Analysis for August 5th, 2015
EUR USD, “Euro vs US Dollar”
Being under pressure, Eurodollar is falling today; the pair hasn’t completed the current wave yet. We think, the price may form a consolidation channel and a continuation pattern. The structure of this pattern may be quite long and reach 1.0918 to test it from below. After that, the pair may start falling again to break 1.0860, test if from below, and then continue falling inside the downtrend to reach 1.0600.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has broken 1.5560 downwards. We think, today, the price may form a descending structure to reach 1.5442. In case the pair attempts to reach 1.5560, it may rebound and continue forming this descending wave.
USD CHF, “US Dollar vs Swiss Franc”
Franc has reached the target of another ascending structure. We think, today, the price may consolidate for a while and then continue forming this wave towards the next target at 0.9944.
USD JPY, “US Dollar vs Japanese Yen”
Yen is moving upwards. We think, today, the price may reach the local target at 124.65. After that the pair may a correction as the fourth wave to reach 122.94.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has finished the third ascending wave and right now is forming the fourth one. The market has reached the minimum target of this correction. Possibly, the price may reach a new high at 0.7320. After that, the pair may start the fifth wave towards 0.7450.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is still moving upwards. Possibly, today the price may form a descending wave towards 61.00. The market is expected to form a consolidation channel and a reversal pattern. The mains scenario remains the same - a new descending wave with the target at 52.50.
XAU USD, “Gold vs US Dollar”
Gold is moving in the center of its consolidation channel without any particular direction. We think, today, the price may continue consolidating.
Before you enter foreign exchange and stock markets, you have to remember that trading currencies and other investment products is trading in nature and always involves a considerable risk. As a result of various financial fluctuations, you may not only significantly increase your capital, but also lose it completely. Therefore, our clients have to assure RoboForex that they understand all the possible consequences of such risks, they know all the specifics, rules and regulations governing the use of investment products, including corporate events, resulting in the change of underlying assets. Client understands that there are special risks and features that affect prices, exchange rates and investment products.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.