LeTechs Forex Blog - Forex & Gold Technical Analysis on 5th October 2016

05 Oct

Forex & Gold Technical Analysis on 5th October 2016

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Daily Technical Analysis on 5th October 2016

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

EURUSD

The dollar strengthened against the board among renewed speculation that the Fed might raise rates this December. The single European currency lost to regain the resistance levels at 1.1250 and had a sharp fell under the 1.1250 levels on yester day. The price cut down towards 1.1150 levels where sellers ran out of steam, the pair slowed down reduced and rolled rear to the 1.1170 area.

The euro smashed the 50, 100 and 200 EMAs downsides in the 4HR chart. The moving averages are following the value downwards. The resistance finds in 1.1200 levels, the support remains in 1.1150 levels. Indicator MACD decreased which confirms the power of sellers. RSI indicator is surrounding the oversold region.

GBPUSD

The pound touched thirty one-year low across the dollar despite positive UK Construction PMI on hard Brexit fears. The pair handled its negative tone in the trading session. The pound soaked lower and revived 3-decade lows. The sterling cracked the support levels at 1.2800 and reduced additional, approaching the upcoming level of 1.2700.

In the 4HR chart, the 50, 100 and 200 EMAs widen their decline. The resistance seems at 1.2800, the support stays in 1.2700 levels. Indicator MACD is in the negative zone decreased which confirms the seller’s power. RSI indicator is in the oversold region. Currently sellers have the ball. We are considering for the support break now and after that continuation of a fall with additional target levels at 1.2600.

USDJPY

The yen cut down among the risk-appetite growth. Still, investors doubt that the BoJ will reach the targeted 2 percent inflation in the shortest term. The neutral tone changed to the bullish side. The pair sustained to lead north and was adept to test the level of 102.50 at the beginning of US session. The pair advanced upwards away from the moving averages in the 4HR chart.

The 50, 100 and 200 EMAs are after the value and are twisting upside directions. The resistance currently appears in 102.50 levels, the support exists in 101.40 levels. MACD grew which confirms the buyer’s strength. Indicator RSI is in the overbought zone. A consolidation over the 102.50 levels will hint the starting of a bullish phase. We anticipate additional moving upwards as long as the support level of 101.40 stays intact.

XAUUSD

The yellow metal value decreased on yesterday as optimistic US data kept weighing on the gold. The pair switched the neutral tone to the bearish side. The metal extended its weakness on last day. Following the consolidation during the Asian session the value sharply cut down under the level of 1310 and advanced towards 1280 levels. The pair smashed the 1300 and 1290 levels on its path downside.

The 50, 100 and 200 EMAs accelerated their decreases in the 4HR chart. The resistance remains at 1300 levels, the support stands in 1290 levels. MACD indicator decreased which confirms the seller’s strength. Indicator RSI is in the oversold area. A solid breakdown and nearly under the level of 1290 might drive prices lower towards 1280 levels. Still, the gauge is oversold and we do not ignore a roll back towards 1305 levels.

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