Analysis for August 7th, 2013
Euro is still moving inside a consolidation channel. We think, today the price may leave this channel upwards. However, the main scenario implies that the pair may start a descending correction towards the level of 1.3160 and then form a new ascending structure to reach the target at 1.3450.
Pound continues forming an ascending structure; the market is moving inside a trading range 70 pips wide. According to the main scenario, the price may leave this range downwards and reach the level of 1.5040. An alternative scenario implies that the pair may leave it upwards to reach the target at 1.5600.
Franc left its trading range downwards and continues falling down; the main target is at 0.9050. We can’t exclude a possibility that the price may move upwards to reach the level of 0.9400 and then continue falling down.
The USD/JPY currency pair continues moving according to its main scenario; the market has already broken the minimum of the first structure inside the third descending wave. We think, today the price may continue falling down towards the level of 95.00. The pair may extend this structure and break the lower border of triangle
pattern from the daily chart.
Australian Dollar returned to the level of 0.9000 to test it once again. We think, today the price may continue moving downwards towards the next target at the level of 0.8700.
Gold completed a correctional structure. We think, today the price may form a reversal pattern to return to the level of 1300. Later, in our opinion, the instrument may consolidate for a while and continue moving upwards to react the target at 1370.
RoboForex Analytical Department