Analysis for July 5th, 2013
Euro reached the targets of its descending structure. We think, today the price may form a reversal pattern to continue the correction with the target at 1.3155. However, an alternative scenario implies that the pair may continue falling down and then form a pivot point.
Pound also reached the target of its descending movement. We think, today the price may start forming a reversal pattern for a new correction with the target at 1.5440.
Franc reached the target of its correction and right now is forming an extension. We think, today the price may form a reversal pattern to start a correction. the target of this descending movement is at the level of 0.9300.
The USD/JPY currency pair reached the target of this ascending correction. We think, today the price may form an extension towards the level of 101.30. Later, in our opinion, the pair may for a reversal pattern for a new descending movement. The first target is at the level of 97.80.
Australian Dollar reached the target of its ascending structure. We think, today the price may continue falling down to reach the next target at 0.8900. We can’t exclude a possibility that the market may form one more ascending structure towards the level of 0.9200 and then continue moving downwards to reach the above-mentioned target.
Gold is still moving inside a narrow trading range. The main scenario implies that the price may form another descending structure with the target at 1150. We can’t exclude a possibility that the market may try to reach a new maximum and only after that continue falling down towards the above mentioned target.
RoboForex Analytical Department