Analysis for July 29th, 2013
Euro is still forming the third ascending structure with the target at 1.3330. We think, today the price may form the fifth part of this structure; right now the market is moving in the middle of it and forming a continuation pattern. After reaching the target, the pair may return to the level of 1.3165 to test it from above and then start forming the fifth structure to reach the target at 1.3560.
Pound continues moving inside the third ascending wave; right now the market is moving inside the fifth part of this wave. We think, today the price may reach the target at 1.5500 and then form a reversal structure for a new correction to return to the level of 1.5265.
Franc completed the third structure of this ascending wave. We think, today the price may consolidate for a while and start a correction to return to the level of 0.9400 (at least). This movement will help us to define the target for the fifth descending structure.
The USD/JPY currency pair continues moving downwards. We think, today the price may form a consolidation channel at the current levels and then fall down to reach the level of 95.00. Later, in our opinion, the pair may form a correction towards the level of 98.00 and then start another descending structure to reach the target at 94.50.
Australian Dollar is still moving inside a consolidation channel; the market is inside the third wave of its descending trend. The main scenario implies that the price may continue falling down. One of the alternative scenarios suggests that the pair may break this channel upwards and reach the target at 0.9560. However, this ascending movement may be considered as a pause, before continuing the descending trend. The next target is at 0.8900.
Gold continue moving upwards inside the third wave. We think, today the price may reach the target at 1355 and then form a reversal pattern for a new correction to return to the level of 1285. Later, in our opinion, the instrument may form another ascending structure to reach the target at 1385.
RoboForex Analytical Department