Analysis for September 13th, 2013
Euro couldn’t reach a new maximum and right now is still forming a descending structure. We think, today the price may continue falling down towards the target at 1.3080.
Pound is forming a descending correction towards the level of 1.5700 at least, or maybe even 1.5625. This wave is considered to be the fifth ascending structure to reach the target at 1.5980 without any corrections. That’s why any descending movement may be considered as a link to a new growth.
Franc completed a descending structure and right now is forming an ascending one. We think, today the price may continue moving upwards inside the fifth wave to reach the level of 0.9470.
The USD/JPY currency pair has almost completed a descending structure and right now is correcting it. After completing this structure, the price may start moving upwards to reach the level of 101.90.
Australian Dollar continues moving downwards with the target at 0.9200. After reaching this target, the price may grow up towards the level of 0.9280 and then move downwards and reach the level of 0.9180. Later, in our opinion, the pair may start a new ascending movement towards the target at 0.9430.
Gold reached the target of a descending wave and right now is still moving downwards. We think, today the price may form “head & shoulders” reversal pattern by reaching the level of 1291 and then returning to the level of 1390.
RoboForex Analytical Department