Analysis for October 30th, 2012
The EUR/USD currency pair continues moving inside the descending channel. Today the price is expected to complete this wave near the level of 1.2870. Later the pair may start moving upwards and test the level of 1.2945. The formation of this impulse may help the market to define a future direction.
The GBP/USD currency pair is moving inside another descending channel, yesterday the marker reached a local target of the first wave. Today the price is expected to grow up a bit towards the level of 1.6050 and then continue moving downwards towards the target at 1.6000. Later the pair may consolidate for a while inside a narrow trading range and continue falling down.
The USD/CHF currency pair continues moving inside the ascending channel. Today the price is expected to complete this wave at the level of 0.9394. Later the pair may start a correction towards the level of 0.9350 at least. The form of this correction will help the market to define its future direction.
The USD/JPY currency pair returned to the level of 80 and right now it continues moving downwards. The market is going to start a correction towards the previous ascending wave, a local target of this correction is at the level of 78.90. Later the price is expected to test the level of 79.50 from below and continue moving downwards with the target at 78.60. This may be the end of the correction and the start of one more ascending wave with the target at 80.50.
Australian Dollar continues moving near “triangle’s” upper border. The pair may continue falling down and reach the target at 1.0267. However, if the price leaves the pattern higher than 1.0400, the next target for the market will be at the level of 1.0450. Later the pair may start forming a pivot point for another descending wave.
Gold continues moving inside a narrow trading range between the levels of 1720 and 1705. Today the price is expected to test the level of 1720 from below. Thus, the instrument may complete a correction and continue falling down towards the target at 1670.
RoboForex Analytical Department