Analysis for December 7th, 2012
The EUR/USD currency pair continues forming the first descending impulse. Today the price may grow up a little bit to reach the level of 1.3000 and complete this impulse with the target at 1.2935. Later, in my opinion, the pair may start an ascending correction towards the level of 1.3087 and form the fifth wave of this “flag” pattern. The target is at 1.2640.
The GBP/USD currency pair tried to renew its top and then started forming a new ascending structure. I think that the price may form “double top” pattern to make a reverse. Right now the first target is at 1.0630 - the price may reach it, start a correction towards the level of 1.6090, and then move downwards and form the second wave.
The USD/CHF currency pair is forming another ascending impulse. Today the price may form a correction towards the level of 0.93 and then grow up to reach the level of 0.9350. After that in my opinion, the pair may start more serious correction towards the level of 0.9270 and then form a new ascending wave.
The USD/JPY currency pair is still forming an ascending structure, the target is at 82.68. In my opinion today we can expect the price to fall down towards the level of 81.75, grow up and break the level of 82.70, and then continue moving upwards to reach the target at 83.35.
Australian Dollar broke the level of 1.0480 and reached a local target at 1.0510. Today we can see that the price returned to the level of 1.0480 to test it from above. In my opinion, later the pair may start growing up towards the target at 1.0520, return to the current levels, and only after that – move upwards to reach the level of 1.0560.
Gold reached a local target. Today we can see that the instrument is moving upwards to test the neckline once again. This movement may be considered as a correction. After that, I think, the price may continue falling down towards the level of 1656.
RoboForex Analytical Department