Analysis for August 16th, 2013
Euro continues growing up towards the target at 1.3600. We think, today the price may reach the level of 1.3400, then fall down a little bit towards the level of 1.3300, and then continue moving upwards to reach the main target.
Pound reach the targets of this ascending wave, but wasn’t able to start a proper correction. We think, today the price may move upwards and then start forming a reversal structure for a correction towards the level of 1.5300. Later, in our opinion, the pair may start forming a new ascending structure to reach the target at 1.5890.
Franc started another descending structure. We think, today the price may reach the level of 0.9200 and then return to the level of 0.9300. Later, in our opinion, the pair may start a new descending movement towards the main target at the level of 0.9000.
The USD/JPY currency pair reached a new maximum and started a new descending structure. The main scenario implies that he price may continue falling down to reach the level of 94.20. An alternative scenario suggests that the pair may move downwards, reach a new maximum again, and only after that to fall down to reach the level of 94.20. We expect the price to move downwards without any serious corrections.
Australian Dollar continue moving downwards. We think, today the price may reach the level of 0.9020 and then return to the level of 0.9120. Later, in our opinion, the pair may start falling down towards the level of 0.8800.
Gold completed this correctional wave by forming the fifth ascending structure inside it. We think, today the price may form a reversal pattern to continue moving downwards to reach the target at 1000.
RoboForex Analytical Department