Analysis for June 29th, 2015
EURUSD, “Euro vs US Dollar”
Eurodollar’s reaction to the Greek problem was a strong gap down. The pair has reached the target level of its descending wave and right now is moving to return to level of 1.1180. However, we should note that the market is expected to form another descending structure to reach level of 1.0930. After that, the price may return to 1.1180.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound has renewed the minimum of its consolidation channel. Such scenario implies that the price may extend its descending wave towards level of 1.5560 and then form another ascending wave with the target at level of 1.5940. After that, the market may continue falling inside the downtrend.
USDCHF, “US Dollar vs Swiss Franc”
The market was opened with a small gap up. Franc has tested the upper border of its consolidation channel and then returned to the center. We think, today, the price may form another ascending movement. Later, in our opinion, the market may break the channel and reach level of 0.9535.
USDJPY, “US Dollar vs Japanese Yen”
The market was opened with a gap down and Yen reached the target of its descending wave. We think, today, the price may be corrected to return to level of 123.30 and then form another descending wave to reach level of 121.70.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar has expanded its consolidation channel downwards. We think, today, the price may return to the channel’s center at level of 0.7727 and then continue forming this descending wave towards level of 0.7500.
USDRUB, “US Dollar vs Russian Ruble”
Ruble continues moving upwards to reach level of 55.50. After that, the pair may form a consolidation channel and break it upwards. The next target is at level of 58.50.
XAUUSD, “Gold vs US Dollar”
The market was opened with a gap up. Gold has broken its consolidation channel upwards. Possibly, the price may form a correction towards level of 1191. After that, if the price may continue falling to reach level of 1150.
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 trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold reaches to all-time highs near $2,230, US PCE eyed
Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday. However, trading volumes are light as market participants are likely observing Good Friday.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.