Analysis for October 9th, 2012
The EUR/USD currency pair broke an ascending channel and started forming the first descending wave. Today the price is expected to continue a corrective movement towards 1.0317 and then to fall down to 1.2800. If the market breaks the latter level, the price may reach the target at 1.2700.
The GBP/USD currency pair reached the target level. Like we said earlier, there is a possibility that the price may continue forming this wave up to 1.6000. Later the pair is expected to start a corrective movement towards 1.6160 and then to move downwards to breach 1.6000.
We may assume that Franc completed a correction of the first ascending impulse. The price is expected to break the level of 0.9360, reach the target at 0.9400, then test the level of 0.9360 from above and continue growing up towards 0.9450. Later, after a slight consolidation, the pair may break the top and continue moving upwards.
The USD/JPY currency pair continues moving downwards. Today the price is expected to return to 78.45 and continue falling down to break the lower border of the first descending wave at 78. Later the pair may move back to test 78.30 from below and then continue moving downwards. A predicted target is at 77.70. After the price breaks the level of 78, we will specify the target.
Australian Dollar continues forming a continuation pattern, the price finished the right part of this structure. If the pair breaks the lower border of the structure, the price will continue falling down and reach the target at 0.9800.
Gold completed a correction of the first descending wave. After the price breaks the top, we can expect the instrument to move towards 1745 or even lower. Right now the market is looking for a resistance level, and later, after breaching the neckline, it may reach 1750. Then it is expected to return to test a broken “neckline” from below and continue moving towards the main target.RoboForex Analytical Department