Analysis for February 11th, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has completed its descending impulse and corrected it. We think, today the price may form another descending wave to break the minimum of the impulse and continue falling to reach the next target at 1.0990. An alternative scenario implies that the pair may reach another new high at 1.1350 and then continue falling inside the downtrend.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is forming an ascending structure with the target at 1.4700. We think, today the price may complete it and then start forming a five-wave correction to return to 1.4385.
USD CHF, “US Dollar vs Swiss Franc”
Franc has completed its ascending impulse and corrected it. We think, today the price may grow to break the maximum of the impulse. The next upside target is at 0.9950. An alternative scenario implies that the pair may reach another new low at 0.9660 and then continue moving inside the uptrend.
USD JPY, “US Dollar vs Japanese Yen”
Yen has reached its downside target. We think, today the price may consolidate near its lows and form a reversal structure. After that, the market may start a five-wave correction towards 120.70.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar has reached the target of the correction. We think, today the price may form another ascending structure to reach 0.7188, thus completing this five-wave correction. After that, the market may form another descending structure towards 0.6660.
USD RUB, “US Dollar vs Russian Ruble”
Russian Ruble is growing towards 80.22. We think, today the price may reach this level and start falling towards 76.00. Later, in our opinion, the market may form another ascending structure with the target at 81.00.
XAU USD, “Gold vs US Dollar”
Gold hasn’t been able to finish its descending impulse. The market has reached a new high; this structure may be considered as the expansion of the channel upwards. We think, today the price may expand it downwards as well and then test the center of the channel from below. Later, in our opinion, the market may break the lows and the entire structure may be considered as a reversal pattern for a new descending movement with the target at 1117.
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 eases below 1.0850 on renewed USD strength
EUR/USD stays under pressure and trades in the red below 1.0850 in the European session. Although the ZEW survey for Germany and the Eurozone showed a noticeable improvement in economic sentiment, broad USD strength doesn't allow the pair to gain traction.
GBP/USD drops below 1.2700 on notable US Dollar demand
GBP/USD is extending the downside below 1.2700 in the European trading hours on Tuesday. The ongoing bullish momentum in the US Dollar, despite sluggish US Treasury bond yields, undermines the pair. Mid-tier US housing data are coming up next.
Gold price struggles to lure buyers, holds steady above one-week low ahead of FOMC meeting
Gold price ticks lower amid reduced Fed rate cut bets, elevated US bond yields and stronger USD. Geopolitical tensions could lend some support to the safe-haven XAU/USD and help limit losses.
Why is the crypto market crashing?
The two most important contribution to the ongoing bull market is the meteoric rise in Bitcoin due to the ETF approval and the sudden interest spike in Solana ecosystem. But the recent move suggests that the upward momentum is dissipating and a correction looms.
Canada CPI Preview: Inflation pickup could scale back bets on early interest-rate cut
The Canadian Consumer Price Index is expected to have risen by 3.1% YoY in February. The BoC shows no rush to lower its interest rate. The Canadian Dollar maintains its multi-day lows against the US Dollar around 1.3540.