Analysis for February 1st, 2016
EUR USD, “Euro vs US Dollar”
The pair is moving below Super Trends, which may form “bearish cross” quite soon. In the nearest future, Eurodollar may continue moving downwards with the target at the 0/8 level. If later the price breaks this level, the market may continue falling much lower.
At the H1 chart, Eurodollar has rebounded from the 7/8 level and started moving downwards. If the market is able to stay under the 3/8 level during the day, the price will continue falling towards the 0/8 one.
GBP JPY, “Great Britain Pound vs Japanese Yen”
The pair is still moving upwards. Last Friday, Super Trends formed “bullish cross” and the price was able to stay below the 3/8 level. In the future, the market may test the 4/8 level. If it breaks this level, the market will continue growing.
At the H1 chart, the pair is moving at the top and supported by Super Trends along with the 6/8 level. On Monday, the price may reach the 8/8 level.
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
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.