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Main » 2016 » May » 10 » Forex forecast for today 10/05/2016: Euro and Pound: prices returned to the downward trend!
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Forex forecast for today 10/05/2016: Euro and Pound: prices returned to the downward trend!

 

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Forex. The forecast of the euro against the dollar (EUR / USD) as of today 10/05/2016

Yesterday on the forex rate of EUR \ USD held sideways. The euro fell slightly against the dollar, fixing the depreciation by 18 points to 1.1383.

 

 

In morning trading "bulls" have tried to renew the pair growth after the publication in Germany of strong data on factory orders for March, which showed the maximum growth rate since June 2015. However, to pass on the rise managed only 40 points, followed by re-sellers regained control of the situation .

 


One factor supporting the dollar and weakening euro began speaking head of the Federal Reserve Banks of Chicago and New York, Charles Evans and William Dudley, who, like other members of the Fed's previously stated about the possibility of raising interest rates at the June meeting of the Fed. As a result, most of the day the currency remained under pressure and testing the lower boundary of the range of the side, keeping the possibility of a further decrease in pair.


The euro \ dollar today expect a short-term pullback in the pair price zonu1.1385 ÷ 1.1420, and then the resumption of the depreciation of the single European currency to the target levels of 1.1350, 1.1330, 1.13, and possibly lower towards 1.1278 price level.

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Forex. Forecast exchange rate pound / dollar (GBP / USD) as of today 05/10/2016

GBP / USD, for 1 hour.

Before the meeting of the Bank of England this week,  the British pound  fifth day in a row shows a decline against the US dollar.

In addition to the negative impact on the price dynamics of the pair of weak economic statistics from the United Kingdom has the pressure on the pound, and coming in the June referendum on Britain's membership of the European Union, as well as some potential for increasing the interest rate on the dollar at the next Fed meeting.As a result, the national currency of the British shows weakness against most of its 16 major counterparts.Against this background, the pair exchange rate in yesterday's trading just duplicate the dynamics of the euro and the price at the end of the day fell against the dollar by 11 pips to 1.4409 level.


Rate ft / dollar today assume the completion of the current decrease in pair and turn the British currency to rise to the following target levels: 1.4418, 1.4435,1.4484, 1.45 and 1.4512.

Reducing pairs, as an alternative forecast, may continue only in the case of breaking the key support level of 1.44, and secure currency below it. In the price range of decrease in pair such events form 1.4350 ÷ 1.43, then again expect the upward movement of the pair.

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Forex. Gold price forecast for today 10/05/2016

XAU \ USD, 4:00.

After the opening of the weekly trading session, gold once again came under selling off on the background of falling commodity prices. Another factor that influenced the decrease in value of the metal, was the strengthening of the US dollar across the spectrum of the currency market.


The dollar recovered earlier in the week, as traders considered Friday's report on US employment positive. In addition, the greenback was supported by statements of the president of the Federal Reserve Bank of New York William Dudley, who said that the two rate hikes this year, seem appropriate. As a result, the demand for dollar began to rise again, which caused a decrease in the value of the metal $ 25.16 before the new week low of $ 1261.90 per troy ounce.


As of this morning near significant resistance for gold is on the price level of $ 1265 per ounce. The breakdown of this resistance as you move up the metal will continue to rise to the following purposes: $ 1268, $ 1271 and $ 1277 per ounce.


Immediate support for gold is located in the previous local minimum $ 1261 per ounce. If it is passed, then it becomes possible to further decrease the metal to the price levels of $ 1255, $ 1251 and $ 1247 per troy ounce.


Rate of gold forecast for today suggest corrective pullback gold quotes from yesterday's low price levels and testing ÷ 1270 $ 1277 $ per ounce, and then forward to the resumption of reducing the value of gold to the above targeted levels of support.

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Forex. news

The economic calendar on Tuesday in the center of market attention will be the publication of the April index of consumer prices and producer prices in China, as well as totals UK trade balance, and Germany in March, including export and import products.

Significant focus will attract investors as German industrial production data volume and the current account balance for March.

Switzerland will publish the April unemployment rate (previous rate - 3.5%).

In France, the March data will be released in industrial production and manufacturing process industries, as well as the outcome of the state budget balance figures.

Italy will report on industrial output.

UK retail sales monitor will present in April, and US statistics will be published by the level of vacancies and labor turnover in March and the March changes in the volume of wholesale trade and the volume of stocks at wholesale warehouses.

For more information on the movement of currency in the market, please visit "MaxiMarkets.ru" under "Research".

We wish you a successful and profitable trades in the Forex market!

 

 


 

Presented forecasts, the result of an analytical assessment of the situation on the currency market. Charts and comments to the forecasts, in any case, are not recommendations to clients to open transactions and are presented only as an analytical and comparative material in the development of its own traders forecasts. The company assumes no liability, in any form, for any loss or damage to other types of clients, whether direct or indirect, that may arise in the case of projections presented on our website. Traders shall bear full responsibility for the results of their work.

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