Analysis for May 7th, 2015
EURUSD, “Euro vs US Dollar”
Yesterday, Eurodollar broke its local high and right now is testing the 5/8 level. If the price breaks this level, it may continue growing. I’m holding four buy orders with the stop loss below the 4/8 level.
The lines at the H4 and H1 charts are completely the same. Earlier, Super Trends formed “bullish cross”. The short-term target is at the 7/8 level: if the market rebounds from it fast, the pair may start a more serious correction.
AUDUSD, “Australian Dollar vs US Dollar”
Super Trends are influenced by “bullish cross”. Australian Dollar has rebounded fast from the 5/8 level, which means that it may break last week’s high very soon. The target for the next several days is at the 8/8 level.
At the H1 chart, the price is moving at the top. Probably, in the nearest future the pair may break the 8/8 level and continue growing inside “overbought zone”. I’m planning to move the stop loss on my current order to breakeven as soon as the pair starts moving upwards.
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 stabilizes near 1.0800 as trading action turns subdued
EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.
GBP/USD extends sideways grind above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.