LeTechs Forex Blog - Forex & Gold Technical Analysis on 8 JULY 2016

08 Jul

Forex & Gold Technical Analysis on 8 JULY 2016

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Daily Technical Analysis on 8th July 2016

Technical Pairs: EURUSD, GBPUSD, AUDUSD, Brent-Crude Oil, & GOLD.

EURUSD

The euro reduced across the dollar after the uncertain Industrial PMI in Germany. The index showed a decline by 1.3 percent. EURUSD pair is still under pressure. Now it is in a descending channel. Its low limit consists at the mark level of 1.1035; its higher limit is at 1.1111 levels. Although the instrument rose to the local high at 1.1111 levels on day before yesterday the euro failed to touch the key resistance at 1.1130 levels. The sudden support is identifying at 1.1050 levels, the resistance remains in 1.1130 levels.

EURUSD pair traded under the 200-EMA which is presently seen as a resistance in the 1HR time frame. The 50, 100 and 200 EMAs are downside directions on the 4HR chart, it signs a downtrend. Decreased RSI is under the 50 level. MACD is in neutral zone, near to the centerline. All the indicators are yet bearish. A smash under the level of 1.1050 would unlock the door to 1.1000 levels. Or else the value will grow to 1.1130 levels.

GBPUSD

On Yesterday the pound made a bid to grow from the historic lows following a positive Industrial PMI released. Anyhow, investors stayed cautious about the future of the UK economy that yet forces the pound. The British currencies persist inside a short bearish channel. This pair recurred few of its losses during the EU session on last day. Yet, the resumption was short-lived & it fell back to the closest support level of 1.2900. GBPUSD is still under the mark level of 1.30. Investor thought towards the pound is yet negative. The resistance lies in 1.3100 levels, the support remains in 1.2900 levels.

All the indicators sign only a sell signal. The pound stands weak as political volatility in the UK is still collapse. The upcoming target for this pair is 1.2700 which is a support level.

AUDUSD

The Australian dollar declined when the rating agency S&P inclination the Australian credit rating. The rating was declined from balanced to negative. AUDUSD pair reduced after bouncing back few of its losses on day before yesterday. The instrument traded in a descendent channel where the pair drives from its higher limit last day. The mark level of 0.7540 stands the key resistance for the pair which is guarded by sellers as the pair has rebound from the level the two rows within a week. The resistance remains in 0.7500 levels, the support stays in 0.7400 levels.

MACD decreased which enters the negative zone will be a sell signal. The fundamentals forced the AUD. The value is anticipated to fall towards 0.7400 levels in the 200-EMA.

Brent – Crude Oil

The Brent recovered into the red zone when Crude Oil Stocks modify report showed a reduce that coincided with investors' predictions. Experts’ stands disappointed as they anticipated a huge drop. The Brent futures fell from 49.50 to 46.50 levels on Yesterday. The instrument lost regarding 300 pp & blocked its fall at 46.15 levels. The resistance seems in 47.50 levels, the support remains in 46.50 levels.

MACD & RSI doesn’t show a clear signal. Overall outlook remained bearish. The value is under the moving averages of 50, 100 and 200 in the 4HR time frames. The moving averages are directed downsides. If the value fixates under the support levels of 46.50, it might sustain the downside trend in the short term position. The potential targets are 45.30 levels.

XAUUSD

On last day, the precious metal traded nearly 3-years high. The unemployment released in the US came an improved than anticipated. That news promoted the dollar & slowed down the rise of the gold. The gold reduced on yesterday following a rally to its peak level from 2014 on Wednesday. The metal futures lost regarding 0.50 percent throughout the course of trades. Yet, the pair was adept to recover some of its losses. The resistance remains in 1390 levels, the support seen at 1360 levels.

MACD & RSI from the oversold region in decreased. After all, the indicators stayed in a green zone. If RSI recover into the overbought area it will be a buy signal. The moving averages of 50, 100 & 200 are moving upside in the 4HR chart. XAUUSD pair rebound upside from the 100-EMA in the 1HR chart. We consider the growth will be constant now. The target levels are 1390.

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