Forex Technical Analysis 08.11.2016 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD, BRENT)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is forming the fifth descending structure towards 1.0680. Later, in our opinion, the market may start growing to return 1.0740 and then fall with the target at 1.0600.

GBP USD, “Great Britain Pound vs US Dollar”

The GBP/USD pair is moving downwards with the target at 1.2555. After that, the instrument may start growing to reach 1.2800.

USD CHF, “US Dollar vs Swiss Franc”

The USD/CHF pair is forming another ascending wave to reach 1.011. Later, in our opinion, the market may fall towards 1.008 and then grow with the target at 1.017.

USD JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair is moving downwards with the target at 112.30. After that, the instrument may grow towards 113.85 and then fall to reach 110.80.

AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair has completed the ascending structure with the target at 0.7500. We think, today the price may fall to reach 0.7435. Later, in our opinion, the market may form another ascending structure towards 0.7550.

USD RUB, “US Dollar vs Russian Ruble”

The USD/RUB pair is consolidating; this range may be considered as a downside continuation pattern. Possibly, today the market may fall to break 63.40 and then reach 62.35. After that, the instrument may return to 63.80.

XAU USD, “Gold vs US Dollar”

Gold is growing to reach 1188. After that, the instrument may fall towards 1173. The entire structure may be considered as another consolidation range. After breaking it upwards, the market may start growing towards 1222.

BRENT

Being under pressure, Brent is still moving downwards. Possibly, today the market may reach 52.83 and then grow towards 54. After that, the instrument may form another descending structure to reach 52.40 and then resume growing with the local target at 56.

The Australian Dollar is still being sold. Overview for 07.12.2016

 

Another weak statistics knocked down the Australian Dollar; sales aren’t increasing, but still continue.

On Wednesday afternoon, the Australian Dollar is trading downwards against the USD. The current quote for the instrument is 0.7454.

Investors were disappointed by the statistics published today. In the third quarter of 2016, the Australian GDP lost 0.5% q/q instead of adding 0.3% q/q, just as expected. Moreover, the reading for the second quarter was revised from 0.6% q/q to 0.5% q/q. On YoY, the indicator increased only by 1.8% against expectations of 2.5%.

Decline of the Aussie turned out to be not so significant as today’s GDP readings. Earlier, large banks published the research results, which mentioned possible risks of too slow growth of the country’s DP in the future. That was also when several economists said that there might be negative numbers even in the third quarter. This came true too fast: market players don’t seem to realize this yet.

On top of that, the expectations of rather slow rate of the GDP growth in 2017 are increasing, even considering selling coal and iron ore. Commodity assets rally isn’t expected to continue for a long time and can’t be a proper long-term catalyst.

Forex Technical Analysis 07.12.2016 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD, BRENT)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is forming another descending structure towards 1.0600. Later, in our opinion, the market may start growing to return 1.0720.

GBP USD, “Great Britain Pound vs US Dollar”

The GBP/USD pair is moving downwards with the target at 1.2555. After that, the instrument may start growing to reach 1.2968.

USD CHF, “US Dollar vs Swiss Franc”

The USD/CHF pair is forming another ascending wave to reach 1.0172. Later, in our opinion, the market may fall towards 1.011.

USD JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair is moving upwards with the target at 114.76. After that, the instrument may fall towards 112.50.

AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair is falling towards the downside border of its consolidation range. We think, today the price may reach 0.7370. Later, in our opinion, the market may grow towards 0.7550.

USD RUB, “US Dollar vs Russian Ruble”

The USD/RUB pair is consolidating. Possibly, today the market may fall to break 63.40 and then reach 62.00. After that, the instrument may return to 63.40.

XAU USD, “Gold vs US Dollar”

Being under pressure, Gold is falling. Possibly, today the market may reach 1155 and then start growing towards 1222.

BRENT

Being under pressure, Brent is still moving downwards. Possibly, today the market may to reach 53. After that, the instrument may continue growing with the local target at 56.

The Australian Dollar is retreating. Overview for 06.12.2016

 

The AUD/USD pair is trading downwards after another meeting of the RBA.

The Australian Dollar is being sold against the USD on Tuesday afternoon. The current quote for the instrument is 0.7444.

So, the December meeting of the RBA finished this morning. Just as expected, the rate remained unchanged at 1.5%. Right now, it’s too early to revise the indicator because the previous decrease hasn’t produced any observable effects so far. In its comments, the Australian regulator mentioned that it didn’t exclude a possibility of a particular slowdown in economic growth at the end of the year – but it’s just a pause before a new shoot forward. The real estate sector stabilized, or even improved in some aspects; in some cases, there might be seen a rise in housing prices, which is also positive. The labor market is still providing some mixed signals, but in the short-term, the employment is improving and this tendency may transform into a long-term one later.  

When it comes to the inflation in Australia, the RBA estimates it as very low at the moment and doesn’t expect it to increase. The current high exchange rate of the Aussie can make the transition period in the country’s economy more difficult.

Now, after the regulator’s new management mentioned the AUD and its influence on the country’s economy in its comments, we can say that the rhetoric of Mr. Stevens, ex-Governor of the RBA, is back. It appears that Mr. Lowe, the current Governor of the Australian Central Bank, reached the same point of the monetary policy stability as Stevens did in his time.

The neutral tone of the RBA’s comments put some more pressure on the Aussie. In the morning, large banks published their prediction relating to the country’s GDP, which indicated their expectations of a slowdown in economic growth.