Analysis for June 3rd, 2013
Euro is still being corrected; the main scenario implies that the pair may continue falling down. The first target is to reach last Friday’s minimum, consolidate for a little bit, and then continue moving downwards. A predicated target is at the level of 1.2900.
Pound is also still being corrected. Last Friday the pair formed double top reversal pattern at the top, which means that it completed an ascending impulse. We think, today the price may continue falling down towards the level of 1.5125, consolidate for a while, and then move downwards again to reach a predicted target at 1.5025.
Franc is moving inside another ascending structure. We think, today the price may reach the target at 0.9630, consolidate for a while, and then continue growing up towards the level of 0.9710. Only after reaching this level, the pair may form another descending correction and then form a new ascending wave to reach the target at 0.9880.
The USD/JPY currency pair broke the minimum of the consolidation pattern. We think, today the price may fall down towards the target of the third structure at the level of 99.70 and then start an ascending correction to reach the level of 101.55. Later, in our opinion, the pair may start a new descending movement towards the main target at 98.50, break the daily ascending channel and continue the correction with the target at 88.20.
Australian Dollar completed the consolidation pattern and broke the channel of its right part; the pair is moving downwards to reach the level of 0.9390. We think, today the price may fall down towards the level of 0.9540, consolidate for a while near it, and then continue moving downwards. Later, in our opinion, the pair may start another consolidation.
Gold continues moving inside the third ascending wave; the market completed a descending correction and is expected to form another ascending structure towards the level of 1440. We think, after reaching this level, the price may fall down again towards the level of 1400 and then complete the first part of this third wave by reaching the target at 1455.
RoboForex Analytical Department