Daily Technical Analysis on 13th July 2016
Technical Pairs: EURUSD, GBPUSD, AUDUSD & USDJPY & GOLD.
Although the markets were evaluating the latest US Labor Market report, the dollar cut down across other primary currencies. Investors moved their focus from the Brexit & its consequences to the next Central Banks meetings.
EURUSD pair bounces back upward from the level 1.1050 & the resistance level is tested at 1.1130. After all, the value slightly fell to the level 1.1100 by conclude of the trades. The market place will present a modest positive tone in the short term position. The resistance stands in 1.1130 levels, the support stands in 1.1050 levels.
The technical indicators have back down from the overbought region. The moving averages of 50, 100 and 200 are moving downside in the 4HR chart signs a sell signal. The value cracks the 50-EMA & 100-EMA is tested in the 4HR chart. Nonetheless, the 100-EMA ignored the pair downwards. The value is between the 50-EMA & 100-EMA that act as a support & a resistance. The pair is below the pressure. If EURUSD pair does make a getaway at that level 1.1050 the instrument might reduce to 1.1000 levels.
The news that Theresa May might came the next Prime Minister promotes the pound. This news lowered the political volatility which followed the Brexit. After all, the pound stayed under pressure anticipating the possible rate rise this week’s Thursday.
The British pound recurred & bounces back from the post-Brexit 31-year down at 1.2790. The instrument touched the new 1-week high at 1.3300 throughout the course of the full day. The pair advanced more than 250 pips during the whole day & left the resistance levels 1.3100 trailing. Yet, technically, the GBP stayed below the bearish force. The resistance stands in 1.3300 levels, the support remains in 1.3100 levels.
MACD cut across the zero line upwards & changed to the positive zone that hints the buyers’ strength. RSI is over 70 levels and is overbought now which also supports buyers. The pound smashed the 50-EMA & surrounds the 100-EMA in the 4HR chart. In the 1HR chart showed that the device broke the 50, 100 EMAs & directed superior & already over the 200 EMA. In the potential outlook, the next block for the GBPUSD might well be around 1.3500 levels that act as a solid resistance for the pound.
The AUDUSD pair presented a steady growth despite the Brexit exit. The rate in the nation is the one of the best in the world & its economy is one of the most balanced. The AUD also get some support from the next stimulus measures in JPY-Japan.
The AUD as a commodity currency shifted as risk appetite recurred to the markets place. The price will grow in the ascending channel & touched its upper limit. AUDUSD pair smashed through the level of 0.7600 upsides in the 4HR chart. The resistance remains in 0.7700 levels, the support stands in at 0.7600 levels.
MACD is in the positive region & constant its growth that hints the buyers’ strength. RSI approached the overbought zone that also promotes upside trend. The moving averages of 50, 100 and 200 are improving in the 4HR chart signs a buy signal. The buyers require cracking over 0.7700 for a stable growth. The technique to the mark level of 0.7800 will be unlocked following this breakthrough.
Shinzo Abe's victory in the fresh elections did not promote the yen. The yen stayed below the pressure line waiting for the new stimulus package. Risk appetite also set pressure on the yen. The yen cut down to its lowest levels in last two weeks across the dollar. USDJPY pair sustained its growth & smashed the resistance levels of 103.50 and 104.50. On Tuesday the pair showed a gain by 2.31 percent. The resistance lies in 105.30 levels, the support seems in 104.50 levels.
The indicators MACD & RSI kept advancing north in the 4HR chart. Positive area stands in a MACD. The histogram sustained it growth that hints buyers’ strength. RSI is in the overbought region which bolstered the buyers’ positions. The value broke the 50, 100 and 200 EMAs & advancing additional upwards in the 4HR chart. The EMAs are twisting upside after the value. Buyers still dominant the market. We are considering for the resistance 105.30 level crack & then continuation of a gain with an additional target at 106.00 levels.
The XAUUSD pair futures showed negative act due to the achievable stimulus measures in Japan & due to the reduced demand for the safe capitals. The gold quotations declined after the consolidation under the level of 1360. The value dropped by 1.50 percent & the support level tested in 1330. The resistance remains in 1360, the support stands in 1330 levels.
MACD is in the negative region which hints the sellers’ strength. RSI is in the oversold area also signs a sell signal. The value smashed the 50, 100 and 200 EMAs in the 1HR chart. The moving averages are turning downside directions. If the pair dominates to make a breakout of the mark level of 1330 the yellow metal might cut down up to 1316 levels. Conversely, the pair will move to 1360 levels.