Analysis for October 16th, 2014
EUR USD, “Euro vs US Dollar”
Euro is moving inside the third ascending wave. We think, today the price may form a consolidation channel and an upside continuation pattern. The target is at level of 1.3000. Later, in our opinion, the market may form a descending correction towards level of 1.2800.
GBP USD, “Great Britain Pound vs US Dollar”
After reaching a new minimum, Pound has started forming another ascending wave. We think, today the price may correct this wave with the target at level of 1.5950 and then form another ascending wave to break the top of the first one. Later, in our opinion, the market may consolidate for a while and then continue growing inside the third wave with the target at level of 1.6085.
USD CHF, “US Dollar vs Swiss Franc”
Franc has reached its downside target. We think, today the price may form a consolidation channel and a downside continuation pattern. The next target is at level of 0.9225. Later, in our opinion, the market may start a new correction to return to level of 0.9400.
USD JPY, “US Dollar vs Japanese Yen”
Yen has fallen and reached the targets of this wave. We think, today the price may consolidate and, probably, form a correction. If the price breaks this consolidation upwards, it may start a correction; if downwards – the downtrend may continue.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is still forming the third ascending wave. We think, today the price may form a consolidation range, break it upwards, and then continue growing to reach level of 0.8940. Later, in our opinion, the market may start falling to return to level of 0.8840.
USD RUB, “US Dollar vs Russian Ruble”
Ruble has reached its upside target. The next step is to form a consolidation channel and a reversal pattern. We think, today the price may reach level of 40.64 and then fall towards 40.24. Later, in our opinion, the market may start forming another descending structure to reach level of 39.50.
XAU USD, “Gold vs US Dollar”
Gold has broken level of 1233. We think, today the price may consolidate and continue growing towards level of 1266. Later, in our opinion, the market may fall again towards 1240 and then start another ascending wave with the target at 1270.
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 remains on the defensive near 1.0680 on Dollar strength
The solid performance of the Greenback keeps the price action in the risk-associated universe depressed so far on turnaround Tuesday, sending EUR/USD to multi-day lows in the 1.0680 region.
GBP/USD declines toward 1.2500 on renewed USD strength
GBP/USD turned south and dropped toward 1.2500 in the second half of the day. The US Dollar stays resilient against its rivals following the strong wage inflation data and doesn't allow the pair to gain traction.
Gold stable below $2,300 despite mounting fears
Gold stays under selling pressure and confronts the $2,300 region on Tuesday against the backdrop of the resumption of the bullish trend in the Greenback and the decent bounce in US yields prior to the interest rate decision by the Fed on Wednesday.
XRP hovers above $0.51 as Ripple motion to strike new expert materials receives SEC response
Ripple (XRP) trades broadly sideways on Tuesday after closing above $0.51 on Monday as the payment firm’s legal battle against the US Securities and Exchange Commission (SEC) persists.
Eurozone inflation stable as the outlook on prices gets increasingly muddied
Eurozone headline inflation remains stable at 2.4%. With higher energy prices and improving domestic demand, questions about the direction of inflation become louder.