Analysis for September 19th, 2014
EUR USD, “Euro vs US Dollar”
Euro is still consolidating. We think, today the price may reach a new low and then consolidate again to form a reversal pattern. The pair is expected to form a correction towards level of 1.3388.
GBP USD, “Great Britain Pound vs US Dollar”
Pound continues moving inside an ascending continuation pattern; the pair is still expected to move upwards to reach level of 1.6550. Later, in our opinion, the market may fall towards level of 1.6300 and then move upwards to reach level of 1.6550. Possibly, the pair may extend this wave and the local target will be specified as the price continues growing.
USD CHF, “US Dollar vs Swiss Franc”
Franc has finished a descending structure. We think, today the price may move upwards to reach a new high. Later, in our opinion, the market may consolidate and form a reversal pattern for a new correction, towards level of 0.9070 at least.
USD JPY, “US Dollar vs Japanese Yen”
Yen, being influenced by the fundamental background, has reached the main target of the growth. We think, today the price may form a consolidation channel and a reversal pattern. Later, in our opinion, the market may start a new descending trend; the first target is at level of 107.35.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still consolidating near its lows. We think, today the price may reach a new low at level of 0.8910 or then continue falling towards level of 0.8800. An alternative scenario suggests that the market may expand this consolidation channel upwards to reach level of 0.9100.
USD RUB, “US Dollar vs Russian Ruble”
Ruble is still moving according to our scenario. We think, today the price may continue falling inside a consolidation channel towards level of 38.09. Later, in our opinion, the market may grow to reach level of 38.55 and then start moving downwards to break level of 38.00 and reach level of 37.60.
XAU USD, “Gold vs US Dollar”
Gold is still consolidating near its lows. We think, today the price may fall to reach level of 1208. Later, in our opinion, the price may form an ascending correction towards level of 1300 and then continue moving downwards.
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Editors’ Picks
AUD/USD regains the constructive outlook above the 200-day SMA
AUD/USD advanced strongly for the second session in a row, this time extending the recovery to the upper 0.6500s and shifting its focus to the weekly highs in the 0.6580-0.6585 band, an area coincident with the 100-day SMA.
EUR/USD keeps the bullish performance above 1.0700
The continuation of the sell-off in the Greenback in the wake of the FOMC gathering helped EUR/USD extend its bounce off Wednesday’s lows near 1.0650, advancing past the 1.0700 hurdle ahead of the crucial release of US NFP on Friday.
Gold stuck around $2,300 as market players lack directional conviction
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Bitcoin price rises 5% as BlackRock anticipates a new wave of capital inflows into BTC ETFs from investors
Bitcoin (BTC) price slid to the depths of $56,552 on Wednesday as the cryptocurrency market tried to front run the Federal Open Market Committee (FOMC) meeting. The flash crash saw millions in positions get liquidated.
FOMC in the rear-view mirror – NFP eyed
The update from May’s FOMC rate announcement proved more dovish than expected, which naturally weighed on the US dollar (sending the DXY to lows of 105.44) and US yields, as well as, initially at least, underpinning major US equity indices.