Gold formed a reversal pattern and continues moving downwards

November 5, 2013

EUR/USD

Euro finished a descending structure. We think, today the price may form a reversal structure for a new ascending movement to reach a new maximum. Later, in our opinion, the pair may fall down again and renew the current minimums. Only after forming such zigzag, the price is expected to continue an ascending wave towards the target at 1.4100.

GBP/USD

Pound is still consolidating. We think, today the price may return to the level of 1.6150 and then fall down towards the level of 1.6075. Later, in our opinion, the pair may start another ascending wave to reach the level of 1.6335.

USD/CHF

Franc has almost completed the correction. We think, today the price may form a reversal pattern for a new descending movement to reach new minimums. Later, in our opinion, the pair may grow up to renew the current maximum. Only after that, the price is expected to start another descending wave.

USD/JPY

The USD/JPY currency pair formed a reversal pattern and continues falling down towards its first target at 97.80. Later, in our opinion, the pair may return to the level of 98.20 and then continue falling dow towards the target at 96.25.

AUD/USD

Australian Dollar is still consolidating near the minimum of the first descending wave. We think, today the price may return to the level of 0.9620 and then start another descending wave. If the pair leaves this consolidation channel downwards, it will continue falling down towards the level of 0.9205. the short-term tendency is a descending one.

GOLD

Gold formed a reversal pattern and continues moving downwards. We think, today the price may return to the level of 1337 and then start falling down to reach the target of the first wave at 1314. Later, in our opinion, the instrument may form a correctional structure.

RoboForex Analytical Department

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