Analysis for January 15th, 2016
EURUSD, “Euro vs US Dollar”
Eurodollar is forming another descending structure with the target at 1.0800. We think, today the price may reach it and then form a consolidation channel. If the channel is broken downwards, the downtrend may continue up to 1.0682; this would be only the first half of this wave. An alternative scenario implies that the pair may continue consolidating at the current levels and grow towards 1.0915. Later, in our opinion, the market may continue falling inside the downtrend.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound has completed its descending flag pattern and defined the border of the consolidation channel. We think, today the price may continue growing towards 1.4476 (at least). After the pair forms a continuation pattern and breaks this level, it may start a correction towards 1.5115. An alternative scenario implies that the market may reach new lows and form a new consolidation channel.
USDCHF, “US Dollar vs Swiss Franc”
Franc has reached the minimum target of its correction. We think, today the price may test 0.9995 from above and then grow towards 1.0100. After breaking it, the market may continue growing towards 1.0190.
USDJPY, “US Dollar vs Japanese Yen”
Yen is still consolidating in the center of the channel. In fact, we can see flag correctional pattern. Possibly, the price may test 118.50 from below and then continue falling inside the downtrend. The next target is at 115.55; the main one is at 115.00.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar has returned inside its consolidation range, rebounded from the center, and right now is falling towards the channel’s lower border. The main scenario suggests that the price may continue falling inside the downtrend to reach 0.6660. An alternative scenario implies that the price may continue consolidating and grow towards the upper border at 0.7070.
USDRUB, “US Dollar vs Russian Ruble”
Russian Ruble is forming a consolidation channel at its highs. If the channel is broken downwards, the price may fall towards 74; if upwards – grow to reach 78.
XAUUSD, “Gold vs US Dollar”
Gold has completed a descending structure inside the downtrend and right now is correcting it. The target of this correction is at 1091. Later, in our opinion, the market may continue falling to break 1071.
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 edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
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.