Analysis for August 22nd, 2014
EURUSD, “Euro vs US Dollar”
Euro started forming a new structure to return to level of 1.3315. After reaching it, the market may form another descending movement to reach new lows. Later, in our opinion, the pair may consolidate for a while, form a reversal pattern, and then continue moving inside the uptrend.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound is still consolidating near its lows. We think, today the price may expands this consolidation channel towards level of 1.6650. Later, in our opinion, the pair may form another descending structure towards level of 1.6460 and then start another ascending wave.
USDCHF, “US Dollar vs Swiss Franc”
Franc is forming a descending structure with the target at 0.9087. After reaching it, the price may complete this ascending wave by growing towards level of 0.9150. Later, in our opinion, the pair may consolidate for a while, form a reversal pattern, and then continue moving inside the downtrend.
USDJPY, “US Dollar vs Japanese Yen”
Yen formed double top on the fifth ascending wave. We think, today the price may fall to break this trading range downwards. The market is expected to form another descending wave with the target at 101.70.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar is still being corrected towards the previous descending wave. We think, today the price may form another descending wave to break minimums and reach the target at level of 0.9150.
USDRUB, “US Dollar vs Russian Ruble”
Ruble is forming a descending structure. We think, today the price may fall towards level of 35.77, form a consolidation channel, and then break it downwards. The target is at 35.20. Later, in our opinion, the pair may return to level of 35.75 and then continue falling.
XAUUSD, “Gold vs US Dollar”
Gold completed another descending structure. We think, today the price may return to level of 1290. Later, in our opinion, the instrument may start forming another descending structure towards level of 1260.
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 edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.