Analysis for November 19th, 2013
Euro continues forming the third structure inside ascending wave; right now market is moving inside the last ascending structure towards local target at 1.3570. We think, today price may reach it and then start falling down to return to 1.3440. Later, in our opinion, pair may complete this ascending wave by moving upwards and reaching 1.3590.
Pound is still consolidating. We think, today price may leave this consolidation channel upwards and reach 1.6350. Later, in our opinion, pair may form new correction to return to 1.6100.
Franc broke its consolidation channel downwards and right now is forming descending structure with local target at 0.9080. We think, today price may reach it and then return to 0.9160. Later, in our opinion, pair may complete this descending wave by forming another descending structure and reaching 0.9070.
Yen completed first descending impulse and corrected it. We think, today price may form another descending structure to break minimum of the first impulse. Such scenario implies that market may start the third descending structure. Main target of this wave is at 98.50. Later, in our opinion, pair may form new correction towards 99.60 and then continue falling down.
Australian Dollar expanded its consolidation channel upwards and then returned into the middle. We think, today price may continue growing up towards local target at 0.9450 and then fall down to return to 0.9366. Later, in our opinion, pair may complete this wave by forming another ascending structure and reaching 0.9466.
Gold expanded its consolidation channel downwards. We think, today price may expand it upwards as well and, thus, form divergent triangle
pattern, which may be considered as correctional structure with local target at 1300. Later, in our opinion, instrument may return into the middle of this channel at 1280 and then complete this ascending structure by growing up and reaching 1306. After that, market is expected to start new descending movement towards 1240.
RoboForex Analytical Department