Analysis for May 7th, 2013
The EUR/USD currency pair completed a correction towards the ascending wave formed last Friday. According to the main scenario, the price may growing up to reach the target at 1.3190. However, an alternative one implies that the pair may break the last week’s minimum. If it happens, the price may reach the level of 1.2880.
The GBP/USD currency pair continues moving inside the final part of the third ascending wave. We think, today the price may return to the level of 1.5615 and then start a descending correction towards the target at 1.5325.
The USD/CHF currency pair continues forming an ascending correction. According to the main scenario, the price may continue falling down to reach the target at 0.9200. An alternative scenario implies that the pair may continue growing up towards the level of 0.9450 and then move downwards to reach the level of 0.9295, thus forming a consolidation triangle
The USD/JPY currency pair broke an ascending channel and started forming a descending structure with the target at 96.90. We think, today the price may complete triangle
pattern, and then break its lower border to start a descending correction towards the level of 88.20.
Australian Dollar is still forming a descending structure. We think, today the price may form a consolidation channel near the level of 1.0235 and then break it downwards to reach the target at 1.0155. Later, in our opinion, the pair may return to the level of 1.0235 and then continue falling down towards the main target at 1.0085.
Gold continues moving upwards; right now, the instrument is consolidating near the level of 1466. We think, today the price may return to the level of 1490 and then start a new descending correction toward the target at 1415.
RoboForex Analytical Department