Analysis for February 8th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is falling towards 1.1080. After reaching it, the pair may return to 1.1165 and then fall towards 1.1000. This entire descending movement may be considered as a correction.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is moving downwards to reach 1.4385; this descending structure may be considered as a correction. Later, in our opinion, the market may form another ascending wave towards 1.4720.
USD CHF, “US Dollar vs Swiss Franc”
Franc is moving near the lows of its consolidation channel. We think, today the price may grow towards 1.0080 and then return to 0.9882.
USD JPY, “US Dollar vs Japanese Yen”
Yen is back to its consolidation channel. Possibly, the price may test 118.50 from below. After that, the market may continue falling to reach new lows and 115.33.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is falling with the target at 0.7000. Right now, the market is returning to 0.7140. After reaching it, the price is expected to continue falling to reach the above-mentioned target.
USD RUB, “US Dollar vs Russian Ruble”
Russian Ruble is consolidating near 78.00. This structure may be considered as a part of the fifth wave towards 70.84.
XAU USD, “Gold vs US Dollar”
Gold is moving upwards with the target at 1187. We think, today the price may be corrected towards 1147 or even deeper – 1117. Later, in our opinion, the market may form another ascending structure towards 1190.
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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.
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Geopolitics once again take centre stage, as UK Retail Sales wither
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