Analysis for October 16th, 2015
EURUSD, “Euro vs US Dollar”
Eurodollar has completed the descending impulse with the target at 1.1375; the impulse is quite strong and may yet continue. We think, today, the price may fall towards 1.1315 and then return to 1.1400. After that, the instrument may continue falling to reach 1.1200. An alternative scenario suggests that the pair may form another ascending structure to reach new highs.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound has finished the third structure of the ascending wave. Possibly, the price may grow to reach 1.5517 and then complete this correction by forming the fourth structure with the target at 1.5330 and the fifth one towards 1.5550. This entire growth may be considered as an alternative correction. Later, in our opinion, the pair may continue falling inside the downtrend. The local target is at 1.4660.
USDCHF, “US Dollar vs Swiss Franc”
Franc has formed the ascending impulse and today is expected to break its top. After the price leaves its descending channel. It may return to .9632. After that, the market may form another descending structure of the correction and then continue growing inside the uptrend to reach 0.9870.
USDJPY, “US Dollar vs Japanese Yen”
Yen is moving to return to 119.40 to test it from below. After that, the instrument may continue moving inside the downtrend to reach the next target at 117.77.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar is being corrected. Possibly, the price may form triangle pattern. If the pair breaks the pattern downwards, the market may reach 0.7070; if upwards – continue growing towards 0.7555.
USDRUB, “US Dollar vs Russian Ruble”
Ruble continues forming the third descending wave with the target at 60.00. After reaching it, the price may start the correction towards 64.50 and then form the fifth descending structure with the target at 57.00, thus completing the first wave. Later, in our opinion, the pair may start another correction to return to 65.00.
XAUUSD, “Gold vs US Dollar”
Gold is consolidating at the top of another ascending impulse. We think, today, the price may break the channel downwards to reach 1155. However, if the market breaks it upwards, it may continue forming the third structure with the target at 1205.
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 marginal gains above 1.0750
EUR/USD trades in positive territory above 1.0750 in the second half of the day on Monday. The US Dollar struggles to find demand as investors reassess the Fed's rate outlook following Friday's disappointing labor market data.
GBP/USD edges higher toward 1.2600 on improving risk mood
Following Friday's volatile action, GBP/USD pushes higher toward 1.2600 on Monday. Soft April jobs report from the US and the modest improvement seen in risk mood make it difficult for the US Dollar to gather strength.
Gold climbs above $2,320 as US yields push lower
Gold trades decisively higher on the day above $2,320 in the American session. Retreating US Treasury bond yields after weaker-than-expected US employment data and escalating geopolitical tensions help XAU/USD stretch higher.
Addressing the crypto investor dilemma: To invest or not? Premium
Bitcoin price trades around $63,000 with no directional bias. The consolidation has pushed crypto investors into a state of uncertainty. Investors can expect a bullish directional bias above $70,000 and a bearish one below $50,000.
Three fundamentals for the week: Two central bank decisions and one sensitive US Premium
The Reserve Bank of Australia is set to strike a more hawkish tone, reversing its dovish shift. Policymakers at the Bank of England may open the door to a rate cut in June.