Analysis for May 14th, 2013
Euro returned to the level of 1.3011. We think, today the price may continue falling down, reach new minimums, and then return to the current levels one more time. Later, in our opinion, after expanding this trading range, the pair may start forming a new descending wave to reach the target at the level of 1.2830.
Pound renewed the minimum of a descending structure and completed this correction. We think, today the price may start forming a reversal pattern for a new ascending movement. The first target is the lower border of the previous descending channel. Later, in our opinion, the pair may start a slight correction, form another wave to break the descending channel, and then start a new ascending wave towards the target 1.5770.
Franc continues its descending correction towards the level of 0.9490. We think, today the price may reach this level and then reach a new maximum of this wave. Later, in our opinion, the pair may move downwards again towards the current levels and then continue growing up to reach the target at 0.9725.
The USD/JPY currency pair is starting the first descending impulse with the target at 90.90. Later, in our opinion, the price may form a new ascending structure to reach the level of 103.
Last Friday, Australian Dollar reached new minimums and now is returning to the level of 1.0070. Later, in our opinion, the price may form another descending structure towards the target at 0.9890.
Gold continues forming an ascending wave with the target at 1450. We think, today the price may reach the target and start a descending correction towards the level of 1435. Later, in our opinion, the instrument may start forming a new ascending structure to reach the target at 1490.
RoboForex Analytical Department