In the last week the financial markets were encouraged by Fed's reluctance to increase interest rates in the near future. The USD has risen to its highest in 6 years compared to the JPY after a positive employment news. This week the market will be mostly influenced by Wednesday's New Home Sales. On Thursday we can expect news about Durable Goods Orders and Initial Jobless Claims. On Friday we will await information from the USA about its GDP.
EUR/USD
The EUR/USD continued to decline down to 1.2828 in the past week, however it has also been a little above the 1.2990 level. That is why we can expect a rebound from wave A during this week. If EMA (50) is breached, we can expect a growth of EUR/USD up to wave D. If the macroeconomic news are positive, we can expect a stagnation of EUR/USD around wave A.
GBP/USD
Towards the end of last week the British Pound has adjusted its previous growth from wave B to wave A. This week we are expecting an imitation of the growth line above EMA (50) and growth between waves B and C. If the triangular level and wave A is breached, then we can expect a declining adjustment up to wave D.
USD/JPY
Due to positive news from the American labor market the USD/JPY has grown and wave B was surpassed up to wave A. There is evidence of slight resistance forming close to wave A. If this resistance holds, then we can expect the USD/JPY to get back to the long-term growing channel and EMA (50) value. Consecutively if EMA(50) is breached, then we can expect a declining trend up to wave C.
GOLD
Gold has continued its decline towards wave A in the past week. It is currently floating below the EMA (50). This week we can expect an adjustment towards wave C. The long-term prediction is one of steady decline, and if wave A is breached we can expect a fall below 1200USD.
EUR/USD
The EUR/USD continued to decline down to 1.2828 in the past week, however it has also been a little above the 1.2990 level. That is why we can expect a rebound from wave A during this week. If EMA (50) is breached, we can expect a growth of EUR/USD up to wave D. If the macroeconomic news are positive, we can expect a stagnation of EUR/USD around wave A.
GBP/USD
Towards the end of last week the British Pound has adjusted its previous growth from wave B to wave A. This week we are expecting an imitation of the growth line above EMA (50) and growth between waves B and C. If the triangular level and wave A is breached, then we can expect a declining adjustment up to wave D.
USD/JPY
Due to positive news from the American labor market the USD/JPY has grown and wave B was surpassed up to wave A. There is evidence of slight resistance forming close to wave A. If this resistance holds, then we can expect the USD/JPY to get back to the long-term growing channel and EMA (50) value. Consecutively if EMA(50) is breached, then we can expect a declining trend up to wave C.
GOLD
Gold has continued its decline towards wave A in the past week. It is currently floating below the EMA (50). This week we can expect an adjustment towards wave C. The long-term prediction is one of steady decline, and if wave A is breached we can expect a fall below 1200USD.
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