Analysis for November 7th, 2013
Euro is forming the second ascending impulse. We think, today the price may continue growing up to reach 1.3605 and then form a correction towards 1.3525. This structure will help market to define whether price is going to continue rising and forming the fifth wave.
Pound is still forming continuation pattern to continue moving upwards. We think, today the price may grow up and reach 1.6188 and then return to 1.6060. Later, in our opinion, the pair may move upwards again to reach 1.6228.
Franc is consolidating; market has left ascending channel. We think, today the price may continue falling down and reach the first target at 0.9025. Later, in our opinion, the pair may rise to return to 0.9090.
USD/JPY is traded near 98.70. We think, today the price may break minimum of the first descending wave and move towards 97.35. Later, in our opinion, the pair may consolidate for a while and then continue falling down. Main target is at 96.00.
Australian Dollar attempted to break upper border of consolidation channel and returned into the middle of its trading range. We think, today the price may try to expand lower border of the channel and then return into the middle again. Later, in our opinion, the pair may continue moving downwards to reach 0.9200. Alternative scenario implies correction towards 0.9620 and then falling down to reach above-mentioned target.
Gold is still consolidating. We think, today the price may reach upper border, then form descending structure to break lower border of this consolidation channel and continue falling down. Target is at 1277.
RoboForex Analytical Department