Analysis for December 12th, 2013
Euro continues forming consolidation channel near its top. We think, today price may renew current top, because descending impulse, which was formed earlier, isn’t strong enough to continue descending correction. Later, in our opinion, pair may start new descending impulse and form reversal pattern to start new correction towards 1.3555 (at least).
Pound continues falling down; market formed continuation pattern near level of 1.6372. Next target is at 1.6280. Later, in our opinion, pair may return to 1.6372, fall down towards 1.6280, and then continue current correction. Alternative scenario implies that price may try to continue its ascending movement to reach new maximum.
Franc continues consolidating near its minimums. Ascending impulse, which was formed earlier, isn’t strong enough to continue this correction. We think, today price may reach new minimum at 0.8820 and then start new ascending impulses to form reversal pattern for new correction towards 0.9070. Later, in our opinion, pair ay continue moving inside descending trend.
Franc is moving downwards and expected to stop this descending movement after reaching lower border of its consolidation channel. However, first descending impulses aren’t strong enough to start new down trend. We think, today price may form another ascending impulse to reach new top at 103.47 and then start new descending impulses to form reversal pattern. We remind you that pair may be forming five-wave structure with target at 93.50. Alternative scenario implies that price may reach new top at once and then start forming reversal pattern.
After finishing ascending structure, Australian Dollar couldn’t form correctional pattern towards level of 0.9060. We think, today price may fall down to reach 0.8945 and then continue moving inside down trend.
Gold continues moving downwards. We think, today price may reach level of 1242 and then form another ascending structure towards 1270. Alternative scenario implies that instrument may continue falling down towards new minimums and reach level of 1201.
RoboForex Analytical Department