Analysis for August 26th, 2013
Euro continues moving upwards; right now, the market is forming a continuation pattern towards the level of 1.3480. After reaching this level, the pair may form a descending correction towards the target at 1.3200 and then start a new ascending wave towards the level of 1.3600.
Pound is being corrected. We think, today the price may break the level of 1.5545 and form a consolidation pattern to continue moving downwards. The main target of the correction is at the level of 1.5390. Later, in our opinion, the pair may reverse and start the fifth ascending wave with the target at 1.5890.
Franc continues moving downwards; right now, the market is forming a consolidation pattern to continue falling down towards the target at 0.9110. After reaching this target, the price may form a correction towards the level of 0.9400 and then start another descending wave to break the minimums.
The USD/JPY currency pair started forming a descending impulse; the market has already formed two structures of this impulse. We think, today the price may reach the target at 98.20 and then form a correction towards the level of 98.70. Later, in our opinion, the pair may fall down inside the fifth structure with the target at 94.20.
Australian Dollar is still moving below the level of 0.9070. According to the main scenario, the target of this descending movement is at 0.8800. An alternative scenario implies that the pair may try to form a correction towards the level of 0.9170 and then start falling down again towards the above-mentioned target.
Gold is trying to extend the fifth ascending wave; the maximum is at the level of 1425. The main scenario implies that the price may form a large, descending five-wave structure with the target at 1280. After completing this correction, the market will define its next targets.
RoboForex Analytical Department