Analysis for October 4th, 2012
The EUR/USD currency pair is consolidating inside a narrow trading range, the technical picture indicates that the price may continue growing up. The pair may grow up, predicted targets are at 1.3000 and then at 1.3050. The structure of the current movement may be considered as the third wave of a descending trend. The price is expected to breach the consolidation downwards and move towards a local target at 1.2715.
The GBP/USD currency pair has broken a consolidation channel downwards. It looks like today the market is going to test the level of 1.6130 from below. According to the technical picture, it is the third descending wave and it can be seen quite clear. Later, we can expect this wave to continue falling down towards a local target at 1.5990.
Yesterday the USD/JPY currency pair made an attempt to continue moving upwards. The technical picture implies that the price is going to reach the level of 78.80 and this movement looks a test of “triangle’s” upper border. Later we can expect a correction towards the pattern’s lower border. The target is at 77.70.
The USD/CHF currency pair continues consolidating inside a narrow trading range, the technical picture indicates that the price may continue moving upwards. Today the pair is expected to break 0.9400 from below and then move towards 0.9490.
Australian Dollar stopped moving downwards, we can see the first reversal impulse. The impulse is expected to continue up to 1.0266. Later the price may consolidate inside a narrow range and grow up towards 1.0350, and then one more correction. This movement will look like a flagpole. Thus, the market is expected to form “flag” technical pattern.
Gold is moving inside a narrow 10 dollar range. Today the instrument is expected to grow up to 1780 and then go back to 1770. Later the price may break the lower border of this trading range and reach the target at 1745.
RoboForex Analytical Department