Analysis for August 4th, 2015
EURUSD, “Euro vs US Dollar”
After rebounding from the 3/8 level several times, Eurodollar is trying to stay below Super Trends, which may form “bearish cross” quite soon. It looks like the pair will reach a new local low in the nearest future.
At the H1 chart, the price is moving below the 3/8 level, which means that it may continue falling. Earlier, Super Trends formed “bearish cross”. The closest target is at the 0/8 level, which may later become the starting point of a new correction.
GBPJPY, “Great Britain Pound vs Japanese Yen”
The pair is still moving in the middle of the chart. If the price breaks the 4/8 level and then the 5/8 one, and stays above it, the market may resume growing. I’m planning to move stop losses under the local low as soon as the pair breaks the maximum.
As we can see at the H1 chart, the pair may break the 8/8 level soon and continue growing inside “overbought zone”. After the price breaks the +2/8 level, the lines at the chart will be redrawn.
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Editors’ Picks
EUR/USD comes under pressure near 1.0630
Further gains in the Greenback encourage sellers to maintain their control over the risk complex, forcing EUR/USD to retreat further and revisit the 1.0630 region as the US session draws to a close.
GBP/USD stays firm amid BoE, Fed commentary and US data
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold is closely monitoring geopolitics
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.