16 Aug

Forex & Commodity Technical Analysis on 16 August 2016

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Daily Technical Analysis on 16 August 2016

Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY & Brent- Oil.

EURUSD 
 
The dollar softened across its key rivals as the depressing US statistics kept weighing on it. The euro grew on yesterday on the rear of the weak dollar. Traders were adept to force the price upwards to the 1.1200 territory. The resistance comes at 1.1200 levels, the support remains in 1.1130 levels.
 
Indicators provide a buy signal. The value is driving above the 50, 100 and 200 EMAs in the 4HR chart. The moving averages range is widening, the 50-EMA is drifting away from the 100 and 200 EMAs. Moving averages also gives a buy signal. The price surrounds the resistance levels 1.1200. If the pair breaks the region the growth trajectory will be constant towards 1.1270 levels.

GBPUSD 
 
The pound wipe out its latest gains as the lag with departing the EU returned volatility to the markets. The pound still under pressure, the sterling sustained to approach the thirty-year historic low. The instrument experienced a short lived downward movement; traders forced the value under 1.2900 levels. The current resistance seems in 1.2900, the support finds at 1.2700 levels.
 
The indicators of MACD and RSI still unchanged; both of them sign a sell signal. The price headed over the moving averages of 50, 100 and 200 which are pointing downward in the 4HR chat. The moving average also signs a sell signal. We stay bearish on the pair. If we break under the 1.2900 level, we consider the next level will be at 1.2700.
 
USDJPY
 
The yen slightly weakened on the rear of the softer than anticipated GDP data of 2nd quarter. The dollar slightly reborn on yesterday, still, we preserve a bearish scenario. The pair stayed under the level of 101.40 by the end of the trades. The resistance finds at 101.40, the support appears in 100.40 levels.
 
MACD reduced which confirms the power of sellers. RSI remains neutral. The price stands under the 50-EMA which lengthy lower. Currently the 50-EMA acts as a resistance for the USDJPY. The moving averages of 50, 100 and 200 driving downwards. Overall outlook stays bearish, for a drop towards 100.40 levels in support zone.
 
Brent- Oil
 
The Brent strengthens & touched the three-week high on the forecast of the OPEC meeting next month. Brent grew; the price traded in an upper channel & surrounded its upper limit by the final of the trades. The resistance lies in 48.50, the support finds at 47.50 dollars per barrel.
 
MACD is in the positive zone, If MACD stays positive buyers’ spots will strengthen. RSI drives to the overbought region. Brent futures moved above the 200-EMA in the 4HR chart. The 50-EMA crossed the 100-EMA in the 4HR chart. All eyes are currently at the resistance level 48.50. If Brent cracks the level it will keep moving towards 49.50 levels. The gauge might pull back under 47.50 levels which is a best chance to buy on a dip.
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