Analysis for April 23rd, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has completed its correction and right now is moving downwards. We think, today the price may reach level of 1.0635. Later, in our opinion, the market may form a consolidation channel and a downside continuation pattern towards level of 1.0500.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has formed an ascending structure and right now is falling. We think, today the price may start forming a descending structure to reach level of 1.4500.
USD CHF, “US Dollar vs Swiss Franc”
Franc is forming another ascending structure. The market has already broken level of 0.9688. Later, in our opinion, the price may consolidate and then continue growing to reach level of 0.9870.
USD JPY, “US Dollar vs Japanese Yen”
Yen has broken level of 119.80 upwards and right now is forming an upside continuation pattern to reach level of 121.00.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has almost completed its correction and right now is forming another descending structure towards level of 0.7680. After that, the pair may consolidate for a while and then form a downside continuation pattern. The main target is at level of 0.7510.
USD RUB, “US Dollar vs Russian Ruble”
Ruble continues falling. We think, today the price may reach level of 45.00. After that, the market may form another consolidation channel and break it downwards to reach level of 46.00. Possibly, this structure may be extended towards level of 44.00.
XAU USD, “Gold vs US Dollar”
Gold is still forming a descending structure; the market has broken its consolidation channel downwards. The target is at level of 1168. Later, in our opinion, the market may consolidate again and form a downside reversal pattern. The main target is at level of 1113.
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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.
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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.