Analysis for November 12th, 2015
EURUSD, “Euro vs US Dollar”
Eurodollar is attempting to expand its consolidation channel upwards, to return to 1.088. However, this growth may be only considered as an alternative scenario. The main scenario suggests that the market may break its lows and continue falling inside the downtrend towards the next target at 1.0500. After that, the instrument may continue moving downwards to reach 1.0300.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound has completed the correction. However, due to the fact that the pair has broken 1.5141, it may form a continuation pattern and reach 1.5255 once again. After that, the instrument may move according to the mains scenario – continue falling inside the downtrend towards the local target at 1.4848. Later, in our opinion, the market may test 1.5165 from below and then continue moving downwards to reach 1.4660.
USDCHF, “US Dollar vs Swiss Franc”
Franc is moving inside its consolidation channel. We think, today, the price may reach a new high at 1.0855 and then test 1.0043 from above. After that, the instrument may continue growing inside the uptrend to reach 1.0176. An alternative scenario (considering that the pair is extending this wave without any corrections) implies that the price may expand this consolidation channel downwards to reach 0.9951. Later, in our opinion, the market may start another growth to reach 1.0400.
USDJPY, “US Dollar vs Japanese Yen”
Yen has finished its first descending impulse, but the correction continues. We think, today, the price may test 123.32 from below and then continue falling towards 121.36. After that, the instrument may form another ascending structure to reach 124.70.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar has expanded its consolidation channel upwards; however, the descending wave looks like a three-wave structure. We think, today, the price may form another impulse to reach 0.7000. After that, the instrument may return to 0.7210.
USDRUB, “US Dollar vs Russian Ruble”
Following the oil prices decline, Ruble has broken its current high. We think, today, the price may complete the ascending structure of this correction by reaching 65.85. Later, in our opinion, the market may form a reversal pattern to start a new descending wave. The local target is at 60.00.
XAUUSD, “Gold vs US Dollar”
Gold has expanded its consolidation channel downwards. We think, today, the price may return to 1091 to test it from below. After rebounding from it and reaching new lows, the instrument may continue moving downwards to reach the target at 1015. An alternative scenario implies that the market may grow to break the channel’s upper border and form the correction with the target at 1107. Later, in our opinion, the price may continue falling inside the downtrend.
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 hovers around 1.0700 after German IFO data
EUR/USD stays in a consolidation phase at around 1.0700 in the European session on Wednesday. Upbeat IFO sentiment data from Germany helps the Euro hold its ground as market focus shifts to US Durable Goods Orders data.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold price flat lines above $2,300 mark, looks to US macro data for fresh impetus
Gold price (XAU/USD) struggles to capitalize on the previous day's bounce from over a two-week low – levels just below the $2,300 mark – and oscillates in a narrow range heading into the European session on Wednesday.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin (WLD) price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.