Analysis for July 2nd, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar continues falling. Super Trends are still influenced by “bearish cross”. Earlier, the pair rebounded from the 4/8 level, which means that it may resume falling. The closest target is at the 0/8 level. After reaching it, the pair may start an ascending correction.
As we can see at the H1 chart, Super Trends have formed “bearish cross”. During the day, the pair may form a local correction and test the 2/8 level. If the pair rebounds from it, the market will continue falling towards the 0/8 level to break it.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is trying to resume moving downwards. Yesterday, Super Trends formed “bearish cross”. The price broke the 4/8 level and stayed below it, that’s why I opened a short-term sell order with the target at the 3/8 one during the local correction.
At the H1 chart, the pair is moving inside “oversold zone”; bears are supported by Super Trends. If later the price is able to break -2/8 level, the lines at the chart will be redrawn.
Before you enter foreign exchange and stock markets, you have to remember that trading currencies and other investment products is trading in nature and always involves a considerable risk. As a result of various financial fluctuations, you may not only significantly increase your capital, but also lose it completely. Therefore, our clients have to assure RoboForex that they understand all the possible consequences of such risks, they know all the specifics, rules and regulations governing the use of investment products, including corporate events, resulting in the change of underlying assets. Client understands that there are special risks and features that affect prices, exchange rates and investment products.
Recommended Content
Editors’ Picks
EUR/USD holds steady near 1.0650 amid risk reset
EUR/USD is holding onto its recovery mode near 1.0650 in European trading on Friday. A recovery in risk sentiment is helping the pair, as the safe-haven US Dollar pares gains. Earlier today, reports of an Israeli strike inside Iran spooked markets.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD is rebounding toward 1.2450 in early Europe on Friday, having tested 1.2400 after the UK Retail Sales volumes stagnated again in March, The pair recovers in tandem with risk sentiment, as traders take account of the likely Israel's missile strikes on Iran.
Gold: Middle East war fears spark fresh XAU/USD rally, will it sustain?
Gold price is trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Geopolitics once again take centre stage, as UK Retail Sales wither
Nearly a week to the day when Iran sent drones and missiles into Israel, Israel has retaliated and sent a missile into Iran. The initial reports caused a large uptick in the oil price.