Analysis for July 31st, 2013
Euro is moving inside a consolidation channel inside an ascending wave. We think, today the price may leave the channel downwards and fall down towards the level of 1.3160. Later, in our opinion, the pair may start forming a new ascending structure to reach the next target at 1.3330.
Pound is moving downwards and slowly finishing its correction. We think, today the price may consolidate at the current levels and then start forming another ascending structure to reach the target at 1.5500.
Franc continues consolidating near its minimums. We think, today the price may move upwards to return to the level of 0.9400 and then start a new descending movement towards the level of 0.9050.
The USD/JPY currency pair is still forming a consolidation channel near its minimums. We think, today the price may continue falling down, leave the channel, and reach a new minimum at 95.00. We should note that such market behavior may be considered as the third descending wave of the trend.
Australian Dollar continues forming a descending structure; the market formed a consolidation pattern and has already broken it downwards. We think, today the price may continue moving downwards to reach the level of 0.8850. Later, in our opinion, the pair may consolidate for a while and the start falling down again towards the target at 0.8800.
Gold is still moving inside a consolidation channel; the market formed another triangle
pattern. We think, today the price may break this pattern upwards and grow up to reach the level of 1350. Later, in our opinion, the instrument may form a descending correction to reach the level of 1290 and then start a new ascending movement towards the target at 1385.
RoboForex Analytical Department