today the price may fall down towards the level of 1.3090, start a new ascending movement to reach the first target at 1.3190, move downwards again towards the level of 1.3140, and then form another ascending structure towards to reach the level of 1.3245. Later, in our opinion, the pair may start forming a reversal pattern to continue moving downwards with the target at 1.2700.
GBP/USD
The GBP/USD currency pair is still forming the third ascending wave with the target at 1.5615. We think, today the price may continue moving upwards and reach the above-mentioned target. Later, in our opinion, the pair may form a reversal pattern to start a new correction with the target at 1.5325.
USD/CHF
The USD/CHF currency pair continues forming the fifth descending wave. We think, today the price may return to the level of 0.9360 and then start forming another descending structure towards the first target at 0.9290. An alternative scenario implies that the price may a consolidation pattern and then break it downwards to reach the target at 0.9200.
USD/JPY
The USD/JPY currency pair continues consolidating near its maximums. We think, today the price may form a descending structure to reach the target at 96.90. Later, in our opinion, the pair may form triangle pattern at the top and then start another ascending structure towards the pattern’s upper border.
AUD/USD
Australian Dollar is still forming a descending structure. We think, today the price may move downwards to reach the target at 1.0150. Later, in our opinion, the pair may return to the level of 1.0230 and then start forming another descending structure towards the main target at 1.0085.
GOLD
Gold continues forming an ascending structure. We think, today the price may reach the target at 1490. Later, in our opinion, the instrument may form a reversal pattern, start a correction towards the level of 1415, and then start forming the fifth wave with the target at 1505.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.