Analysis for September 28th, 2016
EURUSD, “Euro vs US Dollar”
The EUR/USD pair is forming another descending structure. The price rebounded from 1.1224 and may continue falling towards 1.1170. Later, in our opinion, the market may be corrected to return to 1.1224 and then move downwards again to reach 1.1116.
GBPUSD, “Great Britain Pound vs US Dollar”
The GBP/USD pair broke its consolidation range upwards and may be corrected with the target at 1.3100. According to an alternative scenario, the price may return to the upside border of the daily consolidation range. After that, the instrument may continue falling inside the downtrend towards the local target at 1.2800.
USDCHF, “US Dollar vs Swiss Franc”
The USD/CHF pair is growing towards 0.9800; this ascending movement may be considered as a part of the wave with the target at 0.9940.
USDJPY, “US Dollar vs Japanese Yen”
The USD/JPY pair is moving in the center of the consolidation range without any particular direction. Possibly, today the market may return to the upside border of the range and then move downwards to break 100.00. The local target is at 98.00.
AUDUSD, “Australian Dollar vs US Dollar”
The AUD/USD pair completed its ascending wave. Possibly, the price may extend this wave up to 0.7700. After that, the instrument may form another consolidation range with a reversal pattern and then continue falling inside the downtrend to reach 0.7400.
USDRUB, “US Dollar vs Russian Ruble”
The USD/RUB pair is consolidating. Possibly, the price may move towards 64.72. Later, in our opinion, the market may continue falling inside the downtrend to reach 63.00.
XAUUSD, “Gold vs US Dollar”
Being under pressure, Gold is falling. Possibly, today the price may test 1330 from below and then continue falling towards 1318. This structure may be considered as a part of the fifth descending wave with the target at 1295.
BRENT
Being under pressure, Brent is falling as well. We think, today the price may form another structure of the fifth wave. The target is at 45. The instrument is expected to complete the current correction and then start growing towards 52.20.
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 holds above 1.0700 after German inflation data
EUR/USD trades modestly higher on the day above 1.0700. The data from Germany showed that the annual HICP inflation edged higher to 2.4% in April. This reading came in above the market expectation of 2.3% and helped the Euro hold its ground.
USD/JPY recovers above 156.00 following suspected intervention
USD/JPY recovers ground and trades above 156.00 after sliding to 154.50 on what seemed like a Japanese FX intervention. Later this week, 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.