14 Jul

Daily Forex & Commodity Technical Analysis on 14 July 2016

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Daily Technical Analysis on 14th July 2016

Technical Pairs: EURUSD, GBPUSD, USDJPY, USDCAD, Brent- Crude Oil & GOLD.
The dollar is balanced against the euro. Investors are hanging for the fresh signals regarding the US economy. The euro recurred throughout the course of the day, the pair growth about 0.46 percent. The instrument stayed in a short-term position of descending channel; the value surrounds its upper limit. The resistance remains in 1.1130 levels & the support stays in 1.1050 levels.
MACD indicates in the centerline. If the histogram get into the positive zone, that will indicate buyers’ gaining strength. If MACD turns into the negative zone the sellers will take control above the market place. RSI is in the neutral area signs no signal. The price cracks the 50-EMA and 100-EMA in the 4HR chart. EURUSD pair surrounded the 200-EMA which is now acts as a resistance. The value is likely to stay in a horizontal limited by 1.1130-1.1050 levels.
The UK Prime Minister Cameron officially resigned and Theresa might take over promoted the pound. That news reduced the political volatility which followed the Brexit referendum. The pound is still below the pressure, the pair is hanging for the BoE decision about the rate.
GBPUSD reduced following a short-lived consolidation throughout the Asian session on last day. The pair lost regarding 0.65 percent on Wednesday. The instrument stayed in a descending channel, its superior limit is at the mark level of 1.33, and its inferior limit is at 1.2830 levels. The resistance remains at 1.3300 levels, the support stands in 1.3100 levels.
In the positive zone of MACD indicates the buyers’ weakness. Indicator RSI bounces back from the overbought region that also promotes sellers. The 100-EMA is a resistance in the 4HR chart. The value bounces back from the 100-EMA & reappeared to the 50-EMA which acts as a support. We consider the growth will be constant now. The 1st target levels are 1.3300, the next level will be 1.3500.
The yen was unsteady on yesterday & cut down across the dollar when the risk aversion recurred to the market place. Traders will keep a close eye on news flow approaching the anticipated further fiscal stimulus. The pair consolidated following the current rally. USDJPY pair stayed in a low side channel limited by 104.00 & 104.90 levels.
In the positive area of MACD remained at the equal level which confirmed volatility in the market. RSI is in the overbought region. If its signal line reduces this is a buy signal. The 200-EMA which acts as a support for the pair. The 50-EMA & the 100-EMA are under the value & are twisting upwards. We pretend the pair will consolidate about the level of 104.50. We do not ignore the growth to 105.30 levels.
The Bank of Canada held the rates stable on yesterday, while reducing oil values appeared to limit the CAD. CADUSD smashed the 50-EMA &d snapped the 100-EMA in the 4HR chart. The quotes bounces back from the 100-EMA which acts as a support.
MACD decreased positive zone which indicates the buyers’ levels weakening. RSI approached the oversold zone that also supports the sellers’ control. The pair declined & lost regards 0.60 percent last day. The instrument is in a short-term position ascending channel &d the pair surrounded its lower limit. The potential decrease target is the two levels of support: 1.2900 & 1.2800.
Brent – Crude Oil
The Brent declined when the IEA- International Energy Agency cautioned that the oversupply on world markets place threatens the price recovery. The API- American Petroleum Institute release showed an unanticipated grows in the US stock markets. The Brent was below the pressure line, the instrument lost regarding 4.50 percent. The value is in a downward channel, the oil futures reduced to the lower limit. The resistance stays at 46.50 levels & the support remains at 45.30 levels.
MACD is in the negative zone which hints the sellers’ strength. If MACD sustain its decreases, bears’ positions will strengthen. RSI is near to the overbought zone which proves a downtrend. The value bounces back from the 50-EMA downside directions. The moving averages are twisting downwards in 4HR chart. We might anticipate the growth towards 47.50 levels, added on we consider a fall to 45.30 levels.
Wednesday the gold grew as investors recurred to the yellow metal as a safe haven capital when the value dropped on day before yesterday. The pair moved in a sideways. The yellow metal futures consolidated following a sharp decline the other day. The instrument stands in a narrow channel 1335 – 1346. The resistance level was 1360; the support level was 1330.
MACD is in the negative region which signs the sellers’ weakness. Indicator RSI bounces back from the oversold zone. Its signal line moved upside which proves the strength of buyers. If the value fixates under the support level 1330, it might constant the downside trend in the short term position. The potential targets are 1300 levels. If the value grows it will bring up to 1360 levels.
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