Analysis for July 31st, 2014
EURUSD, “Euro vs US Dollar”
Euro has started its ascending movement under the influence of recent news. Basic scenario is that price may start moving towards level of 1.3590 with the first target at level of 1.3400. Alternative scenario is that price may reach new minimums and only after reaching new minimums start ascending movement.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound has started its ascending movement under the influence of recent news. Basic scenario is that price may reach its previous level of 1.7040. Alternative scenario, in our opinion, is that price may reach new minimums and only after reaching new minimums start ascending movement.
USDCHF, “US Dollar vs Swiss Franc”
Franc has started its descending movement under the influence of recent news. Basic scenario is that price may reach level of 0.8960. Alternative scenario is that price may reach new maximums and only after reaching new maximums start descending movement.
USDJPY, “US Dollar vs Japanese Yen”
Yen has reached local and strategic targets due to the ascending wave extension. Wave has three element structure and is considered by us as correction. Basic scenario, in our opinion, is that price may form new descending wave towards level of 101.70, break this level, and continue its descending movement towards level of 100.50.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar has extended descending channel and reached the target of correction descending movement. Today, price may form ascending wave towards level of 0.9510. As an alternative scenario, price may reach new minimums and only after reaching new minimums start ascending movement.
USDRUB, “US Dollar vs Russian Ruble”
Ruble is forming descending wave towards level of 34.80. Descending movement may signal new correction. Then, we expect one more ascending structure towards level of 36.00 that may complete ascending wave. In our opinion, the next structure is the descending structure with price moving towards level of 33.20.
XAUUSD, “Gold vs US Dollar”
Gold continues its descending movement. We expect consolidation with breakout to the downside. The target is level of 1275.
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 retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades slightly near 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD struggles to hold above 1.2500 ahead of Thursday's BoE event
GBP/USD stays on the back foot and trades in negative territory below 1.2500 after losing nearly 0.5% on Tuesday. The renewed US Dollar strength on hawkish Fed comments weighs on the pair as market focus shifts to the BoE's policy announcements on Thursday.
Gold fluctuates in narrow range below $2,320
After retreating to the $2,310 area early Wednesday, Gold regained its traction and rose toward $2,320. Hawkish tone of Fed policymakers help the US Treasury bond yields edge higher and make it difficult for XAU/USD to gather bullish momentum.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.