Analysis for January 8th, 2013
EUR/USD
Euro is still consolidating; market has reached minimum of correction towards previous ascending wave. Later, in our opinion, price may continue forming ascending structure towards level of 1.4100. Alternative scenario implies that pair may move downwards up to level of 1.3555 and then start forming new ascending structure.
GBP/USD
Pound is also consolidating. We think, today price may move upwards to reach level of 1.6477, return to level of 1.6400, and then continue growing up inside ascending trend. Alternative scenario implies that pair may fall down to reach 1.6300 and then form another ascending structure.
USD/CHF
Franc completed its correction. Later, in our opinion, instrument may form reversal pattern to continue moving downwards. Main target is at level of 0.8300.
USD/JPY
Yen is trying to start new ascending movement towards level of 108.50. However, current descending structure may yet continue, that’s why alternative scenario implies that price may move downwards to reach level of 103.00.
AUD/USD
Australian Dollar is still consolidating and may continue forming ascending structure towards level of 0.9075. Later, in our opinion, pair may continue falling. Main target is at level of 0.8400.
GOLD
Gold is also consolidating and expanding its triangle pattern. We think, today price may continue growing up towards level of 1277.
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Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
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Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.