LeTechs Forex Blog - Forex & Gold Technical Analysis on 1st September 2016

01 Sep

Forex & Gold Technical Analysis on 1st September 2016

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Daily Technical Analysis on 31 August 2016

Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, and XAUUSD.

EURUSD

An expected US ADP survey heightened the chance of the Fed interest rate hike. The dollar conserves a bullish tone beyond the board. The pair tested new three-week lows on the rear of an ADP private employment survey releases. In usual, the pair stays in a downward channel, leading sideways. The value drive away from the 50, 100 and 200 Day EMAs in the 4HR chart. The 50 and 100 EMAs are directing downwards, the 200-EMA is just twisting down. The indicators MACD and RSI continue bearish slopes within negative region. The pair stays in the support level of 1.1130. The resistance is finds in 1.1200 levels.

GBPUSD

Positive Consumer Confidence in the UK little bit promotes the pound. The index came in at -7 of forecasts are -8. Yet, a solid US ADP report weighed on the sterling and the pairs regain its decline. The GBPUSD showed a blended dynamics on yesterday. At begin the value grew in the Asian session, after that, the gauge turned around and continue its decrease in the European & US sessions. The resistance currently appears at 1.3100, the support comes in 1.3000 levels.

The MACD and RSI indicators provide a sell signal. The value is returning under the 50 and 100 EMAs in the 4 HR chart. The moving averages directs downwards signs a sell signal. We consider the resistance level 1.3100 will break & then continue to fall additional to 1.3000 levels.

USDJPY

On Wednesday the dollar grew against the yen due to the latest Fed officials’ hints and the release of US employment data promising. The pair had a positive movement on yesterday. The value kept advancing towards the resistance levels of 103.50. MACD is moving within positive zone, RSI remains in the overbought region. The 50, 100 and 200 EMAs quickly their upwards which signs a buy signal. The resistances levels are 103.50, the support levels are 102.50.

According to the indexes the value is overbought right now. There is some risk towards the north side. Following the break over the level of 103.50, we might see the value extending up to the 104.50 levels.

XAUUSD

The pair traded nearly the two-month low level as investors calculated on for the US statistics to evaluate if its economy was accessible for a rate hike. The pair stands in a downward channel, nearly to its lower border. The gauge remains under the moving averages in the 4HR chart. The 50, 100 and 200 EMAs started to move their declines in the4HR chart. The resistance comes in 1316; the support seems in 1300 levels.

The MACD indicator stands at the same level which affirms the seller’s strength. Indicator RSI consolidated close to the oversold region. All the indicators advised short positions of the bearish.

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