Analysis for August 5th, 2013
EUR/USD
It looks like Euro is going to start a new ascending structure towards the next target at 1.3570, but the price hasn’t completed the previous correction yet. That’s why the pair may form one more descending structure to reach the level of 1.3160 (at least) and only after that start forming a new ascending wave.
GBP/USD
In case of Pound, the situation is quite similar – the price is going to start a new ascending movement, but hasn’t completed the previous descending correction yet. We can’t exclude a possibility that the pair may form one more descending structure to reach the level of 1.5040 and then start a new ascending wave towards the target at 1.5800.
USD/CHF
Franc is still moving inside a consolidation channel below the level of 0.9400. We think, today the price may try to grow up to reach the above-mentioned level. Later, in our opinion, the pair may form another descending structure towards the target at 0.9050.
USD/JPY
The USD/JPY currency pair continues forming a descending structure. We think, today the price may move downwards to reach the target at 97.00. Later, in our opinion, the pair may consolidate for a while and then continue falling down towards the target at 95.00.
AUD/USD
Australian Dollar is still forming the third descending wave; the market is moving below the level of 0.900. The next target is at 0.8700. We think, today the price may return to the level of 0.900 and then continue falling down towards the above-mentioned target.
GOLD
In case of Gold, the scenario is similar to Euro and Pound. The instrument hasn’t completed the previous correction yet, but may start a new ascending structure towards the target at 1370 quite soon. We can’t exclude a possibility that the price may form one more descending structure to reach the level of 1280 and only after that start moving upwards towards the above-mentioned target. Later, in our opinion, the price may continue falling down.
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 clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.