Analysis for May 2nd, 2013
The EUR/USD currency pair reached the target of the continuation pattern at the level of 1.3097. We think, today the price may form a descending structure towards the level of 1.3100. Later, in our opinion, the pair may start a slight correction to reach the level of 1.3165 and then continue falling down towards the target at 1.2940.
The GBP/USD currency pair continues forming another ascending structure with the target at 1.5615; the market hasn’t reached it yet. We think, today the price may move downwards to reach the level of 1.5520 and then start growing up again towards the above-mentioned target. Later, in our opinion, the pair may start a descending correction towards the level of 1.5325, at least.
The USD/CHF currency pair continues moving inside a descending channel. We think, today the price may attempt to return to the level of 0.9330 and then start another descending structure towards the target at 0.9200.
The USD/JPY currency pair is still forming the third descending wave; right now the market is forming a consolidation channel. We think, today the price may continue falling down towards the target at 96. Later, in our opinion, the pair may form one more consolidation pattern to break the daily channel. The next target is at the level of 93.70.
Australian Dollar is moving inside a descending structure with the target at 1.0085. We think, today the price may complete the first wave inside this structure and then consolidate for a while near the level of 1.0230. Later, in our opinion, the pair may form a correction to return to the level of 1.0310 and then continue falling down towards the main target.
Gold returned to the level of 1450 once again; this movement should be considered as a descending correction. We think, today the price may form a final ascending structure towards a local target at 1490. Later, in our opinion, the instrument may start forming a more serious correction to reach the target at 1415.
RoboForex Analytical Department