Analysis for February 14th, 2013
The EUR/USD currency pair continues moving downwards and forming the fifth structure with the target at 1.3240; the market finished the first part and corrected it. Later, in my opinion, the price may fall down towards the level of 1.3398, consolidate for a while near it, and then continue moving downwards to reach the target at 1.3350.
The GBP/USD currency pair continues reaching new minimums. The latest movement may be considered as a five-wave structure, which may grow up to test the level of 1.57. Later, in my opinion, the price may start a new ascending movement to reach a new minimum. This may be the end of this wave and the pair may form a reversal structure.
The USD/CHF currency pair is still consolidating near its maximums; this consolidation near the level of 0.9180 may continue. I think today the price may leave this consolidation channel downwards and start a correction with the target at 0.9100. Later, in my opinion, the pair may start a new ascending structure with the target at 0.9280.
The USD/JPY currency pair continues moving upwards with the target at 94.90; the price formed the first structure and corrected it. I think today the pair may continue growing up, reach a new maximum, and then grow up again towards the above-mentioned target.
Australian Dollar is forming the first ascending impulse and trying to form a continuation pattern at the top of it. I think today the price may start a descending correction towards the level of 1.0260, and only after that – a new ascending movement to reach the target at 1.0400.
Gold formed the first ascending impulse and currently is correcting it. The structure of this movement implies that the instrument may return to its minimums, thus forming upside down double top
pattern. Later, in my opinion, the price may start moving upwards to break the descending channel.
RoboForex Analytical Department