Analysis for May 18th, 2015
EURUSD, “Euro vs US Dollar”
Eurodollar is being corrected below the 6/8 level and supported by the H4 Super Trend. If the price rebounds from it, the pair may resume growing. The closest target is at the 8/8 level.
As we can see at the H1 chart, the pair is moving in the middle. If later the market is able to stay above the 5/8 level, it may start a new ascending movement. I’m planning to move the stop loss to breakeven when the price breaks the maximum.
EURGBP, “Euro vs Great Britain Pound”
The pair is being corrected between Super Trends, which are still influenced by “bearish cross”. If the market is able to stay below the 3/8 level, the price will resume falling.
The lines at the H4 and H1 charts are completely the same. If the price is able to stay below Super Trends, it may be a signal for a new descending movement. As soon as it happens, I’m planning to increase my short position with the target at the -2/8 level.
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Editors’ Picks
EUR/USD comes under pressure near 1.0630
Further gains in the Greenback encourage sellers to maintain their control over the risk complex, forcing EUR/USD to retreat further and revisit the 1.0630 region as the US session draws to a close.
GBP/USD retreats toward 1.2450 on modest USD rebound
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.