Analysis for February 1st, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar is being corrected. We think, today the price may grow towards 1.0872 and then continue moving downwards to break its lows and reach 1.0800. Later, in our opinion, the market may consolidate for a while and then continue falling towards 1.0682.
GBP USD, “Great Britain Pound vs US Dollar”
Pound is consolidating; the pair hasn’t been able to continue growing and it expanded the consolidation channel downwards. We think, today the price may return to 1.4354, break the channel upwards, and then form the third wave with the target at 1.4545. Later, in our opinion, the market may return to 1.4355.
USD CHF, “US Dollar vs Swiss Franc”
Franc has broken its consolidation channel upwards at 1.0200 and almost formed the central structure of the upside continuation pattern with the target at 1.0530. We think, today the price may reach 1.0280. Later, in our opinion, the market may consolidate and then continue growing to reach 1.0352.
USD JPY, “US Dollar vs Japanese Yen”
Yen has broken 118.60. We think, today the price may consolidate and fall towards 120.13. After breaking the ascending channel, the market may continue falling with the target at 115.00.
AUD USD, “Australian Dollar vs US Dollar”
Being under pressure, Australian Dollar is moving downwards. We think, today the price may reach 0.6980 and then consolidate. After breaking this consolidation channel downwards, the price may fall to reach 0.6660.
USD RUB, “US Dollar vs Russian Ruble”
Russian Ruble is moving in the center of its consolidation range close to the broken ascending channel. This range may be considered as the downside continuation pattern. The local target is at 69.40.
XAU USD, “Gold vs US Dollar”
Gold is growing. We think, today the price may reach 1124 and then form the fifth structure, the descending one, with the target at 1102. This whole descending wave may be considered as a part of the downtrend with the target at 1015.
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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.