Analysis for September 4th, 2015
EUR USD, “Euro vs US Dollar”
After a fast decline yesterday, Eurodollar is consolidating. The market hasn’t reached the target of this wave yet. We think, today, the price may reach 1.1024 and then form a correction to return to 1.1360. After that, the pair may continue falling inside the downtrend.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has reached the minimum target of its descending structure. We think, today, the price may form a correction towards 1.5488. However, while the market is moving inside the descending channel and trying to break its lower border, the pair is expected to reach the next target at 1.5163, then 1.5108, and then 1.4960. We will be able to define the local target of this descending wave only after the price tests these levels from below.
USD CHF, “US Dollar vs Swiss Franc”
Franc is still moving upwards. We think, today, the price may reach 0.9816 and then return to 0.9638 to test it from above. After that, the pair may start another growth with the target at 0.9870.
USD JPY, “US Dollar vs Japanese Yen”
Yen hasn’t been able to form an ascending wave, and right new is forming the fifth descending structure to reach 118.91. After that, the pair may return to 120.33 and then start another decline with the target at 119.63.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar hasn’t been able to form the third ascending impulse; the pair has broken its consolidation channel downwards. We think, today, the price may form an extension to reach 0.6888. After that, the pair may form a reversal structure for a new growth towards 0.7555.
USD RUB, “US Dollar vs Russian Ruble”
Ruble has returned into its consolidation channel and is rebounding from the center. We think, today, the price may break the channel upwards again and grow to reach 69.00. After that, the pair may start moving downwards to break the minimum of the channel and then continue falling to reach 61.00.
XAU USD, “Gold vs US Dollar”
Gold is forming the fifth correctional structure with the target at 1110. Later, after breaking the descending channel, the instrument is expected to form a reversal structure to break the top of the ascending wave. The local target is at 1215.
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 retreats below 1.0700 as USD rebounds
EUR/USD lost its traction and retreated slightly below 1.0700 in the American session, erasing its daily gains in the process. Following a bearish opening, the US Dollar holds its ground and limits the pair's upside ahead of the Fed policy meeting later this week.
USD/JPY recovers toward 157.00 following suspected intervention
USD/JPY recovers ground and trades above 156.50 after sliding to 154.50 on what seemed like a Japanese FX intervention. Later this week, the Federal Reserve's policy decisions and US employment data could trigger the next big action.
Gold holds steady above $2,330 to start the week
Gold fluctuates in a relatively tight channel above $2,330 on Monday. The benchmark 10-year US Treasury bond yield corrects lower and helps XAU/USD limit its losses ahead of this week's key Fed policy meeting.
Week Ahead: Bitcoin could surprise investors this week Premium
Two main macroeconomic events this week could attempt to sway the crypto markets. Bitcoin (BTC), which showed strength last week, has slipped into a short-term consolidation.
Five Fundamentals for the week: Fed fears, Nonfarm Payrolls, Middle East promise an explosive week Premium
Higher inflation is set to push Fed Chair Powell and his colleagues to a hawkish decision. Nonfarm Payrolls are set to rock markets, but the ISM Services PMI released immediately afterward could steal the show.