Daily Technical Analysis on 22 July 2016
Today's Technical Pairs: EURUSD, GBPUSD, AUDUSD, USDJPY & GOLD.
The ECB left its interest rates unmodified. According to Mario Draghi he anticipates the Euro-zone economies recover in a balanced pace. Mario Draghi underline that Brexit had a small effect to the inflation scenarion in the Euro-zone. The US released the positive Initial Jobless Claims data.
EURUSD stands under pressure last day. The ECB’s news generates a sharp short-term rally that supported the euro to 1.1060. Still, the rally run-down and sellers comes back to the market. The pair clogged the end of the day bearish. The resistance comes at 1.1050 levels; the support comes in 1.1000 levels.
Decreased MACD is in the negative zone, indicates the sellers’ strength. RSI recurred to the oversold region; decreased signal line also indicates sellers’ strength. The value is under the bearish 50-EMA which still acts as a resistance in the 4HR chart. The moving averages of 50, 100 and 200 are driving downsides which is a sell signal. The pair is aggressive to break under the psychological support levels 1.1000 at present.
The late rally in the GBPUSD pair was boosted by the positive unemployment reports. Yet, Thursday’s retail sales report undercut the overall positive scenario. Today’s key event is the number of PMI releases. The depressing UK retail sales report weighed the pound which cut down from the local highs. GBPUSD settled over the level of 1.3100 by the end of the trades. The current resistance seems at 1.3300, the support appears in 1.3100 levels.
MACD indicates the center line which enters the negative zone that will hints the sellers’ growing strength. If MACD recurs into the positive zone the buyers will take the control of the market. RSI is also in the neutral region. The instrument stays in-between the 50-EMA & the 100-EMA in the 4HR chart. The moving averages of 50, 100 and 200 directs downwards. The pair might regain its downtrend if it cracks the mark level of 1.3100. Conversely, the pair will rally almost 1.3350 levels.
RBA- Reserve Bank of Australia left its rate unmodified this week. The RBA left unlock the door for the rate modify for August. The instrument went from side to side throughout the course of the period on Yesterday. The AUD has formed a descent resistance over 0.7500 levels. All its attempts to gain were ignored by the level. The resistance stays in 0.7500, the support remains at 0.7400 levels.
The 4HR chart shows that the gauge is just under the 100-EMA. The 50-EMA & the 100-EMA are twisting down which signs a sell signal but the 200-EMA indicates neutral. If the pair handles to make a breakout of 0.7500 upsides the AUDUSD might hit 0.7550 -0.7600 zone. To generates further downward momentum the AUD requires to crack the level of 0.7465 in the 200-EMA.
The yen chops down on the news that the Shinzō Abe might increase the capacity of the fiscal stimulus measures. The pair soaked into a negative zone. USDJPY pair left behind the 107.00 & 106.00 levels surrounded 105.30 levels. The pair lost regarding 0.98 percent throughout the end of the day. The resistance appears at 106.00, the support seems in 105.30.
MACD stand in the positive region which is decreased hints the buyers’ positions weakening. RSI rebounds from the overbought zone which signs a sell signal. The instrument smashes the 50-EMA and 100-EMA in the 1HR chart. The moving averages of 50, 100 and 200 are turning downsides. The pair currently seems to be driving towards its quick support close to the level of 105.30. A break under the level would unlock the path to the 104.50 levels.
The gold turns into cheaper on the back of the dollar restoring. The real estate market place promoted the dollars. The instrument ends the day bullish. The pair was adepts to recur & gained regarding 0.82 percent by the conclusion of the trades. The yellow metal stopped now at the resistance level which is identifying at 1330, the support remains in 1316 levels.
MACD is in the negative area. The histogram grew which indicates the sellers’ positions weakening. Indicator RSI bounced from the oversold area. The value cracks upwards the 50 EMAs & 100 EMAs in the 4HR chart. Currently the value is over the 50-EMA which is advancing to penetrate the 100-EMA downsides. The XAUUSD bounce back from the level of 1308 in the 200 EMA & grew to the current resistance levels at 1330.