Daily Technical Analysis on 30th September 2016
Today’s Technical Pairs: EURUSD, GBPUSD, AUDUSD, USDJPY.
The fresh US reports revived some belief for a rate hike by the Fed till the year end. The euro weakened on the rear of the poor Unemployment Change report in Germany. The pair got a support over 1.1200 levels and traded modestly horizontal on yesterday. The value remained inactive between the levels of 1.1200 and 1.1230 throughout the European trade.
The moving averages of 50, 100 and 200 are stands neutral. The resistance finds at 1.1250, the support remains in 1.1200 levels. MACD indicator is at the centerline which enters the negative zone that will hint seller’s strength. If MACD comes back into the positive zone the buyers will take over the market control. RSI indicator remains neutral in position.
The pound weakened on previous day despite the positive UK reports. The fresh Yellen’s comments promoted the dollar. The pound was adept to widen its recovery at the beginning of the day & place a daily high at 1.3050 levels. Still, the pair was not able to stay its gains and reduced rear to the 1.3000 region. The sterling is tried with the 50-EMA to grow additionally.
The 50, 100 and 200 EMAs are moving downwards. The resistance currently seems at 1.3100 levels, the support stays at 1.3000 levels. MACD indicator is at the centerline which enters the negative zone that will indicate seller’s power. If MACD returns into the positive zone the buyers will take over the market control. RSI indicator remains neutral. The pair might recover additional. The buyers’ first target was mark level of 1.3060, the second levels was 1.3100. A short term under the 1.3000 levels will trigger losses to the 1.2900 levels.
The US dollar gained due to the fresh Yellen’s comments and the OPEC agreement to cut oil outputs. The pair remained bullish on yesterday. The buyers were adept to force the price towards 0.7700 levels and even pierced the level. Still, they were not able to hold their growths and the value rolled back towards 0.7650 levels.
The pair is hovering over the 50, 100 and 200 EMAs in the 4HR chart. The 50 and 100 EMAs intersected the 200-EMA upside directions. The resistance finds at 0.7700, the support remains in 0.7650 levels. MACD indicator stands at the same level which confirms the buyer’s strength. Indicator RSI is within the neutral region. If the pair breaks the 0.7650 levels value will decrease to 0.7600 levels. Or else, the pair will return to 0.7700 levels.
The yen weakened after the OPEC agreement to limit oil output to 32.5-33 million bdp. The dollar rallied throughout the course of trades on yesterday. The price was adept to smash the level of 101.40, but it lost to widen its growth and retreated to the cut level. Currently, the pair is trying to consolidate its growth.
The value smashed the 50 and 100-EMAs and reached the 200-EMA in the 4HR chart. The 50-EMA is turning upsides; the 100 and 200 EMAs are heading lower. The resistance stays at 101.40; the support appears in 100.40 levels. Indicator RSI is in the overbought zone.