Analysis for May 5th, 2016
EURUSD, “Euro vs US Dollar”
Eurodollar has defined the border of its new consolidation range and right now is moving exactly in the center. We think, today the price may break the range downwards. The downside target is at 1.1381. After that, the pair may be corrected to return to 1.1498.
GBPUSD, “Great Britain Pound vs US Dollar”
Pound has reached the target of its first descending wave. We think, today the price may be corrected towards 1.4615 and then break the minimum of the first descending wave. The local target is at 1.4300. An alternative scenario implies that the market may continue growing to reach new highs.
USDCHF, “US Dollar vs Swiss Franc”
Franc broke its descending channel and formed an upside continuation pattern. By now, the pair has broken its trading range upwards. The upside target is at 0.9645. Later, in our opinion, the market may be corrected towards 0.9545.
USDJPY, “US Dollar vs Japanese Yen”
Yen is still moving in the center of its consolidation channel. We think, today the price may rebound from the channel’s center downwards and continue falling inside the downtrend to reach 104.00. After that, the pair may return to 112.00.
AUDUSD, “Australian Dollar vs US Dollar”
Australian Dollar is falling with the target at 0.7425. After that, the pair may return to the center of the consolidation range at 0.7528 and then continue falling to reach the local target at 0.7340.
USDRUB, “US Dollar vs Russian Ruble”
We think today, Russian Ruble may reach 65.25. Later, in our opinion, the market may be corrected towards 69.00.
XAUUSD, “Gold vs US Dollar”
Gold has defined the border of its new consolidation channel. After breaking the minimum, the instrument may reach the local target at 1265 and then return to 1283.
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 retreats below 1.0700 as USD rebounds
EUR/USD lost its traction and retreated slightly below 1.0700 in the American session, erasing its daily gains in the process. Following a bearish opening, the US Dollar holds its ground and limits the pair's upside ahead of the Fed policy meeting later this week.
USD/JPY recovers toward 157.00 following suspected intervention
USD/JPY recovers ground and trades above 156.50 after sliding to 154.50 on what seemed like a Japanese FX intervention. Later this week, the Federal Reserve's policy decisions and US employment data could trigger the next big action.
Gold holds steady above $2,330 to start the week
Gold fluctuates in a relatively tight channel above $2,330 on Monday. The benchmark 10-year US Treasury bond yield corrects lower and helps XAU/USD limit its losses ahead of this week's key Fed policy meeting.
Week Ahead: Bitcoin could surprise investors this week Premium
Two main macroeconomic events this week could attempt to sway the crypto markets. Bitcoin (BTC), which showed strength last week, has slipped into a short-term consolidation.
Five Fundamentals for the week: Fed fears, Nonfarm Payrolls, Middle East promise an explosive week Premium
Higher inflation is set to push Fed Chair Powell and his colleagues to a hawkish decision. Nonfarm Payrolls are set to rock markets, but the ISM Services PMI released immediately afterward could steal the show.