Analysis for July 22nd, 015
EURUSD, “Euro vs US Dollar”
Eurodollar has renewed the minimum of the descending wave again. We think, today, the price may break 1.0811 and then continue falling fast to reach 1.0677. After that, the price may start a correction towards 1.0945.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound is forming a descending structure; it has reached the local target and completed the correction. We think, today, the price may reach 1.5534 and then return to 1.5600 as a correction, thus forming another consolidation channel. If the market breaks this channel upwards, it may grow towards 1.5700 (as an alternative scenario); if downwards – continue forming the main descending wave to reach 1.5240.
USDCHF, “US Dollar vs Swiss Franc”
Franc is moving upwards. After breaking 0.9650, the price may reach 0.9766. After that, the price may form a correction to return to 0.9547 and then grow to reach 0.9944.
USDJPY, “US Dollar vs Japanese Yen”
Yen is still moving upwards with the target at 124.67. After reaching it, the price may form a correction to return to 123.00 and then form another ascending wave to reach of 125.45.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar is under pressure and moving downwards. We think, today, the price may break the lows and start a wave with the target at 0.7275. After that, the market is expected to form a correction and test 0.7390 from below. Later, in our opinion, the market may resume falling towards 0.7272.
USDRUB, “US Dollar vs Russian Ruble”
Being under pressure, Ruble is moving upwards to reach 58.50; we should note that this fifth might be truncated. After reaching 57.70, the pair may reverse. The main scenario implies that the price may continue falling towards 52.50.
XAUUSD, “Gold vs US Dollar”
Gold continues forming the first ascending wave; the market has already formed four structures of this wave and today may finish the fifth one. We think, today, the price may reach 1131.80 and then fall as a correction towards 1101.25. After that, the market may start forming the third ascending wave with the predicted target at 1161.00.
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
AUD/USD jumps above 0.6500 after hot Australian CPI data
AUD/USD extended gains and recaptured 0.6500 in Asian trading, following the release of hotter-than-expected Australian inflation data. The Australian CPI rose 1% in QoQ in Q1 against 0.8% forecast, providing extra legs to the Australian Dollar upside.
USD/JPY hangs near 34-year high at 154.88 as intervention risks loom
USD/JPY is sitting at a multi-decade high of 154.88 reached on Tuesday. Traders refrain from placing fresh bets on the pair as Japan's FX intervention risks loom. Broad US Dollar weakness also caps the upside in the major. US Durable Goods data are next on tap.
Gold price cautious despite weaker US Dollar and falling US yields
Gold retreats modestly after failing to sustain gains despite fall in US Treasury yields, weaker US Dollar. XAU/USD struggles to capitalize following release of weaker-than-expected S&P Global PMIs, fueling speculation about potential Fed rate cuts.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce its reliance on the US dollar after plans for its stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture, considering that the recent hawkish twist in the tone of the Fed might continue to push US long-term interest rates higher and put upward pressure on bond yields in the Eurozone.