Analysis for August 13th, 2013
Euro started a correction towards the level of 1.3200; right now, the market is forming the first descending wave with the target at 1.3266. Later, in our opinion, the price may start growing up to break the level of 1.3330, at least, and then start a new descending structure. A predicted target is at 1.3210.
Pound is forming a descending correction; right now, the market is breaking the previous ascending channel. We think, today the price may continue falling down towards the target at 1.5356 and then start a new ascending structure to reach a new maximum. The target is at 1.5600.
Franc has broken the previous descending channel. We think, today the price may return to the level of 0.9230 and then start forming a new ascending structure with a predicted target at 0.9230. Later, in our opinion, the pair may test the level of 0.9270 from above and then start a new ascending movement to reach the main target at 0.9365.
The USD/JPY currency pair completed a correctional structure; the market has formed a continuation pattern and is trying to expand it. We can’t exclude a possibility that the price may return to the level of 98. However, the main scenario implies that the pair may continue falling down to break the level of 95 and then reach the target at 93.
Australian Dollar broke an ascending channel and right now is falling down. We think, today the price may reach the level of 0.9070 and then return to the level of 0.9150. Later, in our opinion, the pair may start another descending movement towards a predicated target at 0.8900.
Gold is still forming the fifth ascending structure. We think, today the price may break the level of 1340 and complete this ascending wave by reaching the level of 1360. Later, in our opinion, the instrument may form a reversal structure to continue falling down. The target is at 1000.
RoboForex Analytical Department