Analysis for January 7th, 2014
Euro is still moving inside descending channel; this movement may continue up to level of 1.3555. Later, in our opinion, price may continue forming ascending structure towards level of 1.4100.
Pound tested level of 1.6436 from below. We think, today price may continue moving downwards to reach level of 1.6265. Later, in our opinion, price may form another ascending structure to break maximums and reach 1.7470.
Franc is still moving inside ascending channel with target at 0.9076. Later, in our opinion, instrument may reverse downwards and continue moving inside down trend towards level of 0.8300.
Yen is still moving downwards with target at level of 103.00.We think, today pair may fall down to reach 103.46, test level of 104.20 from below, and then move towards level of 103.00. Later, in our opinion, price may start new ascending movement to reach level of 108.50.
Australian Dollar formed triangle pattern and broke it upwards. We think, today price may return to level of 0.9080 and then continue falling down towards level of 0.8400.
Due to the gap, Gold broke upper border of previous descending structure, which means that market may continue growing up towards level of 1270. Later, in our opinion, price may fall down to eliminate this gap and then start new ascending structure to reach level of 1360.
RoboForex Analytical Department