Analysis for September 23rd, 2014
EUR USD, “Euro vs US Dollar”
Euro is forming an ascending structure towards level of 1.2877. Later, in our opinion, the market may fall to reach level of 1.2845. After such pattern, we’ll estimate if the price has a potential to continue an ascending correction towards level of 1.3388. The first target is at level of 1.2993. If this ascending movement isn’t strong enough, an alternative scenario suggests that the market may reach a new low.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is forming the fifth wave of an ascending structure. We think, today the price may reach level of 1.6400 and then fall towards level of 1.6343. Later, in our opinion, the market may grow to break level of 1.6400 and form a consolidation structure in the form of a continuation pattern with the target at level of 1.6550.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still forming a consolidation structure near the top of its ascending wave. We think, today the price may fall towards level of 0.9340 and then complete this ascending wave by forming another ascending structure and reaching level of 0.9450. Later, in our opinion, the market may form a reversal structure to continue forming a descending wave.
USD JPY, “US Dollar vs Japanese Yen”
Yen is still forming a descending impulse. We think, today the price may reach level of 108.48 or even expand this impulse lower. Later, in our opinion, the market may start a correction to return to level of 109.00 and then form another descending wave to break the minimum of the first impulse. The first target is at level of 105.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still moving downwards. We think, today the price may test level of 0.8930 from below and then continue falling towards level of 0.8800 to complete this descending structure. Later, in our opinion, the market may start a higher correction with the target at level of 0.9100.
USD RUB, “US Dollar vs Russian Ruble”
Ruble continues moving inside an ascending structure; this ascending structure may be considered as a correction towards the previous descending impulse. We think, today the price may form another descending structure towards level of 38.08 and then return to level of 38.50. Later, in our opinion, the market may start another descending correctional structure.
XAU USD, “Gold vs US Dollar”
Gold is forming an ascending structure. We think, today the price may reach level of 1224 and then fall towards level of 1218. After such pattern, we’ll estimate if the market may form a reversal structure. If the price breaks it upwards, the market may start a correction towards level of 1300. If the price reaches a new low, an alternative scenario suggests that the market may continue falling inside the downtrend.
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.