Analysis for February 22nd, 2013
The EUR/USD currency pair is consolidating near its minimums. The market is trying to for the first impulse for a reverse; however, the impulse is weak so far. I think today the price may reach a new minimum at the level of 1.3120. Only after that, in my opinion, the pair may start a new ascending impulse to break the previous descending channel. The first target is the test of the level of 1.3400 from below.
The GBP/USD currency pair is starting to form reversal structures; the price has already completed the first impulse. I think today the pair may correct it, break the latest descending channel, and then break the top of this first impulse. The first target is at the level of 1.55.
The USD/CHF currency pair reached renewed its maximums. I think today the price may reach a new maximum at the level of 0.9340 and only after that the market is expected to from a reversal pattern for a new descending movement.
The USD/JPY currency pair continues moving inside a consolidation channel near its maximums. I think today the price may from triangle pattern near the top. The structure of the descending movement indicates that the pair may reach the level of 92.60 and test the pattern’s lower border. Later, in my opinion, the price may grow up towards the pattern’s upper border, break it, and continue moving upwards to reach the level of 95.
Australian Dollar is forming the last part of a five-wave structure. I think today the pair may move downwards and reach the target at 1.0210. Later, in my opinion, the price may form a pivot point and start growing up towards the level of 1.0400.
Gold started forming an ascending pattern. I think today the instrument may consolidate for a while at the current levels, grow up to break the latest descending channel, and reach the first target at 1607. Later, in my opinion, the price may return to the level of 1581 and start a new ascending movement towards the target at 1660.
RoboForex Analytical Department