Analysis for December 24th, 2013
Euro completed ascending structure inside correction towards previous descending movement. We think, today price may form another descending structure towards level of 1.3560 and then form reversal pattern to start the fifth wave to reach target at 1.4100. We should note, that this possible ascending structure may be formed without any corrections.
Pound is still moving inside consolidation channel, which may be considered as continuation pattern to continue falling down with target at 1.6300. Later, in our opinion, instrument may form reversal pattern to start new ascending trend with target at 1.7150.
Franc finished descending structure, which may be considered as correction towards previous ascending structure. We think, today price may form another ascending structure with target at 0.9055, which may be considered as one more structure from pattern at daily chart. After that, instrument may form reversal pattern to continue moving inside down trend towards target at 0.8300.
Yen is moving downwards with target at 103.58. After that, instrument may start new correction towards 104.00 and then start new descending structure to reach target at 102.75. This wave may be considered as new descending trend.
Australian Dollar is still being corrected towards previous descending movement; structure of this correction implies that price may fall down to reach 0.8840. Later, in our opinion, instrument may complete this correction by forming ascending structure to reach level of 0.8958 and then start moving inside down trend towards 0.8720.
Gold is still moving towards level of 1220; this movement may be considered as the fourth wave of another descending structure. We think, today price may reach new minimums, complete this fourth wave, and then start the fifth on inside this final structure with target at 1175. Later, in our opinion, instrument may form reversal pattern for new ascending movement to return to 1360.
RoboForex Analytical Department