Analysis for October 2nd, 2015
EUR USD, “Euro vs US Dollar”
At the H4 chart, Eurodollar is still moving in the middle. If later the market is able to break the 4/8 and 3/8 levels and stay below them, the price may resume moving downwards.
At the H1 chart, the pair is moving close to the 2/8 level. Earlier, Super Trends formed “bearish cross”. If the price breaks the 1/8 level, the market will continue falling towards the -2/8 one.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is trying to break the 4/8 level. The pair is supported by Super Trends, which earlier formed “bearish cross”. The closest target is at the 2/8 level.
At the H1 chart, the pair is about to enter “oversold zone”. After the price breaks the 0/8 level, the next target will be at the -2/8 one. If this level is broken as well, the lines at the chart will be redrawn.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.