Analysis for April 1st, 2013
The EUR/USD currency pair is being corrected towards its previous descending structure. We think today the price may reach the level of 1.2850 and then start a new descending movement towards the target at 1.2700. Later, in our opinion, the pair may start forming a reversal pattern for a new ascending trend.
The GBP/USD currency pair is still consolidating near its maximums. We think today the price may continue this correction to reach the level of 1.5080 (at least) and then, after completing it, start forming a new ascending towards a predicted target at 1.5400. This ascending movement to break the maximums of the first wave, which may be followed by a consolidation, will define more exact point, where the third ascending wave may be completed.
The USD/CHF currency pair continues forming a descending structure. We think today the price may complete the structure by reaching the target at of 0.9458, correct it towards the level of 0.9500, and then start forming another descending structure to reach the level of 0.9378.
The USD/JPY currency pair is still being corrected; the market broke an ascending channel downwards. The structure of the pattern implies that the price may continue falling down towards the level of 93 and complete this correction. Later, in our opinion, the pair may form a reversal structure for a new ascending trend. The next target is to renew the maximum of this wave.
Australian Dollar is still forming a descending wave. We think today the price may reach the level of 1.0370 and the start a new correction towards the first structure near the level of 1.0433. Later, in our opinion, the pair may start forming the third descending wave and reach a local target at 1.0300.
Gold continues moving inside a narrow consolidation channel. We think today the price may grow up towards the channel’s upper border, break it, and then continue moving upwards to reach the level of 1630. Later, in our opinion, the instrument may start a new consolidation. We should note that the whole structure should be considered as a correction with the target at 1640.
RoboForex Analytical Department