Analysis for August 22nd, 2013
Euro fell down and reached its target at 1.3343. The main scenario implies that the pair may return to the level of 1.3393 and even reach a new maximum. After reaching the level of 1.3475, the price may start a deeper correction towards the target at 1.3200. An alternative scenario suggests that the market may start forming a descending correction at once.
Pound competed the third wave. The market is moving downwards and this movement may result in a deeper correction. We think, today the price may return to the level of 1.5675 and then continue falling down towards the target at 1.5360.
Franc returned to the level of 0.9250. We think, today the price may form another descending structure to reach the target at 0.9110 and then start a new correction towards the level of 0.9400.
The USD/JPY currency pair completed its correction and reached the target at 98.00. We think, today the price may start forming a new descending structure to reach the target at 94.00.
Australian Dollar is still forming a descending wave; the market formed continuation pattern and broke it downwards. We think, today the price may continue moving towards the target at 0.8800.
Gold completed the first descending impulse and corrected it. We think, today the price may start forming a new descending structure towards the target at 1275.
RoboForex Analytical Department