LeTechs Forex Blog - Forex Weekend Technical Analysis on 2 September 2016

02 Sep

Forex Weekend Technical Analysis on 2 September 2016

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Daily Technical Analysis on 2 September 2016

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

EURUSD

An anemic than anticipated in US Manufacturing PMI weighed on the dollar & promoted the euro. The dollar was in horizontal before the US statistics. The pair looks bullish in the short term positions. The pair moved in a range between the support levels of 1.1130 and the 1.1160 levels. Following a weak Manufacturing PMI the value rallied & surrounded the mark levels of 1.1200. The resistance finds at 1.1200 levels, the support comes in 1.1130.

The EURUSD is below the 50, 100 and 200 EMAs which are driving downwards in the 4HR chart. The 50-EMA is intersecting the 100-EMA in the 4HR chart. The moving average provides a sell signal. MACD shows a bullish discrepancy in the 1HR chart. The indicator RSI moved towards the overbought region.

GBPUSD

The pound rallied on the rear of solid Manufacturing PMI in the UK. An expected Manufacturing PMI promoted the pair. The value grew from the last session lows at 1.3130 levels to the daily highs at 1.3270 levels. The GBP was also supported by a weak US Manufacturing PMI later on yesterday. The values ended the day in the 1.3220 levels. The gauge surrounded 1.3360 levels at the beginning of the US session.

The value broke the 200-EMA and moved away it in the 4HR chart. The moving average directs yet downsides. These indicate a sell signal. The resistance currently seen at 1.3360 levels, the support comes in 1.3200 levels. MACD grew which hints the sellers’ spot negative. RSI surrounded the overbought region.

USDJPY

The dollar stands nearly to the three-week highs before the upcoming Non Farm Payrolls report. In natural, the pair had a positive day on previous day. Still the bullish tones are popular. The pair sustained to lead upward and place a fresh daily high at 103.80 levels. The price little bit declined at the beginning of the US session following a weak statistics. The 50-EMA is intersecting upwards the 100-EMA in the 4HR chart. All moving averages are twisting north side directions in the 4HR chart. The resistance finds in 103.50 levels, the support remains in 102.50 levels.

But the MACD shows a bearish discrepancy in the 1HR time frame. RSI moved away from the oversold region. Currently the pair seems to be heading towards the level of 104.00. Still the USDJPY remains in overbought levels & might pull back slightly.

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