LeTechs Forex Blog - Forex Technical Analysis on 4th October 2016

04 Oct

Forex Technical Analysis on 4th October 2016

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Daily Technical Analysis on 4 October 2016

Today’s Technical Pairs: EURUSD, GBPUSD, AUDUSD, USDJPY & XUUSD.

EURUSD

The dollar gets some growth among renewed optimism about DeutsÑhe Bank. Technically, the value handled its bearish tone. The euro was less volatile throughout the European hours on last day. The pair remained under the 1.1250 levels and kept its range-trade intact throughout the course of trading session. The value decreased in the US session.

The price hovered over the 50, 100 and 200 EMAs in the 4HR chart. The moving averages give a solid support for the key currency pair. The resistance finds in 1.1250, the support remains in 1.1200 levels. MACD is in the positive zone. Indicator RSI stands in the neutral region.

GBPUSD

The pound reduced on yesterday despite the positive Manufacturing PMI. The report did not assure investors in a growing strength of the UK financial market following the Brexit. UK's Prime Minister Theresa May placed the final date for the Brexit which weighed on the pound as well. The pair gapped downsides in the Asian session on last day. The value sustained moving downwards throughout the European trade. The value broke on 1.2900 levels and started consolidating its growth.

The price is under the 50, 100 and 200 EMAs in the 4HR chart. The moving averages keep moving lower. The resistance seems at 1.2900, the support appears in 1.2800 levels. MACD decreased which confirms the power of sellers. Indicator RSI surrounded the oversold region.

USDJPY

The yen was neutral on yesterday despite the solid Tankan publishes. Markets ignored the report, waiting for the US Manufacturing PMI later today. The pair stays neutral on last day. The dollar shows firm across the yen. The value traded in a stiff range between 101.10 – 101.60 levels during the European session. The pair began a consolidation phase following a solid rebound from the three months support line of 100.06 levels.

The pair was sandwiched between the 100 and 200 EMAs which gives a quick support and resistance. The moving averages are driving slowly in the 4HR chart. The resistance currently finds at 101.40 levels, the support remains at 100.40 levels. MACD stands at the same level which confirms the power of buyers. Indicator RSI is nearly the overbought zone. We advise to stay neutral for currently. We consider further sideways trades in the upcoming days.

XAUUSD

The yellow metal values stayed intact on yesterday even though the fears about a Deutsche Bank collapse eased. The metal was steady on last day following the last weekend’s sharp decrease. The gold traded around the fresh lows nearly the 1310 level.

The pair values are under the 50, 100 and 200 EMAs which are all heading lower. The resistance comes in 1320 levels; the support stands in 1310 levels. MACD indicator stands negative. Indicator RSI is in the overbought region. Currently the pair seems to be pointing towards its sudden support close to the 1310 levels. A close under the level will trigger losses to the mark at 1305 levels. A crack over the 1320 levels might cheer up buyers and would unlock the path to the 1327-1330 levels.

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