LeTechs Forex Blog - Forex Daily Technical Analysis on 31st May 2016

31 May

Forex Daily Technical Analysis on 31st May 2016

admin Forex Technical outlook 2 Comments

Daily Technical Analysis on 31st May 2016

Technical Pairs: EURUSD, GBPUSD, USDJPY, & XAUUSD.

EURUSD

The dollar will rise after Fed Chairman Yellen’s speech regarding a possible rate hiking in June. The market place shows a low emotionality due to the holidays in the US.

EURUSD try to grow still it might not crack the level of 1.1200. The pair reduced & broke the support level of 1.1130. It put a new two-month low at 1.1097 on Yesterday & then initiated a weak uphill correction. Now the support is at 1.1130 levels, & the resistance is at 1.1200 levels. MACD sign is in a negative region. The histogram is on the point of the signal line. RSI-Relative Strength Index remains neutral. Following the support level of 1.1130 developments down the method to the support level 1.1070 will be unlocked.

GBPUSD

Monday trading was less movement due to holidays in the US & UK market place. The pair GBPUSD sustained its correction since the fresh high near 1.476 levels. On Monday, the trading was low unstable due to Bank Holiday in the UK. The value was traded at the opening price level around the full day. By the end of the time, the pair slightly raised. The support level is at 1.456, the resistance level is at 1.467. We consider the pair will go to 1.456 levels first. Having beaten the first target the value may go downhill to 1.448 levels. GBPUSD remains Bullish on Short Term.

USDJPY

USDJPY pair constant its restoration. Rumors that the prime minister of Japan Abe was likely to reschedule the sales tax raise to 2.5 years pressured the Yen. In the vacancy of majority of traders the dollar begins the week with a rise. Even still the pair begins the week under the level of 110.60 it grew to the level 111.40 by the end of last day. The resistance levels are 111.40, & the support levels are 110.60.

USDJPY remains Bullish. Following the support level of 110.6 gains down the technique to the support level 109.80 will be unlocked.

XAUUSD- Gold

XAUUSD- Gold sustained to drop down. The metal value reduced due to Fed statements & due to the US regulator minutes publication. The majority of traders who believe that the US will raise the rate in June grew that forced the yellow metal. Gold remains under pressure from the previous week. On Yesterday the gold quotes might test the support level 1220 per ounce. From the level of 1220 the pair started a growth & was adept to return few of the latest loss. XAUUSD remains Bearish. If the value fixates under the support level of 1200, it might sustain the downhill trend in the short term period. The potential targets are 1180 levels.

Previous Next