Analysis for June 11th, 2014
EUR USD, “Euro vs US Dollar”
Euro completed three-wave descending correction and may form diamond pattern. We think, today price may start new ascending movement to break the top of the structure formed earlier and then continue moving upwards. Main target of this ascending movement (considered as the fifth wave) is at level of 1.4100.
GBP USD, “Great Britain Pound vs US Dollar”
Pound finished another descending structure, which may be considered as correction. We think, today price may move upwards to reach level of 1.6850 at least, or even 1.6880. Later, in our opinion, instrument may form another descending structure towards level of 1.6655 and then form reversal pattern for new ascending wave to break level of 1.7000.
USD CHF, “US Dollar vs Swiss Franc”
Franc completed ascending wave. We think, today price may form descending structure to break ascending channel downwards and reach level of 0.8800. It looks like pair formed diamond reversal pattern, which means that descending trend may continue. Main target of descending wave is at level of 0.8300.
USD JPY, “US Dollar vs Japanese Yen”
Yen is still forming descending structure; which may be considered as extension of the third wave. We think, today price may reach local target at level of 102.00 and then return to level of 10.240 to test it from below. Later, in our opinion, instrument may continue falling down towards next target at level of 100.50. Local target of the third wave is at 99.30.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is breaking triangle pattern upwards and may continue moving according to alternative scenario. We think, today price may grow up to reach level of 0.9460 and then continue falling down towards next target at level of 0.9000.
USD RUB, “US Dollar vs Russian Ruble”
Ruble continues falling down to reach level of 33.90. After reaching it, price may return to level of 35.00 and then complete this wave by forming another descending wave towards level of 33.20. Later, in our opinion, instrument may start new ascending trend. Target is at level of 38.50.
XAU USD, “Gold vs US Dollar”
Gold finished its ascending structure. We think, today price may continue forming descending wave with local target at level of 1213. Later, in our opinion, instrument may return to level of 1260 to test it from below and then start another descending movement towards level of 1208.
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 edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.