Analysis for December 5th, 2013
Euro is still forming consolidation structure. We think, today price may fall down towards level of 1.3460. Alternative scenario implies that pair may break level of 1.3620 upwards and extend the fifth wave by moving upwards to reach 1.3700. Later, in our opinion, price may start new correction to return to level of 1.3620 to test it from above and then continue growing up.
Pound is forming its first correctional descending wave. We think, today price may fall down to reach 1.6320, return to 1.6380, and then start new descending structure to break 1.6300 and reach 1.6200.
Franc continues moving downwards; market has already reached level of 0.9010. We think, today price may form the third descending wave towards target at 0.8900, break it, and continue falling down.
Yen is still forming the third wave of its descending structure. We think, today price may reach level of 101.80 and form continuation pattern near it. Target is at level of 100.80.
Australian Dollar broke level of 0.9050 and right now is consolidating below it. We think, today price may continue falling down and reach 0.8945. Target of this whole descending movement is at 0.8460.
Gold formed three wave ascending structure. We think, today price may move downwards to reach 1201. Return to 1226, and then fall down again to reach 1195.
RoboForex Analytical Department