Analysis for July 23rd, 2013
Euro reached the maximum of the first ascending structure; the pair isn’t expected to continue moving upwards. We think, today the price may form a correction towards the level of 1.2990 and then start forming a new ascending wave.
Pound continues moving upwards without any corrections; the market is moving back to the level of 1.5260. If, after reaching this level, the price tries to form another ascending structure, then the pair may reach the current maximum and then extend this wave towards the target at 1.5700. And if the market is able to form a proper correction towards the level of 1.5040, then later the pair start forming the third ascending wave to reach the level of 1.5550.
Franc reached its target. We think, today the price may form a correction to return to the level of 0.9590 and then start a new descending movement to reach new minimums.
The USD/JPY currency pair continues forming a descending structure; the market is forming a continuation pattern at the current levels. We think, today the price may reach the level of 98.30, consolidate for a while inside a narrow trading range, and then continue falling down towards the target at 97. Later, in our opinion, the pair may start a correction to reach the level of 99.50 and then continue forming its descending wave.
Australian Dollar attempted to reach the maximum of the first wave. Although this wave looks completed, the price may form double top
pattern. Later, in our opinion, the pair may continue moving downwards.
Gold completed its ascending correction; the market reached the upper border of this ascending channel again. Right now, this structure may be considered completed and the price is expected to start a new descending movement. The first target of this movement is at the level of 1270.
RoboForex Analytical Department