Daily Technical Analysis on 23 August 2016
Today’s Technical Pairs: EURUSD, AUDUSD, USDJPY & XAUUSD.
EURUSD the bears have been handling to just about cling onto resistance levels in the 1.1320-65 region in a daily time frame. As well as the downward of the broken trend line, the 61.8 percent of Fibonacci retracement level from the previous fluctuations high meets the point of origin of the breakdown.
Accordingly a potential crack over in this zone, if identify, can be a little bullish outcome, which might then lead to another force towards the long-term resistance levels between 1.1425 & 1.1500. But if the pair turns back lower from this level 1.1320-65 area, after that the first key level of support to look at 1.1230 levels, downside which there is nothing important until the 50 & 200 day moving averages at around 1.1145 & 1.1100 levels, appropriately. The upcoming key support under these moving averages is at 1.1045 levels where the earlier low meets a bullish tendency. MACD pointing upwards directions on the line, but the indicator RSI is flat in position, directs neutral in upper side.
AUDUSD there is no significant economic event for today, so we can look at the trend. As of most of the trending shows 70 percent bearish sentiment, it means a good trading chance is on the buying side.
On an Hourly chart, has already begun the bearish trend line. The candles are in the mid of 20 & 100 moving average which is not a great time to come in. Still, a break under the 20EMA is a better selling opportunity. Further, a break over the 100EMA also an average chance for buying. MACD is already above the line.
USDJPY pair initially tested to rally throughout the day on opening weekdays, but then twist over to reach towards the 100 levels. Later yesterday’s breaching gap was brimming; the pair is retesting to smash over the 100.46 levels that act as the daily pivot for today.
On a daily chart, the USDJPY attempted to break over the solid resistance level at 100.82 rather, it ended at 100.32 levels. It is apparent that the value is hovering within 101.29 & 99.52 levels where it is the value stroke earlier this month. This is the huge fall of the pair previous week when Core CPI lost to meet forecasts. In the chart, it created a symmetrical triangle. A break under the trend lines signals a constant of long-term bearish drives. Still, a crack around the trend line offers short-term buying chances. Today, BOJ Governor Mr. Kuroda is expected to speak. Moments before & during Governor Kuroda meets, we can anticipate a sharp volatile movement.
The yellow metal prices bounce back from their ground as volatility surged 13 percent as US stocks rolled up into the open, yet the scale of the drive on the VIX shows out of proportion with the empty downdraft on stocks. Prices were helpless to recapture the 10-day moving averages which are examined as resistance close to the 1,343 levels. Support is detect nearly this month lows at 1.329 levels.
Momentum on the gold stands negative as the MACD indicator copy in the red line with a downward trajectory which directs to lower prices. Along Yellen scheduled to statement on last Friday at Jackson Hole, traders will be tentative ahead of the Fed Chairs criticism.