Daily Technical Analysis on 21st September 2016
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY, XAUUSD.
The dollar softened on yesterday. Traders were struggle before the BoJ and Fed meetings. The pair tried to recover the level 1.1200, but lost it. The euros bullish fasten faded and the pair fell under the level of 1.1200. The 50, 100 and 200 EMAs broke the value shortly & suddenly rolled back in the 4HR chart. The pair was under the 200-EMA at the beginning of the US session. The 50-EMA is intersecting the 100-EMA downside in the 4HR chart. The moving average directs downwards.
The resistance appears in 1.1200 levels, the support remains at 1.1130 levels. Indicator MACD stands at the same level which confirms the seller’s strength. RSI indicator is within the negative region. We advised staying out of the market ahead of the Fed meeting. The dollar might strengthen towards the 1.1050 levels on the rear of the Fed decision to hike the rates. Overall outlooks stay neutral now.
The pound declined and faced a fresh selling pressure. Buyers lost to hold over the 1.3000 levels on the rear of the weak dollar. There was not much to look on the UK schedule on previous day. Following a brief consolidation in the Asian session the value gave up its new growth. The sterling was not adept to continue its gain and sharply cut down under the psychological level 1.3000 throughout the European session. Currently the value is moving lower towards the upcoming support levels at 1.2870. The value stays under the main moving averages which are all indicating downwards.
The current resistance seems at 1.3000 levels, the support comes at 1.2870 levels. MACD indicator decreased which confirms the seller’s strength. Indicator RSI is in the oversold zone. Still the pair stands in red figures. The pair currently seems to be moving towards its quick support close to 1.2870 levels.
The yen conserved a neutral accent before the US Fed and the BoJ meetings. The value was adept to regain and reversed few of its losses but stays in bearish zone. The pair was in the consolidation range between 102.00 & 101.40 levels on yesterday. The quote goes rear & front within the range throughout the full day. The gauge was struggling with the 50 and 100 EMAs in the 4HR chart which is act as a resistance now. The moving average remains neutral in position.
The resistance comes in 102.50 levels; the support finds at 101.40 levels. Indicator MACD moves into the negative zone decreased which confirms the seller’s spot strengthen. RSI stands within the neutral region. We conserve a short-term neutral scenario for the pair before the BoJ and Fed meetings. If the value fixates under the support levels of 101.40, it might sustain to the downside trend in the short term.
The yellow metal was neutral on yesterday as traders ready for the US & BoJ central banks meetings. Gold values enjoyed a mixed session through trade on previous day. The value regains throughout the Asian session and turned over in the European time. The pair came against a selling pressure close to the resistance levels of 1320, twisted around and moved towards 1310 levels. The pair rebound from the 50-EMA in the 4HR chart. The moving averages kept driving lower.
The resistance finds in 1320 levels, the support stays at 1310 levels. Indicator MACD decreased which hints the seller’s strength. RSI indicator is within the neutral region. The oscillator is driving south. If the Fed hikes the rate as the most probable picture, we advise additionally moving downside towards the levels at 1300. If the US controller keeps the rate unmodified the price will gain through 1320 levels towards 1330 levels.