Analysis for November 21st, 2014
EUR USD, “Euro vs US Dollar”
The correction continues; Euro is forming the fourth wave with the minimum downside target at level of 1.2488. We think, today the price may reach it and then start growing and forming the fifth wave. The target of this wave is at level of 1.2620.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is consolidating close to its lows; inside this range, we can see an ascending impulse, which is strong enough to continue. The pair tried to expand this consolidation channel upwards and right now is forming a correction to return to the channel’s center. We think, today the price may break level of 1.5725 upwards and then reach level of 1.5765. This structure will be considered as a part of an ascending wave with the target at level of 1.600.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still being corrected; this correction may be considered as the fourth wave to return to level of 0.9600. Later, in our opinion, the market may form the fifth structure, a descending one, to reach level of 0.9500.
USD JPY, “US Dollar vs Japanese Yen”
Yen has formed a descending impulse. However, this impulse may reach only level of 116.35. Later, in our opinion, the market may form another ascending structure to reach a new high.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has left a descending channel. We think, today the price may form another ascending structure with the target at level of 0.8690. Later, in our opinion, the market may fall towards level of 0.8630 and then move upwards again to reach level of 0.8790.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is slowly falling towards its target; such scenario implies that the pair may form another ascending structure to reach level of 48.33. Later, in our opinion, the market may fall to reach level of 45.00, consolidate, and form a continuation pattern. The target is at level of 43.94.
XAU USD, “Gold vs US Dollar”
Gold continues moving in the center of its consolidation channel. We think, today the price may grow to reach level of 1208 and then move downwards again to reach level of 1188. After that, the price may start forming another ascending structure towards level of 1223.
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 alternates gains with losses near 1.0720 post-US PCE
The bullish tone in the Greenback motivates EUR/USD to maintain its daily range in the low 1.070s in the wake of firmer-than-estimated US inflation data measured by the PCE.
GBP/USD clings to gains just above 1.2500 on US PCE
GBP/USD keeps its uptrend unchanged and navigates the area beyond 1.2500 the figure amidst slight gains in the US Dollar following the release of US inflation tracked by the PCE.
Gold keeps its daily gains near $2,350 following US inflation
Gold prices maintain their constructive bias around $2,350 after US inflation data gauged by the PCE surpassed consensus in March and US yields trade with slight losses following recent peaks.
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.