Analysis for May 15th, 2013
Euro expanded its trading range. We think, today the price may reach a new minimum again and then return to the level of 1.2970 (at least). The target of the next descending structure will be at 1.2750.
Pound reached the target of its descending correction. We think, today the price may consolidate for a while at the current levels (reach a new minimum, maybe) and then start moving upwards. The first target will be at the level of 1.5400.
Franc reached the first target of an expansion pattern. We think, today the price may reach a new maximum and then fall down towards the lower border of the current trading range. The first target is the level of 0.9585. Later, in our opinion, the pair may continue falling down towards the level of 0.9490 and then start a new ascending wave with the target at 0.9730.
The USD/JPY currency pair formed another ascending structure and reached the lower border of triangle
pattern from the monthly timeframe. We think, today the price may form diamond
reversal pattern to make a reverse and form the first descending structure with the target at 101.20. Later, in our opinion, the pair may move upwards to reach the level of 102 and then start falling down towards the target at 99.90.
Australian Dollar is expanding a descending wave. We think, today the price may reach the level of 0.9850, which is close to the lower border of diamond
pattern from the weekly timeframe. Later, in our opinion, the pair may form a pivot point to make a reverse and then return to the level of 1.0230.
Gold continues moving inside a consolidation channel; the instrument is forming triangle
pattern. We think, today the price may test the pattern’s lower border and then start a new ascending structure to reach the level of 1450.
RoboForex Analytical Department