Analysis for January 18th, 2016
EURUSD, “Euro vs US Dollar”
Eurodollar is forming another descending structure. We think, today the price may reach 1.0840 and then start a correction towards 1.0911. Later, in our opinion, the market may continue falling to break 1.0682. The local target of this descending wave is at 1.0400.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound is still falling and reaching new lows. The downtrend may continue towards 1.4000. An alternative scenario implies that the pair may consolidate and form a correction with the target at 1.4400. Later, in our opinion, the market may continue inside the downtrend.
USDCHF, “US Dollar vs Swiss Franc”
Franc is forming another ascending structure. We think, today the price may reach 1.0960. Later, in our opinion, the market may be corrected towards 1.0030 and then resume its growth to reach 1.0160.
USDJPY, “US Dollar vs Japanese Yen”
Yen is still consolidating in the center of the channel. The main scenario suggests that the price may fall to break the minimum. The local target of this wave is at 115.33. Later, in our opinion, the market may consolidate and then continue falling inside the downtrend to reach 115.00.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar is forming another descending structure; the local target is at 0.6660. Right now, the pair is testing 0.6910 from below. Later, in our opinion, the market may continue falling inside the downtrend to break 0.6700.
USDRUB, “US Dollar vs Russian Ruble”
Russian Ruble is extending its ascending structure; the pair has reached the target at 78.50. Possibly, this extension may reach 79.90. In fact, the market is following the oil prices decline. The price isn’t expected to form a reversal pattern until the pair breaks the ascending channel.
XAUUSD, “Gold vs US Dollar”
Gold has corrected its descending wave. We think, today the price may fall towards 1080.84 and then consolidate. Later, in our opinion, the market may break this consolidation channel downwards and continue falling inside the downtrend to reach 1064.00.
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Editors’ Picks
AUD/USD regains the constructive outlook above the 200-day SMA
AUD/USD advanced strongly for the second session in a row, this time extending the recovery to the upper 0.6500s and shifting its focus to the weekly highs in the 0.6580-0.6585 band, an area coincident with the 100-day SMA.
EUR/USD keeps the bullish performance above 1.0700
The continuation of the sell-off in the Greenback in the wake of the FOMC gathering helped EUR/USD extend its bounce off Wednesday’s lows near 1.0650, advancing past the 1.0700 hurdle ahead of the crucial release of US NFP on Friday.
Gold stuck around $2,300 as market players lack directional conviction
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Bitcoin price rises 5% as BlackRock anticipates a new wave of capital inflows into BTC ETFs from investors
Bitcoin (BTC) price slid to the depths of $56,552 on Wednesday as the cryptocurrency market tried to front run the Federal Open Market Committee (FOMC) meeting. The flash crash saw millions in positions get liquidated.
FOMC in the rear-view mirror – NFP eyed
The update from May’s FOMC rate announcement proved more dovish than expected, which naturally weighed on the US dollar (sending the DXY to lows of 105.44) and US yields, as well as, initially at least, underpinning major US equity indices.