Analysis for October 21st, 2014
EUR USD, “Euro vs US Dollar”
Eurodollar is still being corrected. Possibly, the market may try to test the weekly Super Trend again, and if it rebounds, the pair may resume falling. In this case, in the future the price may break the 0/8 level and then continue falling towards the -2/8 one.
At the H1 chart, flat continues. Earlier the price rebounded from the 3/8 level, but it is still moving above Super Trends. I’ve got only one sell order so far, but I’m planning to increase my short position after the pair breaks the 1/8 level.
XAG USD, “Silver vs US Dollar”
Silver is still consolidating between Super Trends; the instrument has already rebounded from the 5/8 level three times. If later the market is able to break the 3/8 level and stay below it, I’m planning to increase my position actively with the target at the 0/8 level.
As we can see at the H1 chart, Silver is moving in the middle. The price is very likely to test the daily Super Trend once again. If it rebounds, it will be quite a strong signal for the market to resume the main downtrend.
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 trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
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.