Analysis for January 21st, 2015
EURUSD, “Euro vs US Dollar”
As we can see at the H4 chart, Eurodollar continues moving inside a descending channel and forming a consolidation channel. We think, today the price may continue falling to reach level of 1.1120. After that, the pair may try form another consolidation channel and then continue moving downwards.
GBPUSD, “Great Britain Pound vs US Dollar”
As we can see at the H1 chart, Pound has completed an ascending structure as the fourth wave. We think, today the price may form another descending structure to reach level of 1.5040 and then grow towards level of 1.5295. An alternative scenario implies that the pair may move upwards to reach level of 1.5295 without making any descending movement. The next target is at level of 1.4870.
USDCHF, “US Dollar vs Swiss Franc”
As we can see at the weekly chart, Franc is still consolidating. We think, today the price may continue moving inside the downtrend. The next target is at level of 0.8200.
USDJPY, “US Dollar vs Japanese Yen”
As we can see at the H1 chart, Yen has completed an ascending wave and right now is moving inside the downtrend again. We think, today the price may reach level of 116.85 and then start consolidating. If the market breaks this consolidation channel downwards, the pair may start falling to reach level of 115.00.
AUDUSD, “Australian Dollar vs US Dollar”
As we can see at the H4 chart, Australian Dollar is still consolidating in the middle of its ascending wave. We think, today the price may reach level of 0.8130. After that, the market may form another ascending structure to reach level of 0.8325 and then continue falling inside the downtrend towards the target at level of 0.7940.
USDRUB, “US Dollar vs Russian Ruble”
As we can see at the H1 chart, Ruble continues moving quite steady and forming a consolidation channel. We think, today the price may break the channel and fall towards level of 55.00. This movement may be considered as a part of a descending wave with the target at level of 44.00.
XAUUSD, “Gold vs US Dollar”
As we can see at the H4 chart, Gold is attempting to extend its ascending wave. We think, today the price may break its ascending channel downwards. The main downside target is at level of 1113.
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.