Forex & Commodity Daily Technical Analysis on 10th June 2016
Technical Pairs: EURUSD, GBPUSD, USDJPY, Brent Crude Oil, & XAUUSD.
The euro cut down against the US dollar due to the building up of the US currency & Mario Draghi’s speech. Mario Draghi called on national governments to force the ECB to accelerate the economic growth & the inflation in the area. The controller cautioned that the loss of economic reforms makes the task of the Central Bank harder. The dollar twisted some of its losses on Thursday. The pair fell by 0.68 percent. Traders begin to close their trades in long positions that caused the euro sales. The pair fell since the level of 1.1416 to the support level of 1.1300.
The value is over Moving Averages of 50, 100 & 200 at the daily time-frames. They crossed each other on the 4HR time frame, showing that the value moved its direction. We believe that the pair might constant its correction & will reduce further. The price might stay for some on the support at 1.1300 levels to sustain it’s reducing later. We consider the mark 1.1200 levels are the sellers’ next target.
On Yesterday, the GBPUSD pair kept weakening as the market place was concerned regarding the upcoming referendum statements. The released statistics in the UK might not support the pound currency. The pair GBPUSD was less uncertain yesterday. The value spent the full day in the narrow area: 1.4525 – 1.444 levels. Sellers tried to force the price cut down but failed. The resistance remains at 1.456 levels, the support remains at 1.448 levels.
MACD decreasing a sell signal. RSI signs no signal is in a neutral region. The 200-Moving Average doesn’t let the pound to chop down further on the 4HR time frames. GBPUSD still Bearish. The 200-Moving Averages stay as a support. If the value smashes under the level of 1.4480 the pair shall reduce to 1.4400 levels. Or else we will see a re-bounce upwards to 1.456 levels.
The more volatile in global financial market place made investors look for safety capitals: the US dollar & the Japanese yen. Meantime, the US dollar will rise when Initial Jobless Claims unpredictably fell of 264K vs. anticipations 270K. The yen stayed at the local lows in a range 106.80 – 106.25 levels. The resistance stands at 107.00, the support stands at 106.00 levels.
MACD indicates a buy signal. RSI is yet close to the oversold level of 30. The USDJPY is under the Moving Averages of 50, 100 & 200 on the 4HR charts. Now the pair is on its historical lows at the daily time frames. USDJPY is oversold & we want a correction. The levels of 107.00 & 108.00 are the next targets.
Brent – Crude Oil
The Brent futures fell following update the year highs on Yesterday morning. The medium recovery of the US dollar & investors’ desire to get profits became the key drivers for the Brent alteration. The oil quotes constant their growth. The value put a fresh high at 52.5 levels. The oil trend shows bullish. The resistance level is 52.50, the support level is 51.50.
MACD decreased on last day. If MACD reduces it will signs a sell signal. RSI is still near the overbought level of 70. The price is near the historical highs at the daily time frames – the level of 54.00. The Brent might sustain its correction & cut down to the mark of 50.50 where the 50-Moving Average is located.
The upcoming referendum in the UK well balanced with the Fed conference next week is the key drivers for the gold. We believe that the US dollar dynamics shall put the tone of the yellow metal. The gold quotes sustained to improve on Thursday. The futures spent the Asian & European sessions in a horizontal. The unemployment statistics in the US promoted the metal & its quotes will grow from the support level of 1260 to the mark level of 1270 at the US session. The resistances are 1280 levels, the supports are 1260 levels.
MACD shows a buy signal. RSI is still in the overbought level of 70. The gold is near by the strong resistance at 1280 levels. The yellow metal futures cut down from this level earlier time in May. The gold might reduce to the level 1260 to constant the growth from it. However, the further dynamics of yellow metal depends on the upcoming Fed conference results.