Analysis for May 24th, 2013
Euro returned to the level of 1.2950 and is not expected to continue growing up. We think, today the price may move downwards to reach a new minimum at 1.2790. Later, in our opinion, the pair may consolidate for a while inside triangle
pattern and try to stay inside it.
Pound completed another structure. We think, today the price may start a new descending movement with the target at 1.4990 and then form a reversal pattern for a new ascending wave to return to the level of 1.5330.
Franc is forming a correctional structure. We think, today the price may return to the level of 0.9745, move downwards to reach the level of 0.9615, and then start a new ascending structure towards the target at 0.9770.
The USD/JPY currency pair started a descending wave and has already completed its first part. We think, today the price may form a correction towards it; an acceptable maximum target of this correction is at the level of 103.16. At the chart, we can see resistance and support levels for a descending trend. The main target of this movement is at the level of 88.20.
Australian Dollar is still forming a continuation structure. We think, today the price may move downwards to reach the level of 0.9580 and then form the “right shoulder” of this continuation structure with the target at 0.9700. Later, in our opinion, the pair may reach a new minimum and continue falling down towards the target at 0.8760 without any corrections.
Gold continues forming an ascending wave; the instrument reached the level of 1396. We think, today the price may break this level and then test it again from above, thus completing a continuation pattern. A local target of an ascending movement is at 1435.
RoboForex Analytical Department