Analysis for July 10th, 2014
GBP USD, “Great Britain Pound vs US Dollar”
GBP USD, Time Frame H4. Tenkan-Sen and Kijun-Sen are close to each above Kumo (1). Ichimoku Cloud is going up (2), Chinkou Lagging Span is below the chart, and the price is near Kumo’s upper border. Short‑term forecast: we can expect attempts of the price to stay inside Kumo.
GBP USD, Time Frame H1. Tenkan-Sen and Kijun-Sen are influenced by “Golden Cross” (1), but right now are moving towards each other again; Tenkan-Sen and Senkou Span A are directed downwards. Ichimoku Cloud is going up, but very narrow (2), Chinkou Lagging Span is on the chart, and the price is near Kumo’s lower border. Short‑term forecast: we can expect support Senkou Span B, and decline of the price.
XAU USD, “Gold vs US Dollar”
XAU USD, Time Frame H4. Tenkan-Sen and Kijun-Sen are influenced by “Golden Cross” (1); all lines are directed upwards. Ichimoku Cloud is going up (2), Chinkou Lagging Span is above the chart, and the price couldn’t break D Tenkan-Sen. Short-term forecast: we can expect growth of the price inside W Kumo.
XAU USD, Time Frame H1. Tenkan-Sen and Kijun-Sen are influenced by “Golden Cross” (1); all lines are directed upwards. Ichimoku Cloud is going up (2), and Chinkou Lagging Span is above the chart. Short‑term forecast: we can expect support from Tenkan-Sen.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.