Analysis for October 25th, 2013
Euro is still an ascending structure. We think, today the price may continue growing up towards the level of 1.3874 and then move downwards to reach the level of 1.3705. Later, in our opinion, the pair may form another ascending structure towards the level of 1.3888 and then start a new correction.
Pound completed another zigzag
pattern with a consolidation structure; the market is forming a continuation pattern. We think, today the price may leave the pattern upwards to reach the level of 1.6470 and then move downwards to return to the level of 1.6185.
Franc continues moving downwards. We think, today the price may reach the local target at 0.8880 and then return to the level of 0.9025. Later, in our opinion, the pair may form another descending structure to reach a new minimum.
The USD/JPY currency pair is still consolidating. The main scenario implies that the price may break this consolidation pattern downwards to reach the level of 96.30 (the local target of the fifth descending wave). Later the pair may return towards the level of 97.35 and then form another descending wave to reach the target at 96.00.
Australian Dollar is still being corrected towards the level of 0.9500. After reaching it, the price may form another ascending structure to reach a new maximum and the level of 0.9780. Later, in our opinion, the pair may reverse and continue falling down.
Gold started forming the first descending wave towards the level of 1195. We think, today the price may reach the level of 1313, form a slight correction, and then continue falling down towards the local target at 1275.
RoboForex Analytical Department