Analysis for March 1st, 2013
The EUR/USD currency pair is forming the third ascending impulse. I think today the price may reach the level of 1.3180 and then start a descending correction with the target at 1.3100. Later, in my opinion, the pair may form another ascending wave to break the H4 descending channel.
The GBP/USD currency pair is trying to form the third ascending impulse with the target at 1.5260. I think after reaching this target the rice may fall down towards the level of 1.5150. Later, in my opinion, the pair may continue growing up to reach the target at 1.5500.
The USD/CHF currency pair reached its targets; the price is expected to form a reversal pattern to start a new descending movement. I think today the pair may start forming the first descending structure with the target at 0.9270. Later, in my opinion, the price may correct this structure and then continue falling down towards the level of 0.9200.
The USD/JPY currency pair is still moving inside a consolidation channel, which may be considered as a correction. I think today the price may form a new descending structure and reach a new minimum. Later, in my opinion, the pair may start a new ascending movement, reach a new maximum, and then continue growing up towards the level of 97.
Australian Dollar formed an ascending impulse and corrected it. I think today the pair may start another ascending impulse to reach the level of 1.0290, form a consolidation channel and break it upwards, and then continue growing up towards the target at 1.0370. However, an alternative scenario implies that the price may move downwards and reach a new minimum. In this case, the pair may fall down and reach the level of 0.8700.
Gold continues forming a descending correction; the instrument may teach the level of 1570. After that the price may start an ascending structure to beak the descending channel and each the level of 1607. Later, in my opinion, the instrument may form a consolidation channel, break it upwards, and grow up to reach the target at 1645.
RoboForex Analytical Department