Analysis for February 2nd, 2016
EUR USD, “Euro vs US Dollar”
Eurodollar has extended the correction and transformed it into a proper ascending wave. At the moment, the pair is expected to fall and return to 1.0845. The market continues consolidating inside a large triangle pattern. The main scenario remains the same and implies that the price may break the channel downwards and then continue falling towards 1.0682.
GBP USD, “Great Britain Pound vs US Dollar”
Pound has broken the consolidation channel upwards. We think, today the price may test 1.4350, reach the local target at 1.4540, and then return to 1.4350 to test it from above.
USD CHF, “US Dollar vs Swiss Franc”
Franc has tested the center of its consolidation channel from above and right now is growing. We think, today the price may continue this wave to reach 1.0352. Later, in our opinion, the market may start consolidating again.
USD JPY, “US Dollar vs Japanese Yen”
Yen is still consolidating. We think, today the price may reach 120.13 and then return to 120.90. After that, the market may continue falling towards 118.60.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is also consolidating. We think, today the price may fall towards 0.7050, break it, and then continue moving downwards to reach 0.6825.
USD RUB, “US Dollar vs Russian Ruble”
Following the oil market, Russian Ruble has started a new correction to return to 78.40. Later, in our opinion, the market may акь another descending structure with the target at 70.84.
XAU USD, “Gold vs US Dollar”
Gold has expanded its consolidation channel upwards. We think, today the price may test 1119.81 from above 1124 and then complete this ascending wave by forming another ascending structure to reach 1131.10. Later, in our opinion, the market may continue falling inside the downtrend towards 1089.00.
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.