LeTechs Forex Blog - Forex & Gold Technical Analysis

09 Aug

Forex & Gold Technical Analysis

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Daily Technical Analysis on 9 August 2016

Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY & GOLD.

EURUSD

The Euro stands below the pressure line on Monday. Positive Industrial Production in Germany & Investors Confidence from Sentix was not able to promote the individual currency. The pair traded within Friday's level nearly on yesterday. The EURUSD was unable to regain the 1.1100 level. The short term outlook is neutral. The resistance comes in at 1.1130 levels, the support remains at 1.1050 levels.

The indicator provides a sell signal. In the 4HR chart, the value smashed the 50, 100 and 200 Day EMAs downside & stayed just below them. The moving averages are drifting downsides. Now, we are bearish on the pair. We predict a crack of 1.1050 & a further drive towards the lows at 1.1000 levels.

GBPUSD

The pound remained at the Friday’s end. The Sterling has been under forcing from the BoE cut the rate to cushion the Brexit negative cause. We defend a short-term bearish scenario for the pair. The pair stands close to the new lows. The value is locked between 1.3000 & 1.3100 levels. The current resistance finds at 1.3100, the support stands at 1.2900 levels.

The index slightly modified from Friday. MACD and RSI signs a sell signal. The trading instrument stayed under the 50, 100 and 200 EMAs in the 4HR chart. The moving averages stays in the same level. We anticipate a short-term growth towards 1.3175 levels where the 50 and 100 Day EMAs lie. In this potential outlook the pair shall rebound from the mark downside towards 1.2900 levels.

USDJPY

Traders sustained closing long positions on the rear of the renewed interest towards the risky capitals. The gauge is modestly bullish in the short term position. The pair maintained its solid buying tone. The dollar grew against the JPY & touched the level 102.50 where it finished the first day of the week. The resistance lies in 102.50 levels, the support finds in 101.40 levels.

MACD is in the centerline. RSI is surrounding the overbought region. The instrument cracks the 50-EMA & remained over it in the 4HR chart. The moving averages of 50, 100 and 200 directs downwards in the 4HR time frame. If the pair does make a breakout at 102.50 levels and upward trajectory will be constant towards 103.50 levels.

XAUUSD

Gold became cheaper on yesterday following the strong U.S Labor market report which expanded the possibility of the rate raise by the Federal Reserve this year. The yellow metal future stands at the weekly low after a sharp decline last weekend. The value traded in a narrow side channel compared the levels 1330 & 1337. The XAUUSD stays in the ascending channel, at its low edge. The resistance remains at 1350 levels, the support stays at 1330 levels.

MACD is in the negative territory, at the same level which approves the strength of sellers. RSI rebounds from the oversold region. The value stands under the 100-EMA in the 4HR chart. The gauge is sealed between the 100 and 200 EMAs. The moving averages are driving downside directions. We anticipate a pullback towards 1342 levels where the values might turn downwards and sustain with reduces.

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