LeTechs Forex Blog - Forex & Gold Technical Analysis 24 August 2016

24 Aug

Forex & Gold Technical Analysis 24 August 2016

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Daily Technical Analysis on 24 August 2016

Today’s Technical Pairs: EURUSD, AUDUSD, USDJPY, & XAUUSD.

EURUSD

The EURUSD pair initially attempt to rally throughout the course of the session on yesterday, but after that broke down at the 1.1350 level. EURUSD, little bit weakened, following a good start of today trading, among a mixed statistics for the euro-zone.

On the 4-HR chart, there formed reversal candle pattern, arose following the pair pulled rear to the key level 1.1320 region. In the middle term upside trend is still in the slot. As the nearby resistance level is in the zone of 1.1461 levels. Yet, in the current situation of volatility we stand out of the market.

AUDUSD

The AUDUSD pair initially attempt to rally but we twist right back over to creating a shooting star. The shooting star is certainly a negative sign of the pair. Cracks down under the bottom of the shooting star advise that the market is going to probably drift much lower. If we can break over the 0.7675 levels manage above, the market place should constant to go higher. Still, we see quite a bit of resistance and accordingly we think this is possible a market that’s very likely to go rough regularly. At this current situation, the pair drives on the side lines.

Following yesterday's growth & the beginning of gap filling, the market place sustained to gain, as pair comes back to the key levels of 0.7660. We predict the movement to slow down in front of the resistance levels 0.7660 and the amiable of strengthening. Still, tried to settle over the 0.7660 levels are expected.

USDJPY

The USDJPY pair struggled a few times throughout the course of the Wednesday but did get enough support at the 100 levels to twist things rear around and form a solid sledge hammer. The hammer certainly is a bullish sign currently and this point of time if we can smash over the top of that hammer it is a good chance of buying.

Business activity index in Japan manufacturing sector in August expanded to 49.6 across 49.3 in last July. Throughout the Asian session, the pair sustained to fall. The pair stays within the range of mark level 99.91-101.78. We anticipate the market place will again bounce back from the bottom level of 99.91 and to pull back slightly to the balance region of 100.30. At the equal time we look that the probability expanded that pair will trade under the minimum support level of 99.70-99.90, to restore regional minimal.

XAUUSD

The gold markets rallied throughout the course of the session on yesterday, showing hints of consolidation. In this case, the market place should sustain to be rough, but I think there’s an upside bias in the yellow metal markets above the longer term. This is the mid of the holiday season, so it’s clumsy to figure that this can be a lot of volume but we consider every time this market pulls back you might have a short-term buying chances until traders get back to work from vacation, when we might see a constant of the bullish force that had been so extensive.

Today, in the Asian session yellow metal returned within mid-term zone of 1336-1358 levels. Still, gold remains below pressure-the earlier pullback could be triggered by ending stops. We anticipate the consolidation to sustain with returning to balance level of the zone 1.1345.

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