Analysis for January 29th, 2014
Euro is still falling down; this movement may be considered as correction towards previous ascending wave. We think, today price may complete this correction and start moving upwards. Main target is at level of 1.4100.
Pound is consolidating. We think, today price may continue moving upwards to reach level of 1.6680. Later, in our opinion, market may start forming descending correction to reach level of 1.6450, at least.
Franc continues growing up; market completed proper correctional structure. We think, today price may continue falling down inside descending trend. Main target is at 0.8300.
Yen reached target of its correction. We think, today price may continue falling down towards level of 101.70 and then form new ascending structure to return to level of 104.00.
Australian Dollar completed its correction. We think, today price may start new descending structure towards target at level of 0.8400.
Gold is still consolidating. We think, today price may form descending structure towards target at level of 1230. Alternative scenario implies that instrument may try to return to level of 1262 and then continue falling down towards above-mentioned target.
RoboForex Analytical Department