Analysis for July 22nd, 2013
Euro is trying to start forming a new ascending structure; the previous one has been already completed. We think, today the price may start a correction to return to the level of 1.2990 and then form a new ascending structure.
Pound is still forming an ascending structure. The market reached the target of this wave and is not expected to extend it without forming any consolidation patterns. We think, today the price may start a correction towards the level of 1.5040 and then form a new ascending structure to reach the target at 1.5550.
Franc is trying to continue its descending movement. We think, today the price may form a correction towards the level of 0.9590. The pair may fall down a little bit to reach the level of 0.9340 and then continue moving upwards.
The USD/JPY currency pair is starting to form a new descending structure towards the target at 97.40. We think, today the price may reach this target and then return to the level of 99.40. Later, in our opinion, the pair may start forming a new descending wave.
Australian Dollar is trying to start a new ascending movement. However, the main scenario implies that the market is expected to continue falling down. We think, today the price may reach the target at 0.9090. Later, in our opinion, the pair may form a slight correction and then start a new descending wave towards the target at 0.8900.
Gold continues moving upwards without forming the second correctional structure. We think, today the price may reach the main target of this wave at the level of 1320 and then start a new descending wave towards the level of 1150.
RoboForex Analytical Department