Analysis for December 29th, 2015
EUR USD, “Euro vs US Dollar”
Eurodollar has almost reached the target of its ascending wave. We think, today, the price may continue forming its consolidation channel at the top of this ascending structure. Possibly, the pair may reach 1.0997. Later, in our opinion, the market may expand the channel downwards and form another descending wave with the target at 1.0752.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is consolidating; the pair has formed the ascending impulse and right now is correcting it, thus defining the border of the consolidation channel. The target is at 1.4864. If the market breaks the channel upwards, it may be corrected towards 1.5000. The main scenario implies that the price may form another descending wave with the target at 1.4746 (at least).
USD CHF, “US Dollar vs Swiss Franc”
Franc is growing towards 0.9920. Later, in our opinion, the market may return to 0.9880, thus defining the borders of another consolidation channel. If the pair breaks the channel upwards, it may continue growing inside the uptrend according to the main scenario. The first target is at 1.0000. If the channel is broken downwards, the instrument may only reach 0.9838 and then resume its growth.
USD JPY, “US Dollar vs Japanese Yen”
Yen has corrected its first ascending impulse. We think, today, the price may grow to break the top of this impulse. The target is at 121 or even at 122 (as a correction). Later, in our opinion, the market may start another decline to break 120.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has almost completed its first descending impulse and right now is correcting it. We think, today, the price may form the descending structure with the target at 0.7174. Later, in our opinion, the market may return to 0.7227.
USD RUB, “US Dollar vs Russian Ruble”
Russian Ruble is growing according to an alternative scenario. We think, the price may reach 72.60 and then fall towards 68.00. Later, in our opinion, the market may start another growth with the target at 73.00.
XAU USD, “Gold vs US Dollar”
Gold has completed the correction with the target at 1067.20 and right now is moving to return to 1074.50, thus defining the borders of another consolidation channel. If later the market breaks this consolidation channel upwards – it may grow towards the upside border of rectangle pattern; if downwards – fall towards 1047.20.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
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Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.