Analysis for August 1st, 2013
Euro completed its ascending movement. We think, today the price may form a correction towards the level of 1.3160 (at least) and the continue moving upwards.
Pound is still being corrected. We think, today the price may fall down towards the level of 1.5040 and then form a reversal pattern to continue moving upwards.
Franc reach a new minimum inside its consolidation channel. We think, today the price may start an ascending correction to return to the level of 0.9400 and then start moving downwards to reach the target at 0.9050.
The USD/JPY currency pair is still moving inside a consolidation channel near its minimum. We think, today the price may form a correction towards the level of 99.40 and then start another descending structure to reach the target at 95.00.
Australian Dollar continues moving downwards; the market formed another continuation pattern near the level of 0.9025. The next target is at 0.8760.
Gold is still moving inside a consolidation channel; this movement may be considered as a correction towards the previous ascending wave. We think, today the price may form an ascending structure towards the level of 1335 and then fall down to reach the level of 1300. Later, in our opinion, the instrument may stop this correction and move upwards to reach the target at 1355.
RoboForex Analytical Department