Daily Technical Analysis on 10 August 2016
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY & GOLD.
The euro traded in a stiff range although the dollar was below force all over the panel. The demand for the euro is finite by the European stocks strengthening but the tone is yet negative in the market. EURUSD spent the day in a stiff range locked in-between the levels of 1.1080 – 1.1100. The gauge tried to attain the 1.1130 level, but lost. The value spiked & regain into the range. The resistance finds in 1.1130 levels, the support comes in at 1.1050 levels.
The moving averages are creating a narrow range in the 4HR chart. The value tried to cracks the 50, 100 & 200 Day EMAs upside directions, but lost and returned under the 200-EMA which acts as a resistance now. EUR/USD is below the pressure line. The price will meet the additional downwards pressure following the breaking levels of 1.1080 downwards.
The pound softened to the new monthly lows across the dollar after the gloomy Production data in the nation. The weak data renewed interests over the UK economy strength but the tone is yet negative in the market place. The pound sustained driving lower on Tuesday. The last day session low was marked at 1.2954 levels. The current resistance comes in 1.3100; the support exists at 1.2900 levels.
The two indicators slightly modified from Monday. The 100-EMA is crossing the 200-EMA in the 1HR chart which signs a sell signal. The price is surrounding the 50-EMA which acts as a resistance for the gauge. The value might pull back from the 1.3000 area where the 50-EMA lies. The next sellers’ target is 1.2900 levels.
The dollar stands solid against its rivals on the rear of the strong Labor data in the US. The USDJPY closed bearish on previous day. The dollar retreated from the resistance levels 102.50 which are guarded by the sellers. The resistance finds in 102.50; the support comes in at 101.40 levels.
MACD is in the centerline. RSI indicates neutral. Technically, the 4HR chart shows that the value was tried with the 50-EMA which limits its growth. An attempt to crack the EMA failed and the gauge recurred below. The moving averages of 50, 100 and 200 directs downwards in the 4HRchart. If the value breaks over 102.50 levels, then this might advance to a renewed buying momentum, possibly towards 103.50 levels. Conversely, the USDJPY will decline to 101.40 levels.
Gold is under pressure following the anticipations for the upcoming US rate hike. The yellow metal traded in a tight range on Yesterday. The value was sandwiched between the levels of 1330 – 1336. The gold partly recovered in the US session. Buyers were adept to force the price to 1340. The resistance comes in 1350 levels, the support finds at 1330 levels.
The price spiked upsides to the 50-EMA in the 4HR chart. Currently the 50-EMA acts as a resistance for the yellow metal. The 50, 100 and 200 EMAs are neutral in position. We predict XAUUSD to sustain growing with the target levels at 1350.