Analysis for October 18th, 2012
The EUR/USD currency pair couldn’t continue a descending wave yesterday, the only thing the price managed to do during the day was consolidating inside a narrow trading range. Today the market is expected to complete a corrective movement towards the level of 1.3030 and then reach yesterday’s top at 1.3150 once again. Later the price may start a deeper correction with the target at 1.2980 and return to the top one more time to complete a 5-wave pattern.
The GBP/USD currency pair started a corrective movement. Today the price is expected to reach the level of 1.6110, grow up towards the yesterday’s top at 1.6182, and then start more serious correction to reach the target at 1.6100. Thus, the pair may complete this wave and continue moving inside the descending trend.
The USD/CHF currency pair is consolidating inside a narrow trading range. Today the price is expected to break this range upwards and reach the target at 0.9280. Later the pair may move towards yesterday’s low and then start growing up to reach the level of 0.9325.
The USD/JPY currency pair continues moving upwards. Today the price is expected to consolidate, reach the level of 79.25, and return to the target at 78.60. An only after that, we can expect the price to grow up and reach the level of 79.75.
Australian Dollar is moving inside the third ascending wave. Today the pair is expected to consolidate near the current levels and then try to move downwards. Later the price may start growing up, reach yesterday’s top and only after that - start a correction towards the level of 1.0300. Then the pair may start forming the fifth ascending wave with the target at 1.0420.
Gold is moving upwards according to our forecast. Today the instrument is consolidating between the levels of 1752 and 1742. The price is expected to breach this consolidation range upwards and continue growing up with the target at 1765. Later the market may return to 1752 to test it from above and after that to move upwards to reach the target at 1780.
RoboForex Analytical Department