Analysis for May 31st, 2013
Euro completed an ascending structure, which may be considered as a correction towards the previous descending movement. We think, today the price may start another descending structure with the target at 1.2910. Later, in our opinion, the pair may form a slight correction and then continue moving downwards to reach the level of 1.2800.
Pound, after completing a continuation pattern, extended its ascending wave, which may be considered as a correctional one. We think, today the price may form another descending structure to reach the level of 1.5070, consolidate for a while, and then continue falling down towards the target at 1.4990.
Franc completed the third structure of the correction, which turned out to be as long as the first one. We think, today the price may start an ascending structure with the target at 0.9725. The main scenario implies that the pair may continue growing up towards the level of 0.9880. However, an alternative one suggests that the price may form one more descending structure to reach the target at 0.9500 (as the fifth wave of the correction), complete the correction, and then start moving upwards to reach the level of 0.9880.
The USD/JPY currency pair is still consolidating inside a narrow trading range; the market has formed diamond
reversal pattern to continue moving upwards. We think, today the price may break this range upwards and start a new wave with the target at 103.15. However, if the market break the pattern downwards, the price may start a new descending movement towards the level of 99.70 or even 99.40.
Australian Dollar is still forming the right part of the continuation pattern. We think, today the price may reach the level of 0.9750 and then start falling down with the first target at 0.9390. Later, in our opinion, the market may try to start an ascending correction and form a pivot point. If the market fails, then the price may continue falling down to reach the level of 0.88.
Gold continues forming the third wave with the target at 1440. We think, today the price may reach the above-mentioned target and start a correction to return to the level of 1400. Later, in our opinion, the instrument may form the fifth ascending structure towards the target at 1455.
RoboForex Analytical Department