02 Jun

Daily Forex Trading Technical Analysis on 2nd June 2016

admin Forex Technical outlook 1 Comments

Daily Technical Analysis on 2nd June 2016

Technical Pairs: EURUSD, GBPUSD, USDJPY, Brent- Crude Oil, & XAUUSD.
 
EURUSD
 
The Manufacturing PMI remained uncertain in the Euro zone adding few negative regarding the expectation for the economic develops in the 2nd quarter of the year. EURUSD pair grew on top of the level 1.1200 but failed to crack it. The pair consolidated previously the ECB conference, waiting for new drivers. Now the resistance level was 1.1200, the support level was 1.113. MACD heightened sign of a buy signal. RSI advanced the overbought level of 70. The pair can rise to the resistance point of 1.1200 levels. Following breaking 1.1200 the buyers might go to up 1.1250 levels.
 
GBPUSD
 
The pound fell to a period low when the Manufacturing PMI in the UK showed a rise in May. Organization for Economic Co-operation & Development declined the growth outlook for the UK economy & cautioned about the residual of a possible Brexit.
 
GBPUSD sustained to reduce on yesterday tested the support level of 1.4400. The resistance stands at 1.448 levels, the support remains at 1.44 levels. MACD signs constant its showing a sell signal but the RSI indicates the line is nearly to the oversold zone. We consider the 1.4480 line smash that will unlock the technique for the buyers to 1.456 levels.
 
USDJPY
 
On Wednesday, the dollar fell against the yen, decline from one-month high touched previously this week. The blended US economic data lowered anticipations of a soon US interest rates improvement. The resistance remains 109.8 levels, the support stays at 109.00 levels.
 
MACD signs bearish. RSI contact the overbought level of 70 & bounce back downhill direction. We pretend the pair will go to 109.00 levels. Having beaten the first target the value may go downwards to 108.20 levels.
 
BRENT – Crude Oil
 
The oil prices reduced on Wednesday, as traders did not anticipate any significant decisions on the upcoming meeting of the OPEC. The quotes touched the level of 48.60. The pair failed to crack & consolidate under 48.60 levels. The values bounced up, touching the level of 49.60. The technical image is bullish. The resistance level is 50.50, the support level is 49.60.
 
MACD indicator signs bullish. RSI indicates a neutral zone allowing no signal. We suggest too long with the first target levels of– 50.50. Subsequently fixing over the first target, the level 51.50 will develop into the next one.
 
XAUUSD
 
On 1st June, gold turned out to be not very succeeding for the Bonds Markets place & the dollar. The weak dollar supported the yellow metals. Investors make struggle to capitals how close the US interest rates raise. The gold not improving & lost all the gains achieves previously. The precious metal might rise following extend the decrease to 1220 where it twisted down & fell, cracking the support of 1215. On yesterday trades the pair clogged halfway to 1200 levels. The market attention was bearish. The resistance stays at 1215 level the support stays at 1200 levels. MACD indicates Bullish. RSI surround the oversold area level of 30. If the value fixates under the support 1200, it might sustain the downhill trend in the short term period. The potential targets are 1180 levels.
Previous Next
 
Share This Post
 
Categories
Popular

Why we choose Forex Market?
Oct 06 , 2015

Forex, Commodity and Binary Trading Signals on 5th May 2016
May 04 , 2016

EURUSD signs of break down trend Resistance at 1.1283
Oct 07 , 2015

 
Recent

Forex Weekly Technical Outlook on 7-11 August 2017
Aug 07 , 2017

Forex Weekly Technical Outlook on 24-28 JULY 2017
Jul 24 , 2017

Weekly Forex Technical Forecast 3-7 JULY 2017
Jul 03 , 2017

Archives
 
 
 
banner-img

Facebook

Twitter

Google Plus

Risk warning: Trading foreign exchange (Forex Trading) and contracts for differences (CFDs) on margin carries a high level of risk, and may not be suitable for all investors. There is a possibility that you may sustain a loss equal to or greater than your entire investment. Therefore, you should not invest or risk money that you cannot afford to lose. Please ensure you fully understand the risk involved before trading, and if necessary seek independent advice.

Copyright © 2015 LeTechs. All Rights Reserved.