Analysis for January 8th, 2014
Euro is still consolidating; market has reached minimum of correction towards previous ascending wave. Later, in our opinion, price may continue forming ascending structure towards level of 1.4100. Alternative scenario implies that pair may move downwards up to level of 1.3555 and then start forming new ascending structure.
Pound is also consolidating. We think, today price may move upwards to reach level of 1.6477, return to level of 1.6400, and then continue growing up inside ascending trend. Alternative scenario implies that pair may fall down to reach 1.6300 and then form another ascending structure.
Franc completed its correction. Later, in our opinion, instrument may form reversal pattern to continue moving downwards. Main target is at level of 0.8300.
Yen is trying to start new ascending movement towards level of 108.50. However, current descending structure may yet continue, that’s why alternative scenario implies that price may move downwards to reach level of 103.00.
Australian Dollar is still consolidating and may continue forming ascending structure towards level of 0.9075. Later, in our opinion, pair may continue falling. Main target is at level of 0.8400.
Gold is also consolidating and expanding its triangle pattern. We think, today price may continue growing up towards level of 1277.
RoboForex Analytical Department