Analysis for July 3rd, 2015
EURUSD, “Euro vs US Dollar”
After returning to level of 1.1100, Eurodollar has started consolidating inside a narrow channel. We think, today, the price may continue forming its descending wave with the target at level of 1.0930. After that, the pair may return to level of 1.1180.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound is forming another consolidation channel. We think, today, the price may continue falling to reach level of 1.5506. Later, in our opinion, the market may form a correction to return to level of 1.5715.
USD CHF, “US Dollar vs Swiss Franc”
Franc is forming a descending structure with the target at level of 0.9350. After reaching it, the price may reach new highs at level of 0.9545. Later, in our opinion, the market may continue falling to return to level of 0.9350.
USDJPY, “US Dollar vs Japanese Yen”
Yen is forming a descending impulse. We think, today, the price may continue this impulse to break level of 122.22 and then fall towards level of 121.30. Later, in our opinion, the market may grow to return to level of 122.22 and then form another descending structure to reach level of 120.20.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar has completed another descending wave. We think, today, the price may return to level of 0.7672 to test it from below and then continue falling to reach level of 0.7500.
USDRUB, “US Dollar vs Russian Ruble”
Ruble is consolidating below level of 55.50. We think, today, the price may grow to break the channel upwards and then form another consolidation channel. The pair is expected to form an upside continuation pattern. After that, the pair may break this channel upwards as well and reach level of 58.50. Later, in our opinion, the market may start falling towards level of 52.50.
XAUUSD, “Gold vs US Dollar”
Gold has completed another descending structure. We think, today, the price may test level of 1173 from below and then continue falling towards level of 1140. After reaching it, the market may return to level of 1173 and then continue falling towards level of 1113.
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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
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
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.