Analysis for July 18th, 2014
EUR USD, “Euro vs US Dollar”
Euro is still under pressure and moving downwards. We think, today price may reach level of 1.3510 and then start forming another ascending structure towards level of 1.3710.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is falling down a little bit. We think, today price may reach level of 1.7075 and then continue moving upwards inside ascending trend towards level of 1.7500.
USD CHF, “US Dollar vs Swiss Franc”
Franc is forming consolidation channel, which may be considered as reversal pattern. We think, today price may continue falling down towards next target at level of 0.8830.
USD JPY, “US Dollar vs Japanese Yen”
Yen continues moving inside its third descending wave towards level of 99.30. We think, today price may form another structure with target at level of 100.50.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still moving downwards; this movement may be considered as a part of descending wave towards level of 0.9320. Later, in our opinion, instrument may return to level of 0.9360 and then form another descending structure to reach level of 0.9270.
USD RUB, “US Dollar vs Russian Ruble”
Ruble continued extending its ascending structure and reached target of correctional wave. We think, today price may consolidate for a while at current highs; this consolidation may be considered as reversal pattern. Later, in our opinion, instrument may leave its ascending channel and form the fifth descending wave towards level of 33.20.
XAU USD, “Gold vs US Dollar”
Gold reached target of its correction. We think, today price may break ascending channel downwards and form head & shoulders reversal pattern. Target of this pattern is at level of 1255.
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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
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
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.