Analysis for July 2nd, 2013
Euro is moving inside a narrowing trading range; the market is forming triangle pattern near the level of 1.3030. We think, today the price may continue moving downwards inside the pattern towards the level of 1.2900. Later, in our opinion, the pair may start a new ascending structure towards the level of 1.3160.
Pound continues moving inside a descending channel; the market is forming the fifth wave with the target at 1.5130. We think, today the price may reach the above-mentioned target and then start forming reversal impulses for a new ascending wave. The first target is at the level of 1.5440.
Franc couldn’t form any descending impulses and is still moving upwards. We think, today the price may continue growing up to reach the target at 0.9515. Later, in our opinion, the pair may start a new descending movement towards the level of 0.9300.
The USD/JPY currency pair is still moving inside an ascending channel; the market hasn’t formed any descending impulses yet. We think, today the price may reach new maximums and then try to form a reversal structure once again. Later, in our opinion, the market may start forming another descending wave towards the target at 89.60.
Australian Dollar continue forming a descending wave. We think, today the price may reach the level of 0.9000 and then start a correction towards the level of 0.9300. Later, in our opinion, the pair may start a new descending movement to reach the target at 0.8900.
Gold reached the level of 1250; right now, the market is trying to extend this wave, which may be considered as a correctional one. We think, today the price may grow up to test the level of 1290 from below and then continue falling down towards the next target at 1150.
RoboForex Analytical Department