Analysis for August 12th, 2013
Euro started a correction towards the level of 1.3200; the market has already broke the previous ascending channel. We think, today the price may continue moving downwards and reach the above‑mentioned target. Later, in our opinion, the pair may start a new ascending movement towards the level of 1.3600.
Pound started a correction towards the level of 1.5400. After reaching it, the price may move upwards towards the level of 1.5600, start a new correction to reach the target at 1.5385, and then form a new ascending wave towards the level of 1.5700.
Franc continues forming a correction to return to the level of 0.9365. We think, today the price may reach this level to test it from below and then continue falling down towards the level of 0.9050 or even 0.9000.
After making a descending movement, the USD/JPY currency pair is consolidating. We think, today the price may complete this consolidation, continue falling down to break the level of 95.00, and then reach the level of 93.00. Later, in our opinion, the pair may return to the level of 96.40 to test it from below and then start forming the fifth descending wave towards the next target at 85.00.
Australian Dollar is moving inside an ascending channel. It looks like the market is finishing this ascending movement, but we can’t exclude a possibility that it may be extended up to the level of 0.9290. Later, in our opinion, the price may continue falling down towards the target at 0.8000, form a new correction to reach the level of 0.9060, and then move downwards again towards the target at 0.7800.
Gold is starting to form the fifth ascending structure. We think, today the price may complete this correction by reaching the target at 1360. Later, in our opinion, the instrument may form a reversal structure to continue moving downwards. The main target is considered to be at the level of 1000.
RoboForex Analytical Department