Analysis for April 1st, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is forming a descending wave with the target at level of 1.0650. We think, today the price may return to level of 1.0833 as the fourth structure of this wave. After that, the pair may form the fifth structure to reach the above-mentioned target.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is still consolidating and may form triangle pattern. We think, today the price may grow towards level of 1.5025 and then continue falling to reach level of 1.4400.
USD CHF, “US Dollar vs Swiss Franc”
Franc hasn’t been able to continue an ascending structure and is still consolidating at the top of the first ascending impulse. We think, today the price may expand this consolidation channel upwards and continue the current correction towards level of 0.9820.
USD JPY, “US Dollar vs Japanese Yen”
Yen is forming a descending impulse. We think, today the price may reach level of 119.20 and then return to level of 119.70. Later, in our opinion, the market may continue forming a descending wave with the target at level of 117.50.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still moving inside a descending channel towards the target at level of 0.7510. Possibly, the pair may return to level of 0.7735. After that, the price may fall to reach the above-mentioned target and then return to level of 0.7927.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is still consolidating below level of 58.50. We think, today the price may test this level from below and then fall towards the lower border of its consolidation channel and reach level of 55.00. Later, in our opinion, the market may return to level of 58.00.
XAU USD, “Gold vs US Dollar”
Gold continues forming a consolidation range. We think, today the price may fall to reach level of 1167 and then form a correction to return to level of 1192. Later, in our opinion, the market may continue falling and forming a descending wave with the target at level of 1113.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.