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07 Oct

Forex & Gold Technical Analysis on 7th October 2016

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Daily Technical Analysis on 7th October 2016

Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY & XUUSD.
EURUSD
 
The euro reduced despite solid Factory Orders in Germany. Erkki Liikanen's statement weighed on the single European currency. According to Liikanen low interest rates and aggressive bond buying are required to promote the Euro-zone’s economy. The market was quite this last day. The euro kept on decreases following a sharp growth at the beginning of the week. 
 
The value traded much lower 1.1200 levels towards 1.1150 levels throughout the European session. The pair smashed the moving averages down side in the 4HR chart. The moving average remains neutral. The resistance finds in 1.1200 levels, the support comes in 1.1150 levels. MACD is in the negative zone. Indicator RSI is surrounding the negative region. The pair will stand below the pressure until it gets fresh upbeat drivers. Trader’s attention currently turns to the US nonfarm payrolls report. The value might soak additional on the rear of the solid NFP report. As the most possible outlooks, we advise further moving downside to the levels 1.1150 and 1.1100. On the opposite side, the currency pair might grow back over the 1.1200 levels.
 
 
GBPUSD
 
The pound revived three-decade lows. The UK currency stays vulnerable among Brexit-related causes. The pair currently grossly oversold in the near term. The pound traded onto the fresh lows on yesterday. The value stayed in a stiff range between 1.2700 - 1.2800 levels throughout the European time. The sterling drives lower before the US session open. The pair drives lower below the 50, 100 and 200 EMAs in the 4HR chart. The moving averages kept moving downwards. 
 
The current resistance finds at 1.2700 levels, the support stands in 1.2600 levels. MACD stands at the equal level which confirms the seller’s power.  Indicator RSI is in the oversold region. The pound is anticipated to stay vulnerable due to ongoing Brexit causes. The pair is likely reduced additional. The upcoming sellers' target level was 1.2600. Then breaking the level sellers will force the price to 1.2500 levels.
 
USDJPY
 
The pair strengthened as growing anticipations for a US rate hike this yearend sustained to promote the US dollar. The pair maintained its solid bid tone. The value stays in a short-term upside channel. The pair reached an important technical level of 103.50 in start of the European session. Following a brief consolidation the values widen its gains and drive towards 104.30 levels. 
 
The 50-EMA intersects the 100 and 200 EMAs upside which is a buy signal. All moving averages drive upwards in the 4HR chart. The resistance seems at 103.50, the support appears in 102.50 levels. Indicator MACD histogram grew which hints the buyers’ growth. RSI indicator is within the overbought region. The pair stands bullish with a target of 104.30 levels. The value requires moving under 102.50 levels to switch the trend to bearish.
 
XAUUSD
 
The yellow metal values continued to lose ground on last day as increasing anticipations of a Fed’s rate hikes this yearend. Keep fuelling the demand for the dollar. The metal extended its weakness on yesterday. The pair has been decreasing the 8 session in a row and has refreshed four-month lows. Following a short consolidation throughout the Asian hours the values faced a downward pressure and widen its weakness towards 1260 levels. After breaking the support level of 1260 the metal trended lower towards 1250 levels.
 
The 50, 100 and 200 EMAs accelerated their decreases. All moving averages kept moving south directions. The resistance finds in 1260 levels, the support remains in 1250 levels. Indicator MACD decreased which hints the seller’s growth. RSI Indicator stays within the negative region. The metal futures are most likely to constant to drive lower. The upcoming sellers’ target was the supports levels of 1250 and 1240.
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