Analysis for October 10th, 2013
Euro completed the first descending correctional wave. We think, today the price may start a new ascending structure (a five-wave one), to test the level of 1.3565 and form flag
pattern. If the market breaks the pattern downwards, the pair may continue forming a descending correction; if upwards – continue moving upwards.
Pound completed the first correctional wave. We think, today the price may move upwards to return to the level of 1.6127 and form a reversal pattern to break the descending channel.
Franc completed the first ascending wave. We think, today the price may start forming a five wave descending structure towards the level of 0.9030.
The USD/JPY currency pair completed a five-wave structure of the first ascending wave. We think, today the price may start falling down and form another five –wave structure, a descending one, to return to the level of 97.11.
Australian Dollar is forming a descending correction towards the level of 0.9375. After reaching this level, the pair may start forming an ascending structure to reach the local target at 0.9565.
Gold continues falling down. We think, today the price may reach the target at 1287 and then test the level of 1307 from below. Later, in our opinion, the instrument may continue falling down towards the target at 1252.
RoboForex Analytical Department