Analysis for October 24th, 2012
The EUR/USD currency pair reached the targets of the growth and continues a corrective movement. Today the price is expected to grow up a bit, test the level of 1.3010 from below, and then to fall down to break the level of 1.2946. The next target will be at 1.3010 once again. Later the pair may move downwards and reach the main target of this correction at the level of 1.2895.
The GBP/USD currency pair is expected to consolidate near the current levels. The next target for the price is to return to the level of 1.6110. After that we can expect the pair to form another descending wave with the target in the area of 1.5833.
The USD/CHF currency pair moved upwards as we expected it to. The chart structure implies that the price may fall down a bit towards the level of 0.9310 and then move upwards to reach yesterday’s high in the area of 0.9350. Later the pair is expected to return to 0.9300, and then to form one more ascending wave with the target at 0.9385.
The USD/JPY currency pair is consolidating inside a narrow 20 pips trading range. Today the price is expected to fall down a bit towards the level of 79.60 and the move upwards to reach the target at 80.14. Later the market may continue consolidating and grow up again towards the level of 80.50.
Yesterday Australian Dollar moved downwards and reached a broken level. Today the pair is expected to continue falling down towards the level of 1.0225. Thus, we can say that the market is consolidating inside a wide trading range. The price may break this consolidation channel downwards and continue moving downwards to reach the targets at 1.0160 and 0.9915.
Gold completed another descending wave. At the moment the instrument is expected to return to the level of 1730. Later the price may form one more descending structure with the target at 1670. Thus, we can see that the instrument is forming “head & shoulders” reversal pattern.
RoboForex Analytical Department