Analysis for April 21st, 2014
EUR USD, “Euro vs US Dollar”
After breaking correctional channel, Euro is still consolidating and may continue falling down towards level of 1.3750. Alternative scenario implies that pair may try to start moving upwards to reach new maximum.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is still moving upwards and forming ascending structure with target at level of 1.6905. Later, in our opinion, instrument may start falling down towards level of 1.6690.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still forming ascending structure with target at level of 0.8864. We think, today price may reach this level, and then start falling down again. Main target of this wave is at 0.8630. Alternative scenario implies that pair may move upwards to reach new maximum and then start new descending movement.
USD JPY, “US Dollar vs Japanese Yen”
Yen is moving inside ascending structure with target at level of 103.00. Later, in our opinion, instrument may break continue falling down toward level of 100.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian is extending its descending structure downwards. We think, today price may return to level of 0.9370 and then start new descending movement towards next target at level of 0.9286.
USD RUB, “US Dollar vs Russian Ruble”
Ruble continues moving upwards. We think, today price may reach target at level of 35.81 and then form another descending structure towards level of 34.78. Later, in our opinion, instrument may continue growing up to reach level of 36.00.
XAU USD, “Gold vs US Dollar”
Gold stopped near lower border of its consolidation channel and today isn’t traded due to the Easter. After market opening, we think price may continue forming ascending structure towards target at level of 1357.
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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.
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Week ahead – US GDP and BoJ decision on top of next week’s agenda
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