Analysis for June 10th, 2013
Euro is still forming a descending correction. We think, today the price may reach a local target at 1.3150 and then return to the level of 1.3210. Later, in our opinion, the pair may complete this correction by reaching the level of 1.3125 and then start another ascending wave towards the target at 1.3400.
Pound is still consolidating near the level, where the channel was broken. We think, today the price may continue falling down to reach the level of 1.5420 and then start a new ascending structure towards the target at 1.5790.
Franc broke the previous descending channel; right now the market is consolidating near it and forming a continuation pattern. We think, today the price may continue growing up towards a local target at 0.9470, return to the level where the channel was broken, and then complete this correction by reaching the level of 0.9490. Later, in our opinion, the pair may start a new descending structure towards the target at 0.9190.
The USD/JPY currency pair completed a descending structure, as the first descending wave. We think, today the price may move upwards (as a correction) to return to the level where the channel was broken. The instrument may test the channel’s lower border form below, reach the level of 100.65, and then form the third descending wave to break the minimum of the first one.
Australian dollar is still moving inside its descending channel. The price is already moving below the level of 0.9680 and we think, today it may continue falling down towards the target at 0.8800. This descending movement may continue without any serious corrections.
Gold continues moving inside a consolidation channel; last Friday the market reached the channel’s lower border. We think, today the price may start moving towards the upper border, break it, and reach the level of 1440. Later, in our opinion, the instrument may form another descending structure to return to the level of 1400 and then start growing up again towards the target at 1455.
RoboForex Analytical Department