Analysis for December 9th, 2013
Euro extended the fifth wave and reached its target. We think, today price may form consolidation channel and form reversal pattern to start new correction towards level of 1.3460. The first target is at 1.3590.
Pound formed the first descending wave and corrected it. We think, today price may form the third descending wave with target at 1.6250. Later, in our opinion, pair may consolidate for a while and then from continuation pattern to continue current correction.
Franc continue moving downwards with target at 0.8900; after reaching it, market is expected to consolidate in previous descending channel and form reversal pattern for new correction towards level of 0.9076. We think, today price may reach above-mentioned target, start new ascending movement with the first target at 0.8990, and then fall down to reach 0.8950.
At daily chart, Yen formed the first descending impulse, which is strong enough to start new descending trend. We think, during this week, price correct this impulse, break its minimum, and then continue falling down. Alternative scenario implies that market may try to reach new maximum and then form new descending impulse.
Australian Dollar continue moving inside consolidation near its minimums; market managed to form two ascending impulses so far. We think, today price may fall down towards 0.9060, form another ascending impulse to reach 0.9137, and then move downwards to return to 0.9060. After market forms such trading range, we will assess this structure for future possible ascending wave with target at 0.9400. However, if price doesn’t form reversal pattern, pair may reach new minimum.
Gold continues moving downwards. We think, today price may fall down towards 1201 and then return to level of 1226 to test it from below. Later, in our opinion, instrument may complete this descending wave by moving downwards and reaching the level of 1195.
RoboForex Analytical Department