Analysis for August 3rd, 2015
EURUSD, “Euro vs US Dollar”
After finishing a descending impulse, Eurodollar is consolidating. We think, today, the price may break this consolidation channel downwards and continue falling to reach 1.0844. An alternative scenario implies that the market may break the channel upwards and start a correction towards 1.1015.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound is consolidating. We think, today, the price may fall to break 1.5565 and reach 1.5442. An alternative scenario implies that the market may try to reach another new high.
USDCHF, “US Dollar vs Swiss Franc”
Franc is still growing; the next target is at 0.9764. After that, the pair may form another correction towards 0.9543 and then continue moving inside the uptrend to reach 0.9944.
USDJPY, “US Dollar vs Japanese Yen”
Yen is moving upwards. We think, today, the price may reach 124.65. An alternative scenario implies that the market may continue the current correction up to 123.00. After that, the pair may resume growing to reach the local target.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar has formed a strong ascending impulse and corrected it. We think, today, the price may continue growing to break the maximum of the first impulse and form a correction towards 0.7555. An alternative scenario implies that the market may continue falling inside the downtrend to reach 0.6946.
USDRUB, “US Dollar vs Russian Ruble”
Being under pressure, Ruble is moving upwards. Possibly, today the price may reach a new high. It looks like the market has finished this wave and may form a reversal pattern to start a new descending wave with the target at 52.50.
XAUUSD, “Gold vs US Dollar”
Gold is forming another ascending structure with the target at 1131. After that, the price may start a correction to reach 1101 and then resume growing to reach 1161.
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 clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.