Weekly Analysis, August 5th – 9th, 2013
At the daily chart, Euro is trying to form a new ascending structure. However, the pair is still being corrected; the target of this correction is at 1.3160 (at least). Only after reaching this target, the price may start forming a new ascending structure to reach the level of 1.3570. We can’t exclude a possibility that during this ascending movement, the market may form triangle
pattern and then leave it upwards.
At the daily chart, Pound is still being corrected, but may start forming a new ascending structure quite soon. However, the market may make a fast descending movement to reach the level of 1.5040 at any time. Only after reaching this level, the price may start forming a new ascending structure towards the level of 1.5800.
It looks like Franc is going to make a new ascending movement to reach the target at 0.9400. Later, in our opinion, the pair may start another descending wave towards the level of 0.9050.
At the daily chart, the USD/JPY currency pair is still moving downwards. We think, during this week, the price may continue falling down to test the lower border of triangle
pattern. Later, in our opinion, the pair may form a slight correction and then continue moving downwards. The closest target is at 95.
At the weekly chart, Australian Dollar is forming the third wave inside this descending trend with the target at 0.7800. Right now, the market is moving in the middle of a continuation pattern and is already trying to break minimums. We think, during this week, the price may reach the target at 0.8700, return to the level of 0.9190 to test it from below once again, and then continue falling down.
At the daily chart, Gold is forming a correction towards the level of 1280. Later, in our opinion, the price may for one more ascending structure to reach the target at 1370 and then continue moving downwards. The target is at the level of 1000.
RoboForex Analytical Department