Analysis for October 11th, 2013
Euro started forming an ascending structure, which may be considered as a correctional one. Right now, the market is in the middle of its second part and forming a consolidation pattern. We think, today the price may continue growing up towards the target at 1.3566.
Pound completed a reversal pattern and right now is moving upwards. We think, today the price may break the descending channel and grow up towards the first target at 1.6030. Later, in our opinion, the pair may return to the level of 1.5970 and then start forming another ascending structure to reach the level of 1.6080.
Franc is moving near its top and forming a consolidation pattern. We think, today the price may leave this pattern downwards and fall down towards the level of 0.9035.
The USD/JPY currency par extended its ascending wave. We think, today the price may start forming another descending wave inside this correction with the target at 96.00.
Australian Dollar is still consolidating; the market is forming an ascending wave with the local target at 0.9565. However, before reaching this target, the pair may fall down towards the level of 0.9235 first. Otherwise, the price may start forming the next wave of the correction, the fourth one, to return to the level of 0.9235.
Gold completed the first part of its descending wave. We think, today the price may return to the level of 1307 to test it from below and then continue falling down inside the fifth wave towards the local target at 1252. Later, in our opinion, the instrument may form another ascending structure to test the level of 1308.
RoboForex Analytical Department