Analysis for December 17th, 2013
EUR/USD
Euro is still moving inside consolidation channel; market is forming ascending structure to reach level of 1.3838. We think, today price may start new correction with target at 1.3700 (minimum) or even 1.355 (maximum). We should note, that at daily chart this ascending wave is strong enough to reach level; of 1.4100 without any correctional structures.
GBP/USD
Pound continues moving upwards to reach 1.6400. After reaching this target, pair may start new descending correction towards 1.6070 and then continue forming ascending wave to reach 1.7150.
USD/CHF
Franc is still consolidating. We think, today price may continue falling down to reach new minimum and level of 0.8820 and then form new ascending structure to return to 0.8960. Later, in our opinion, pair may continue falling down. If market rebounds from level of 0.8867 and reaches new minimum, down- trend will continue towards level of 0.8300.
USD/JPY
Yen continues forming narrow consolidation channel. We think, today price may fall down to reach level of 102.58 and then return to 103.37. Later, in our opinion, downtrend may continue; closest target is at 100.70.
AUD/USD
Australian Dollar is still moving inside narrow consolidation channel. Market is not able to form any ascending impulses for new correction, which means that down trend may continue and reach level of 0.8720. Only after reaching it, pair may start correction.
GOLD
Gold continues moving upwards slowly. We think, today price may complete ascending structure towards level of 1257. This structure may be considered as correctional one. Later, in our opinion, instrument may continue falling down to reach 1195.
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
AUD/USD stalls ahead of Reserve Bank of Australia’s decision
The Australian Dollar registered minuscule gains compared to the US Dollar as traders braced for the Reserve Bank of Australia monetary policy meeting. A scarce economic docket in the United States and a bank holiday in the UK were the main drivers behind the “anemic” AUD/USD price action. The pair trades around 0.6624.
USD/JPY extends recovery above 154.00, focus on Fedspeak
The USD/JPY pair trades on a stronger note around 154.10 on Tuesday during the Asian trading hours. The recovery of the pair is supported by the modest rebound of US Dollar to 105.10 after bouncing off three-week lows.
Gold rises as US job slowdown dampens Treasury yields
Gold price rallied close to 1% on Monday, late in the North American session, bolstered by an improvement in risk appetite due to increased bets that the US Federal Reserve might begin to ease policy sooner than foreseen. The XAU/USD trades at around $2,320 after bouncing off daily lows of $2,291.
Ethereum traders show uncertainty following huge whale sale, Robinhood Crypto Wells notice
Ethereum holdings on centralized exchanges continue to decline despite recent whale sales. With Robinhood Crypto as the latest recipient of the SEC's Wells notice, Ethereum spot ETFs look more unlikely.
RBA expected to leave key interest rate on hold as inflation lingers
Interest rate in Australia will likely stay unchanged at 4.35%. Reserve Bank of Australia Governor Michele Bullock to keep her options open. Australian Dollar bullish case to be supported by a hawkish RBA.