Daily Technical Analysis on 12 August 2016
Today’s Technical Pairs: EURUSD, GBPUSD, NZDUSD, USDJPY & GOLD.
Dollar traded longer on the rear of the solid Jobless Claims report which showed a fall in the claims figures. The market place little changed on last day. The pair might escalate up to 1.1180 levels; yet, the rally was short-lived & weak. The value stands in the equal range. The resistance finds in 1.1200 levels, the support comes in 1.1130 levels.
MACD points to the sellers’ spot weakening. RSI remains nearly the overbought region. The moving averages slightly modified from previous day. If the pair keeps growing its upcoming stop might well be at the 1.1200 area. Should the pair soften; the value will fell to 1.1050 levels.
The pair ignored the US labor market report & oil prices growth. Investors’ attention at present turns to the retail sales & consumer sentiment publishes which might determine its further movement. The GBPUSD remained in bearish figures. Traders forced the price lower on yesterday. The pound is right now decisively trading over the level of 1.2900 marks. The current resistance comes at 1.3100 levels; the support exists in 1.2900 levels.
In the 4HR chart shows that the gauge remained under the bearish 50-EMA which extended its decrease. The 50, 100 and 200 Day EMAs are heading ground. The pair we are looking for the support break at present & after that continuation of a drop with a further target levels at 1.2900 and additional out 1.2700 levels.
The kiwi grew to 1-month high after the RBNZ decision to cut the rate by 0.25 percent. Sellers seem to have returned to the market place. After touching the 1-month high the value twisted and headed downsides. Traders were adept to advancing the value from the mark level of 0.7335 to 0.7225. The resistance seems in 0.7250, the support appears in 0.7150 levels.
The entire indicator provides a sell signal. The price is surrounding the 50-EMA in the 1HR chart. The 50, 100 and 200 EMAs are yet trending upside directions. The bearish looks are getting more famous. We consider the pressure will preserve. The upcoming sellers' stop might well be at the 0.7150 zone.
The yen wipe out all its latest gains following the Jobless Claims Report. Currently traders are demanding additional action from the BoJ- Bank of Japan. If the USDJPY extends softening the central bank will have to take a step accordingly. The market place was less volatile throughout the European Session on last day and became more active only after US Jobless Claims data. The dollar expanded on the rear of the solid US labor reports. Traders were force to the value much higher. The instrument smashed the levels of 101.40 and kept awaken. The resistance finds in 102.50, the support seems at 101.40 levels.
The value broke the 50 and 100 EMAs in the 1Hr chart. Following breaks the line in the pair sustained leads north. At present the 200-EMA acts as a resistance for USDJPY. The moving averages of 50, 100 and 200 directs downwards in the 1HR time frame. We believe the pair will drive on to test the upcoming bullish target at 102.00 levels, where the 200-day moving average lies.
Gold got below selling pressure following the positive US labor data. Experts are evaluating a possible timing of a rate rise by the Fed. The yellow metal spent earlier day in a stiff range 1341-1346. All buyers’ attempts to force the value higher lost. Sellers returned to the market place following a bunch of the US reports. The resistance seen in 1350, the support remains in 1330 levels.
The instrument traded over the 50-EMA which acts as a support for the pair in the 4HR chart. The moving averages of 50, 100 and 200 are yet trending much higher. The yellow metal futures got under pressure. If the force persists the upcoming sellers’ target will be at 1330 levels where a solid bullish 200-EMA lies in the 4HR chart.