Yearly Analysis for 2013
GBP/USD
The GBP/USD currency pair has been forming
triangle pattern for several years. In classic technical analysis this pattern is usually followed by a new movement inside the main trend. According to Murray Math Lines, the pair is consolidating in the channel between the
5/8 and
3/8 levels. If the market is able to keep the price below the
3/8 level, the pair will continue falling down towards the
0/8 one.
At the daily chart we can see that the bulls tried to break the
5/8 level three times, but failed. If the pair is able to break the Super Trends’ lines backwards, the price will start a new descending movement. The first target will be at the
3/8 level. After the market break this level, it will continue moving towards a more serious target, at the
0/8 one.
AUD/USD
It looks like Australian Dollar is also forming
triangle pattern. However, in this case the price may yet continue a correction. The bulls are very likely to test the pattern’s lower border. If the pair rebounds from the border, the price will start a new ascending movement. The target for the bulls is at the
8/8 level.
If the bears are able to break the Super Trends’ line backwards at the weekly chart, the price will continue falling down towards the pattern’s lower border (near the
2/8 level). If the market rebounds from these levels, the pair will start growing up towards the
4/8 one.
CAD/JPY
As we can see at the monthly chart, after rebounding from the
2/8 level three times, the CAD/JPY currency pair started moving upwards. The Super Trend’s line has already moved into the “green zone”. We can’t exclude a possibility that in the future the price may break a local maximum. The main target in the foreseeable future is the
4/8 level.
At the weekly chart we can see that the pair rebounded from the
0/8 level and started a new ascending movement. By now the bulls has got very close to the 4/8 level. If they are able to break the
4/8 level, then the
5/8 level and keep the price above it, the pair will continue growing up towards the
8/8 one.
RoboForex Analytical Department