Analysis for July 16th, 2014
EUR USD, “Euro vs US Dollar”
Euro continues moving downwards. We think, today price may reach level of 1.3550 and then form another ascending structure to return to level of 1.3600.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is forming ascending structure; market broke its maximum. We think, today price may fall down towards level of 1.7123 and then continue growing up to reach level of 1.7300.
USD CHF, “US Dollar vs Swiss Franc”
Franc continues goring up. We think, today price may expand its consolidation channel; target is at level of 0.8973. Later, in our opinion, instrument may fall down to expand it downwards; target is at level of 0.8830.
USD JPY, “US Dollar vs Japanese Yen”
Yen is still forming ascending structure. We think, today price may reach level of 101.78, break ascending channel, and then form another descending wave. Next target is at level of 100.50.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still being corrected. We think, today price may fall down to reach level of 0.9300 and then return to level of 0.9380.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is still consolidating inside the third ascending wave with target at level of 34.82. Later, in our opinion, instrument may return to level of 34.25 (at least) and then may continue growing up inside the fifth wave of current correction to reach level of 35.00.
XAU USD, “Gold vs US Dollar”
Gold reached new low and completed impulse of its first descending wave. We think, today price may start new correction to reach level of 1321 (at least) and then continue falling down towards level of 1277.
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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
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Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
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