Analysis for November 21st, 2012
The EUR/USD currency pair started moving downwards very rapidly. The nature of such descending movement implies that the price is starting the fifth wave to continue the trend. Today the pair is expected to complete the first part of this wave by reaching the target at 1.2710. However, we should note that the formation of the fifth wave doesn’t mean that we are going to see a clear five-wave structure. We might as well get a price collapse. A predicted target is at 1.2550.
The GBP/USD currency pair continues moving downwards. Considering that all corrections are already over, we can expect Pound to continue falling down towards the target of this wave at 1.5790.
The USD/CHF currency pair started moving upwards very rapidly and form one more ascending wave. The structure expected is shown on the chart. The fifth wave may be completed without any internal corrections. The target is at 0.9570.
The USD/JPY currency pair can’t form a pivot point to start a correction. The price is expected to continue growing up and expand the wave towards the level of 82. After that the pair may fall down a little bit towards the level of 81.50 and then continue growing up towards the target at 82.50. Later the price may start a more serious correction.
Australian Dollar moved downwards just as we expected. Today the pair may grow up a bit, but then we can expect it to continue falling down. The chart structure indicates that a predicted target is at 1.0270.
Gold reached the level of 1722, just as we expected it to. Today the market is expected to consolidate inside the defined trading range and break it downwards. Later the instrument may continue falling down towards the target at 1707.
RoboForex Analytical Department