Analysis for November 11th, 2013
Euro continues falling down; pair is expected to extend and reach 1.3265. Previous descending movement from 1.3544 may be considered as five-wave structure. We think, today the price may consolidate inside this triangle and then continue moving downwards to reach main target of this wave.
Pound is moving inside descending wave with target at 1.5900. We think, today the price may form consolidation channel near current levels and then continue falling down towards main target of the fifth wave.
Franc is still moving upwards; however, this is wave is becoming weaker. The pair formed impulse to leave triangle
pattern, and structure of impulse implies that it may continue growing up to reach 0.9256. We think, today the price may consolidate near 0.9200 and then make another ascending movement towards 0.9256. Later, in our opinion, the pair may form reversal structure to continue down-trend.
Yen is still consolidating near 99.00. We think, today the price may continue falling down to reach 96.00 Alternative scenario implies that the market may grow up towards 99.80 and reach upper border of triangle from daily chart. Later, in our opinion, the pair may rebound from this border, start falling down fast to break lower border, and continue down-trend.
Australian Dollar is trading inside descending structure with target at 0.9210. We think, today the price may reach local target of this descending movement at 0.9295 and then return to 0.9480 to test it from below. Later, in our opinion, the pair may continue falling down towards main target at 0.9210.
Gold is moving downwards towards 1271. We think, today the price may reach local target at 1274, return to 1316 to test it from below, and then continue falling down towards main target at 1271. This whole movement is considered to be the first wave inside the fifth one.
RoboForex Analytical Department