Analysis for October 19th, 2015
EURUSD, “Euro vs US Dollar”
Eurodollar is consolidating; the current decline may be considered as the correction with the target at 1.1300, at least. After that, the instrument may return to 1.1400 and then continue falling to reach 1.1140. An alternative scenario suggests that the pair may form the fifth structure of flag pattern towards 1.150 and then continue moving downwards.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound is consolidating as well; this channel may be considered as the start of the correction towards 1.5320. We think, today, the price may reach a new low and then continue falling inside the correction. Later (an alternative scenario), the pair may form another ascending structure towards 1.5550 and then continue falling inside the downtrend to break 1.5160.
USDCHF, “US Dollar vs Swiss Franc”
Franc is also consolidating; this channel may be considered as the start of the correction to return to 0.9630. Later (an alternative scenario), the pair may form another ascending structure towards 0.9420 and then continue growing inside the uptrend to reach 0.9870.
USDJPY, “US Dollar vs Japanese Yen”
Yen has returned to 119.50. Possibly, the price may reach 120.00. After that, the instrument may continue moving inside the downtrend. The next target is at 117.00.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar is still consolidating inside triangle pattern. We think, today, the price may fall to reach 0.7170 (at least) or even continue this correction towards 0.7070.
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 continue falling to reach the target at 57.00.
XAUUSD, “Gold vs US Dollar”
Gold is moving to break the previous ascending structure. We think, today, the price may form the correction to reach 1163.90 and then grow towards 1198.50. After that, the instrument may return to 1155.00 and then grow to reach 1220.00. This entire growth may be considered as an alternative to scenario to continue the correction. The main scenario remains the same – the market is expected to continue falling inside the downtrend.
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 remains firm above 0.6600 ahead of RBA
AUD/USD maintains its bullish bias well and sound on Monday, extending the multi-session recovery past the 0.6600 barrier ahead of the key interest rate decision by the RBA.
EUR/USD propped up near 1.0750 ahead of European Retail Sales
EUR/USD churned around 1.0770 to kick off the new trading week, with the pair rising after better-than-expected Purchasing Managers Index figures early Monday before settling into familiar chart territory above 1.0750 ahead of Tuesday’s pan-European Retail Sales figures.
Gold holds on to modest gains around $2,320
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.
Bitcoin price holds above $63K as MicroStrategy tops BTC ownership list
Bitcoin (BTC) price recorded a rather bold two days this past weekend in a surge that saw millions in positions liquidated. However, the week is off to a calm start with altcoins sucking liquidity from the BTC market.
Stagflation warning: Service economy contracts as prices rise
In another stagflation warning sign, the U.S. service sector contracted in April even as service prices rose. The Institute for Supply Management's non-manufacturing PMI dropped to 49.4 in April, dipping from 51.4 in March.