Analysis for October 5th, 2012
Yesterday the EUR/USD currency pair broke the consolidation channel upwards. There are some levels, that haven’t been reached during the correction. The target level of the growth is 1.3040. Today the pair is expected to fall down a bit towards 1.2960 and then reach the target at 1.3040. Later the price may move downwards to a new target at 1.2715.
The GBP/USD currency pair reached the target at 1.6140. After a short consolidation near this level, it started moving upwards. Today Pound is expected to fall down and test the level of 1.6140 from above and then make one more attempt to grow up. The target of this movement will be at 1.6210. Later this descending wave may continue moving towards a local target at 1.5990.
The USD/CHF currency pair is moving downwards. Today the price is expected to test 0.9344 from below and then continue falling down towards the target at 0.9290. After that Franc may continue growing up towards a local target at 0.9450.
The USD/JPY currency pair is forming a corrective wave from 77.80. Today the price is expected to complete this corrective movement and continue growing up towards 78.80, in order to test “triangle’s” upper border. Then it may fall down towards 77.70 and test the pattern’s lower border.
Australian Dollar is trying to move upwards, it started forming the second impulse. Right now the market is consolidating between 1.0270 and 1.0240. Today the pair is expected to breach this consolidation channel upwards and to continue consolidation between 1.0290 and 1.0270. Later the price may grow up towards a local target at 1.0325, then a correction to 1.2070 and, finally, reaching the target at 1.0350.
Yesterday Gold continued moving upwards. The last ascending wave from 1770 wasn’t impulsive. As a rule, such growth is usually followed by a quick fall. And today we can already see the start of the first descending impulse. The instrument is expected to continue moving downwards. The first target is to return to 1780, then to test the level of 1790 from below and later to fall down towards the target at 1745.
RoboForex Analytical Department