Analysis for October 29th, 2013
Euro couldn’t form an ascending structure immediately and renewed the minimum of its first descending impulse instead. We think, today the price may continue a descending correction towards the level of 1.3740 and then start another ascending structure to reach the target at 1.3874.
Pound is being corrected towards the level of 1.6036. Later, in our opinion, the price may form another ascending structure to reach the level of 1.6335.
Franc is also being corrected, towards the level of 0.9000. We think, today the price may reach this level and then continue falling down towards the target at 0.8880.
The USD/JPY currency pair is still moving inside divergent triangle
pattern. We think, today the price may reach a new minimum while forming the wave with the target at 96.25. Later, in our opinion, the pair may return to the level of 97.35 to test it from below and then continue falling down to reach the level of 96.00.
Australian Dollar is being corrected with the target at 0.9486. We think, today the price may reach this target and then return to the level of 0.9620. Later, in our opinion, the pair may continue falling down.
Gold is still consolidating near its maximums. We think, today the price may form a reversal structure. The first target is at 1314. After the instrument completes five-wave descending structure and corrects it, we’ll try to define whether the price is going to continue moving downwards or not.
RoboForex Analytical Department