Analysis for July 17th, 2013
Euro is still forming the fifth ascending structure. We think, today the price may form a consolidation channel near the current levels and then continue growing up towards the target at 1.3250.
Pound continues forming the fifth ascending structure inside this wave. We think, today the price may form a consolidation channel, leave it upwards, and reach the target at 1.5265. Later, in our opinion, the pair may start a correction to return to the level of 1.5040.
Franc is still forming the fifth structure inside this descending wave. We think, today the price may reach the level of 0.9340 and then start a correction towards the level of 0.9590. Later, in our opinion, the pair may continue falling down.
The USD/JPY currency pair is still moving inside the fifth descending structure; the target is at 97.15. Later, in our opinion, the price may form a correction towards the level of 99.50 and then continue moving downwards.
Australian Dollar is trying to slow down its fast descending movement. Although yesterday the market formed an ascending structure, this movement may be considered just as a consolidation. We think, today the price may form triangle pattern, leave it downwards, and then continue falling down. The first target is at 0.8800.
Gold is still moving near its local target. We think, today the price may grow up to reach the target at 1298 and then fall down towards the lower border of the trading range. Later, in our opinion, the instrument may reach a new maximum, form a divergent trading range, and reach the level of 1250. After that, the price is expected to form another ascending structure towards the level of 1320 and then start a new descending movement.
RoboForex Analytical Department