Analysis for November 3rd, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar is consolidating without any particular direction. The main scenario remains the same and suggests that the market may continue falling inside the downtrend towards the 1.0500. An alternative scenario implies that the price may try to break the consolidation channel upwards to reach 1.1106. After that, the instrument may continue moving downwards.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is forming the first descending impulse. The target is at 1.5381. After that, the instrument may return to 1.5438 and then continue moving downwards to reach 1.5276.
USD CHF, “US Dollar vs Swiss Franc”
Franc is consolidating without any particular direction. We think, today, the price may continue moving upwards to break the top and reach 1.0070. An alternative scenario implies that the market may fall towards 0.9784 in the first place and after that form the ascending wave with the target at 1.0070.
USD JPY, “US Dollar vs Japanese Yen”
Yen is consolidating. We think, today, the price may fall to reach 119.60 and then return to 120.50 to test it from below. After that, the instrument may continue falling inside the downtrend towards the target at 118.70.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has reached the target of its correction. We think, today, the price may form another descending structure with the target at 0.7017. After that, the instrument may start growing to reach a new high and 0.7398.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is still consolidating. The main scenario suggests that the market may fall towards 60.00. An alternative scenario implies that the price may follow the oil prices and grow towards 66.00. After reaching it, the pair may continue falling inside the downtrend.
XAU USD, “Gold vs US Dollar”
Gold is consolidating. We think, today, the price may continue its descending movement to reach 1125. After that, the instrument may be corrected towards 1145 and then resume its decline towards 1118.
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 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.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
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.