Analysis for June 29th, 2015
EURUSD, “Euro vs US Dollar”
Eurodollar’s reaction to the Greek problem was a strong gap down. The pair has reached the target level of its descending wave and right now is moving to return to level of 1.1180. However, we should note that the market is expected to form another descending structure to reach level of 1.0930. After that, the price may return to 1.1180.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound has renewed the minimum of its consolidation channel. Such scenario implies that the price may extend its descending wave towards level of 1.5560 and then form another ascending wave with the target at level of 1.5940. After that, the market may continue falling inside the downtrend.
USDCHF, “US Dollar vs Swiss Franc”
The market was opened with a small gap up. Franc has tested the upper border of its consolidation channel and then returned to the center. We think, today, the price may form another ascending movement. Later, in our opinion, the market may break the channel and reach level of 0.9535.
USDJPY, “US Dollar vs Japanese Yen”
The market was opened with a gap down and Yen reached the target of its descending wave. We think, today, the price may be corrected to return to level of 123.30 and then form another descending wave to reach level of 121.70.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar has expanded its consolidation channel downwards. We think, today, the price may return to the channel’s center at level of 0.7727 and then continue forming this descending wave towards level of 0.7500.
USDRUB, “US Dollar vs Russian Ruble”
Ruble continues moving upwards to reach level of 55.50. After that, the pair may form a consolidation channel and break it upwards. The next target is at level of 58.50.
XAUUSD, “Gold vs US Dollar”
The market was opened with a gap up. Gold has broken its consolidation channel upwards. Possibly, the price may form a correction towards level of 1191. After that, if the price may continue falling to reach level of 1150.
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
AUD/USD gains momentum above 0.6500 ahead of Australian Retail Sales data
AUD/USD trades in positive territory for six consecutive days around 0.6535 during the early Asian session on Monday. The upward momentum of the pair is bolstered by the hawkish stance from the Reserve Bank of Australia after the recent release of Consumer Price Index inflation data last week.
EUR/USD: Federal Reserve and Nonfarm Payrolls spell action this week
The EUR/USD pair temporarily reconquered the 1.0700 threshold last week, settling at around that round level. The US Dollar lost its appeal following discouraging United States macroeconomic data indicating tepid growth and persistent inflationary pressures.
Gold: Strength of $2,300 support is an encouraging sign for bulls
Gold price started last week under heavy bearish pressure and registered its largest one-day loss of the year on Monday. The pair managed to stage a rebound in the second half of the week but closed in negative territory.
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
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.