Analysis for March 6th, 2015
EURUSD, “Euro vs US Dollar”
Eurodollar has reached the target of its descending structure. Taking into consideration the structure of the previous descending wave and the continuation pattern at level of 1.1200, the market is expected to extend its descending structure. The target is at level of 1.0870.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound is under pressure and continues moving downwards; the pair has formed another continuation pattern inside the downtrend. We think, today the price may reach level of 1.5190 and then form a correction to return to level of 1.5370. After that, the pair may continue falling to reach level of 1.4850.
USDCHF, “US Dollar vs Swiss Franc”
Franc has reached the target of its extended structure. We think, today the price may start a descending correction (at least). The target is at level of 0.8830.
USDJPY, “US Dollar vs Japanese Yen”
Yen has finished a descending impulse and renewed its minimum. We think, today the price may continue falling inside the downtrend. The first target is at level of 118.80.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar is still consolidating. We think, today the price may continue falling to level of 0.7680 and then return to level of 0.7780.
USDRUB, “US Dollar vs Russian Ruble”
Ruble is still moving inside a descending structure towards level of 57.40. This movement may be considered as the first wave of another descending structure. After that, the pair may start a correction to return to level of 64.00 and then continue falling inside the downtrend as the third wave of the descending structure. The target is at 50.50.
XAUUSD, “Gold vs US Dollar”
Gold is still consolidating. If the price breaks this channel downwards, the downtrend may continue. The main target is at level of 1113. However, if the price breaks the channel upwards, it may form a correction to return to level of 1250. In any case, after that the market is expected to fall towards the above-mentioned target.
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 edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.