Daily Technical Analysis on 19th July 2016
Technical Pairs: EURUSD, GBPUSD, USDJPY, Brent-Crude Oil & GOLD.
There is yet a degree of mild optimism that the Fed will raise the rate this year, which promoted the dollar. Investors appraise the chance of the rate hike by 42 percent. A daily chart shows that the pair is in the area between the mark levels of 1.1000 & 1.1170. The euro remained within the middle-term descending channel in the 4HR chart. The instruments create a very hard support around 1.1000 is a solid psychological level. The resistance remains in 1.1130 levels, the support remains in 1.1050 levels.
MACD decreased in the negative zone which signs the sellers’ strength. RSI bounces back from the oversold zone, its signal line grew that express buyers’ growing strength. The price is nearly to the 50-EMA which acts as a resistance. The moving averages of 50, 100 and 200 are moving downsides which is a sell signal. Intend the pair smash the support 1.1000 levels the instrument EURUSD will reduce to 1.0900 levels. A smash over 1.1130 might advance to a growth towards 1.1200 levels.
The pound will grow to the session high following Martin Weale’s speech of BoE representative. According to him, there is no rush to cut the interest rate in August. In natural, we do not see any modify in GBPUSD's scenario, its downside yet in progress. The pair pursued to recover few of its earlier week losses. Nonetheless, the growing desire faded over 1.3300 levels. The current resistance stays at 1.3300 levels, the support lies at 1.3100 levels.
MACD stayed neutral. This enters the negative region that will express sellers’ growing strength. RSI is in the neutral zone. The instrument is sandwiched comparison the 100 and the 50 EMAs. The 200-EMA directs downwards, the 50-EMA and the 100-EMA are flat in position. We still stay bearish on the scenario for the economy. If the value makes one more attempt to crack the level 1.3100 the pound might cut down to 1.2700 levels.
The yen weakened on Yesterday when Turkish government reborn its control above the country following a failed coup. Investors initially ran to the yen as a safe capital on the news regarding a coup attempt. USDJPY remained in a trading zone around 106.00 levels. Our technical scenario is yet short-term bullish. The resistance level was 106.00; the support level was 105.30.
MACD stayed in the positive region decreased which indicates the buyers’ positions weakening. The overbought zone of RSI signs a buy signal. The 50-EMA smashes the 100-EMA upwards. The moving averages of 50, 100 & 200 are yet moving upsides which are a buy signal. An uptrend will begin as soon, as the pair raises over 106.00 levels. Once we crack over the 106.00 level, we think the next level will be 107.00. Alternatively, the price might fall back to 103.50 levels.
The gold quotes stayed below pressure close to the two-week lows when the markets place recovered following the failure of the military coup in Turkey. The current reduce is looking alterative with the more positive emotions for the market place. The instrument creates a very strong support over 1330 levels. The resistance seems in 1330 levels, the support seems in 1316 levels.
MACD decreased in the negative area which indicates the sellers’ strength. RSI Indicator is near to the oversold region. The value is locked in-between the 50-EMA & the 100-EMA. The moving averages of 50, 100 and 200 EMAs are turning downwards. We pretend the pair will go to the level of 1316 first. Having beaten the first target the value may go downwards to 1300 levels.
Brent- Crude Oil
The Brent went back & forth on yesterday fluctuating in a narrow range among drilling activity improves in the US. Besides, investors are digesting the news about a failed coup in Turkey. Overall outlook stays bearish. The Brent is in a descending channel, drifting at the support level of 46.50. The Brent appeared negative dynamic last day when the instrument fell back under the level of 47.50. The resistance appears in 47.50 levels, the support appears in 46.50 levels.
The value broke the 50-EMA downsides. The moving averages of 50, 100 and 200 are directing downwards in the 4HR chart. If the indicator grows its next stop might well be at 47.50 area. If the value cracks this region, after that this might advance to renewed buying momentum. Conversely, a smash under the current support 46.50 level risks reduce towards 45.30 levels.