Analysis for April 2nd, 2014
EUR USD, “Euro vs US Dollar”
Euro is still forming ascending wave with target at level of 1.3820. Later, in our opinion, instrument may fall down to return to level of 1.3765 and then start new ascending wave towards level of 1.3990.
GBP USD, “Great Britain Pound vs US Dollar”
Pound continues forming descending structure, which may be considered as the fifth wave wit target at level of 1.6430. We think, today price may form the first descending structure of this wave with local target at level of 1.6560.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still forming descending structure. We think, today price may continue moving towards level of 0.8760 and then return to level of 0.8830.
USD JPY, “US Dollar vs Japanese Yen”
Yen continues forming ascending structure; which may be considered as the fifth wave of current correction with target at 103.90 or even 104.20. Later, in our opinion, instrument may consolidate for a while, form reversal pattern, and continue falling down to reach level of 100.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still forming descending impulse. We think, today price may complete this descending structure at level of 0.9200 and then return to level of 0.9250. Later, in our opinion, instrument may continue forming the first descending wave with main at level of 0.8400.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is consolidating near level of 35.34. We think, today price may return to level of 35.34 to test it from below and then continue falling down towards level of 33.81.
XAU USD, “Gold vs US Dollar”
Gold continues forming consolidation channel near its minimums; market formed upside down double top pattern. We think, today price may leave this consolidation channel upwards and start forming the fifth ascending wave with target at level of 1435.
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Editors’ Picks
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.