Analysis for November 14th, 2013
Euro continues forming ascending structure; market is moving inside the third wave. We think, today price may fall down to test 1.3443 from above and then continue growing up to reach 1.3565. Later, in our opinion, pair may correct this third wave.
Pound is still moving upwards; market formed continuation structure near 1.5975 and may reach local target at 1.6070. Later, in our opinion, price may form descending correction to return to 1.5975 to test it from above and then start the fifth wave to reach 1.6095. This structure is considered to be trend wave. After correction, pair is expected to continue moving upwards.
Franc continues forming the third descending wave; right now market is in its middle and forming continuation pattern to continue moving downwards. Local target of this wave is at 0.9070. Later, in our opinion, pair may grow up to return to 0.9155 and then form another descending structure to reach 0.9060.
Yen is forming another ascending structure to reach new top. We think, today price may complete this structure and start new descending movement. The first target is at 99.00. Later, in our opinion, pair may form new correction towards 99.50 and then start falling down to reach 96.00.
Australian Dollar completed three-wave correctional structure. We think, today price may continue falling down to reach 0.9210 and then start new correction to test 0.9480 from below.
GOLDGold broke descending channel. We think, today price may continue growing up to reach local target at 1300 and then return to broken descending channel. Later, in our opinion, instrument may complete the first ascending wave by moving upwards again and reaching 1305.
RoboForex Analytical Department