Analysis for October 10th, 2012
The EUR/USD currency pair continues falling down, right now the market is moving in the very middle of the another structure. Today the price is expected to consolidate inside a 30 pips range and then continue moving downwards. A local target is at 1.2670. On the chart you can see the most possible structure of this wave. There is a possibility that the price may start reaching the target without any serious corrections.
The GBP/USD currency pair extended the wave and reached the target at 1.600, but, as we can see, no serious corrections took place. After reaching the target and moving even a bit lower, the price is expected to continue falling down. So, we have a resistance level at 1.6022. The market’s inability to start a strong impulse movement upwards implies that the price may continue moving downwards to reach the target at 1.5740. We should note that the pair may continue falling down without any serious corrections.
The USD/CHF currency pair continues growing up. The price is expected to consolidate inside a 30 pips range and then continue growing up towards the target at 0.9500. This movement may continue without any serious corrections.
The USD/JPY currency pair is consolidating near the level of 78.25. Today the price is expected to reach the target at 78, test the level of 78.25 from below, and then continue falling down towards 77.70. The technical picture reminds of “triangle”, a continuation pattern.
Australian Dollar continues forming a continuation pattern. Today the price is moving below 1.0210. If the pair breaks the level of 1.0150 from above, the market will start moving downwards quite fast and reach the target at 0.9800 without any serious corrections.
Gold continues falling down, the market is moving below 1770. Today the instrument is expected to reach the level of 1750, test 1770 from below, and then continue moving downwards to 1745. Only after the price reaches the latter target, it may return to 1780. Thus, the instrument continues forming “diamond” technical pattern.
RoboForex Analytical Department