Analysis for February 16th, 2016
EUR USD, “Euro vs US Dollar”
At the H4 chart, Eurodollar is moving between Super Trends. If the price breaks the 3/8 level and stays below it, the current descending correction may become deeper. In this case, the target will be at the 2/8 level.
At the H1 chart, Super Trends have formed “bearish cross”. Right now, the price is trying to stay under the 3/8 level. If it succeeds, the market will continue falling much deeper towards the 0/8 level.
GBP JPY, “Great Britain Pound vs Japanese Yen”
The pair hasn’t been able to stay below the 4/8 level and right now is attempting to stay above the 5/8 one. Consequently, the pair may start an ascending correction. The closest target for bull is at the 6/8 level and the daily Super Trend.
At the H1 chart, Super Trends have formed “bullish cross”. Earlier, the pair rebounded from the -1/8 level. On Monday, the price may continue moving upwards to reach the 4/8 level.
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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
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Gold holds around $2,330 after dismal US data
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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.