EUR/USD, “Euro vs US Dollar”
After completing another descending structure at 1.0773, EURUSD is expected to resume growing towards 1.0846 and the fall to reach 1.0830, thus forming a new consolidation range between these two levels. If later the price breaks this range to the upside, the market may continue forming the ascending wave towards 1.0930; if to the downside – resume moving inside the downtrend with the target at 1.0752.
GBP/USD, “Great Britain Pound vs US Dollar”
GBP/USD is forming the first descending wave with the target at 1.2160. After that, the instrument may form one more ascending structure towards 1.2315 and then resume moving inside the downtrend to reach the short-term target at 1.2050.
USD/CHF, “US Dollar vs Swiss Franc”
USD/CHF is consolidating around 0.9766. Today, the pair may expand the range down to 0.9737. Later, the market may return to 0.9766 and then form a new descending structure with the target at 0.9696.
USD/JPY, “US Dollar vs Japanese Yen”
USD/JPY continues trading upwards. The main scenario implies that today the price may reach 109.24 and then form a new descending structure towards 108.20. Later, the market may start another growth to reach 109.40 and then resume moving downwards with the target at 105.80.
AUD/USD, “Australian Dollar vs US Dollar”
AUD/USD is forming a new descending structure with the short-term target at 0.5940. After that, the instrument may start another growth towards 0.6028 and then resume falling to reach 0.5822.
USD/RUB, “US Dollar vs Russian Ruble”
USD/RUB is forming a new descending structure towards 74.90. According to the main scenario, the price is expected to reach this level and then resume growing towards 77.20. Later, the market may resume trading downwards with the first target at 74.22.
USD/CAD, “US Dollar vs Canadian Dollar”
USD/CAD is still consolidating below 1.4240. Today, the pair may trade downwards to break 1.4060 and then continue falling with the short-term target 1.3888.
XAU/USD, “Gold vs US Dollar”
Gold is consolidating around 1614.80. Possibly, today the pair may fall to reach 1605.65 and then grow to return to 1614.80. If later the price breaks this range to the downside, the market may form a new descending structure towards 1586.59; if to the upside – trade upwards to extend the wave up to 1650.25 (an alternative scenario).
BRENT
Brent continues forming the ascending wave towards 35.86. After completing it, the instrument may correct to reach 30.80. If later the price breaks this level to the downside, the market may continue the correction towards 25.77.
BTC/USD, “Bitcoin vs US Dollar”
BTC/USD is still forming the ascending structure towards 7330.00, which may later be followed by another decline to reach 6600.00. After that, the instrument may resume growing towards 7600.00 and then start a new correction with the target at 5600.00.
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AUD/USD could extend the recovery to 0.6500 and above
The enhanced risk appetite and the weakening of the Greenback enabled AUD/USD to build on the promising start to the week and trade closer to the key barrier at 0.6500 the figure ahead of key inflation figures in Australia.
EUR/USD now refocuses on the 200-day SMA
EUR/USD extended its positive momentum and rose above the 1.0700 yardstick, driven by the intense PMI-led retracement in the US Dollar as well as a prevailing risk-friendly environment in the FX universe.
Gold struggles around $2,325 despite broad US Dollar’s weakness
Gold reversed its direction and rose to the $2,320 area, erasing a large portion of its daily losses in the process. The benchmark 10-year US Treasury bond yield stays in the red below 4.6% following the weak US PMI data and supports XAU/USD.
Bitcoin price makes run for previous cycle highs as Morgan Stanley pushes BTC ETF exposure
Bitcoin (BTC) price strength continues to grow, three days after the fourth halving. Optimism continues to abound in the market as Bitcoiners envision a reclamation of previous cycle highs.
US versus the Eurozone: Inflation divergence causes monetary desynchronization
Historically there is a very close correlation between changes in US Treasury yields and German Bund yields. This is relevant at the current juncture, considering that the recent hawkish twist in the tone of the Federal Reserve might continue to push US long-term interest rates higher and put upward pressure on bond yields in the Eurozone.