Analysis for June 13th, 2013
Euro reached the upper border of divergent triangle
pattern. We think, today the price may stop growing up, form a reversal structure, and start a new descending movement with the target at 1.2630. After the price forms descending impulses, we expect it to form a pivot point.
Pound continues forming an ascending wave with the target at 1.5790. We think, today the price may reach the target and then start forming a reversal pattern for a new descending movement with the target at 1.5320.
Franc reached the target of its descending wave, which may now be considered as a completed five-wave structure. We think, today the price may form a pivot point and a reversal pattern. The target of the next ascending movement is at 0.9880.
The USD/JPY currency pair completed the five-wave structure of the first descending wave. We think, today the price may form a reversal pattern and pivot point near the current minimums, and then start a correction of this descending wave. The target of the correction is at 99.15.
Australian Dollar completed its correction and right now is forming another descending structure. We think, today the price may continue falling down inside the third descending wave to reach the level of 0.9215. The main target is at 0.8800. We advise to use any correctional structures only for increasing positions.
Gold continues forming an ascending structure. We think, today the price may consolidate near the level of 1388, leave this consolidation channel upwards, and reach the target at 1403. Later, in our opinion, the instrument may fall down towards the level of 1390 and then start forming a new ascending structure to reach the target at 1420.
RoboForex Analytical Department