Analysis for October 17th, 2012
The chart of the EUR/USD currency pair implies that the price completed one more ascending wave. Today we can expect a correction of this wave, the minimum target is at 1.2975, maximum – 1.2885. A series of descending impulses will help the market to define a future target. Later the pair may form another ascending wave.
The GBP/USD currency pair continues moving upwards. Today the price is expected to reach the level of 1.6145 and then start a corrective movement with the target at 1.6080. Later the pair may continue growing up towards 1.6188.
The USD/CHF currency pair completed one more descending wave. Today we can expect a correction of this wave with the target at 0.9325. Later the pair may fall down again towards the level of 0.9200 and start forming a reversal pattern.
The USD/JPY currency pair finished a corrective movement near the level of 78.60. Today the price is expected to grow up and reach the target at 79.25, return to the level of 78.60, and then to start forming another ascending wave with the target at 79.70.
Australian Dollar continues forming an ascending wave. Today the pair is expected to continue moving upwards and reach the level of 1.0350. Later the price may start a correction, return to the level of 1.0280, and then grow up and reach the target at 1.0420. This might be the end of the ascending wave and after that we can expect a descending one with the target at 1.0150.
Gold got very close to the upper border of the descending channel. Today the instrument is expected to complete this first impulse and start a correction towards the level of 1740. Later the price may continue growing up and break the level of 1750, reach the target at 1760, return to 1750, and then move upwards to 1770.
RoboForex Analytical Department