Analysis for January 20th, 2014
Euro continues moving downwards and expanding its consolidation channel; market is forming divergent triangle
pattern. We think, today price may form reversal structure to continue growing up. The first target is at level of 1.3700. Later, in our opinion, pair may consolidate and then move upwards again to reach target at 1.3800.
Pound is still moving inside the fourth wave of bullish wedge
pattern. We think, today price may form consolidation channel at current levels and leave this channel upwards to reach level of 1.6500. Later, in our opinion, pair may form the fifth descending wave towards level of 1.6255 and then start reversal structure to continue ascending trend.
Franc is moving upwards. We think, today pair may form reversal structure to continue moving inside descending trend towards level of 0.9000. Later, in our opinion, pair may return to level of 0.9075 and then continue falling down. The next target is at 0.8900.
Yen is still falling down; market is forming the fifth wave of descending structure. We think, today price may continue moving downwards to reach level of 102.75. Later, in our opinion, price may return to level of 104.00.
Australian Dollar continues moving inside descending structure with target at 0.8750. After reaching it, pair may consolidate, break this level, and then complete this descending movement by reaching target at 0.8400. Later, in our opinion, pair may return to level of 0.9075.
Gold is still moving inside the fifth ascending wave towards level of 1277. We think, today price may continue consolidating and forming continuation pattern near level of 1248.88. Later, in our opinion, instrument may start new descending movement towards target at 1230.
RoboForex Analytical Department