Analysis for December 17th, 2012
The EUR/USD currency pair broke its consolidation channel upwards. A local target is at 1.3280. In my opinion, today the price may fall down a little bit towards the level of 1.3120 and then continue moving towards the above-mentioned local target. Later, the pair may start a more serious correction.
The GBP/USD currency pair continues forming an ascending wave, the third, one according to the current chart structure. Today I think the price may reach the level of 1.6150 and then grow up towards the level of 1.6225. After reaching this level, the pair may fall down towards the level of 1.6115 and later start moving upwards to break the target at 1.6260. This will be the main local target of this ascending wave.
The USD/CHF currency pair broke its consolidation channel downwards. Such descending movement implies that the price may reach a local target at 0.9100. I think today the pair may start a slight correction towards the level of 0.9210 and then continue falling down towards the above mentioned local target.
The USD/JPY currency pair broke another consolidation channel upwards and continued moving upwards. In my opinion, today the price may return to the level of 83.60 and then continue growing up towards the next target at 84.50. After that I expect the price to return to the level of 83 and move upwards again, to reach the level of 84.65.
Australian Dollar is still consolidating at the current maximums. According to the chart structure, today I expect the price to reach the top at 1.0585 and then fall down towards the level of 1.0510. Only after breaking the top of this consolidation channel the market may continue growing up towards the tarfget at 1.5800.
Gold is currently moving near the minimums. Today the instrument may break the level of 1690 downwards. Such descending movement implies that the price may reach a local target at 1677. After that the instrument may return to the level of 1690 and continue falling down. The target of this descending waver is the level of 1656.
RoboForex Analytical Department
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