Analysis for July 8th, 2014
EUR USD, “Euro vs US Dollar”
Euro broke its descending channel. We think, today price may continue forming ascending structure with target at level of 1.3655. Later, in our opinion, instrument may form descending structure with target at level of 1.3620; this structure may be considered as a part of another ascending wave.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is still inside narrow consolidation channel. We think, today price may continue growing up towards level of 1.7300. Later, in our opinion, instrument may form another consolidation channel and continue current ascending with target at level of 1.7730. However, if the market continues falling down, it may be a good opportunity to increase long positions.
USD CHF, “US Dollar vs Swiss Franc”
Franc broke its ascending channel and right now is forming descending structure towards level of 0.8890. Later, in our opinion, instrument may return to level of 0.8940; this movement may be considered as a part of another descending wave.
USD JPY, “US Dollar vs Japanese Yen”
Yen is forming another ascending wave with target at level of 101.00; right now, price is forming descending structure towards level of 101.42. Later, in our opinion, instrument may return to level of 101.80 and then start new descending movement towards above-mentioned target.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is forming ascending wave with target at level of 0.9412. After reaching it, price may fall down towards level of 0.9370. This structure is taking the form of trend; possibly, market may continue moving upwards to reach new high. Later, in our opinion, instrument may form reversal pattern to start new descending movement.
USD RUB, “US Dollar vs Russian Ruble”
Ruble tested the top of its continuation pattern from above. We think, today price may complete the fourth wave by growing up and reaching level of 35.00. Later, in our opinion, instrument may form the fifth wave of flag pattern with target at level of 33.20.
XAU USD, “Gold vs US Dollar”
Gold is still moving near the top of its ascending wave; right now price is forming ascending structure with target at level of 1337. Later, in our opinion, instrument may form reversal pattern and then start new descending wave. Target of this wave is at 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.