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06 Sep

Forex & Gold Technical Analysis on 6th September 2016

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Daily Technical Analysis on 6 September 2016

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

EURUSD 
 
The pair gets some support on the rear of the weak dollar following the depressed Non Farm Payroll report. The US market was shut down due to Labor Day.
 
The pair was less uncertain on yesterday. The euro moved north side in the Asian session. Then sellers were adept to force the value lower in the European & US sessions. The value stays under 50, 100 and 200 EMAs in the 4HR chart. All moving averages kept driving lower. The resistance comes in at 1.1200, the support remains in 1.1130. MACD shows discrepancy in the 1HR time frame. Indicator RSI is advancing towards the oversold region.
 
GBPUSD
 
The pound strengthened due to better-than-forecast Service PMI and due to the weakness of the dollar. The pound arouses and tested the level 1.3360 on previous day. The sterling was adept to place a daily high at 1.3372 levels. After touching the level 1.3360 the pair little bit rolled rear and wipe out few of its gains.
 
The pair drifts over the moving averages in the 4HR chart. The moving averages are twisting upside directions. The current resistance finds in 1.3360 levels, the support seems at 1.3200 levels. MACD shows concurrence in the 1HR time frame chart. Indicator RSI is in the overbought zone.
 
USDJPY

The pair softened on last day trades, but the dollar is still below pressure following weaker-than-forecast of Non Farm Payrolls report. Furthermore, the US market was shut down due to celebration of Labor Day. The pair wipes out few of its gains on yesterday. The value reduced from earlier week highs at 104.30 to the 103.50 levels. 
 
The gauge stays over the moving averages in the 4HR chart. The 50-EMA smashed the 100-EMA and surrounded the 200-EMA in the 4HR chart. The resistance lies in 103.50, the support remains in at 102.50 levels. MACD created a discrepancy in the 1HR time frame. Indicator RSI left the overbought region, but stayed within positive zone. A crack under the level of 102.50 risks reduced rear towards the support level of 101.40.

XAUUSD
 
The yellow metal remained nearly to the weekly high as depressing the US labor report diminished forecasts for another rate hike this year. The pair traded nearly to the weekly high on last day. The value was at the 200-EMA in the 4HR chart. The indicator moving averages are twisting upwards. The resistance seems at 1330, the support stays in 1316 levels. Indicator MACD is in the positive region. The histogram grew which hints the buyers’ strength. RSI indicator is nearly to the overbought zone. The yellow metal will presume its north side trend if it smashed the resistance levels 1330.
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