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11 Oct

Daily Technical Analysis on 11 October 2016

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Daily Technical Analysis on 11th October 2016

Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY & XUUSD.
EURUSD
 
On Monday Japan, Canada & US markets were closed. The dollar strengthened following the second US Presidential debates where Mrs. Clinton comes up victorious as Mr. Trump’s reputation was flawed after a leak of a video where he disgraced women. The normal European currency is again below pressure. The level 1.1200 blocked its recovery; the price twisted over and moved towards 1.1150 levels. 
 
The pair is however in a descending channel, driving to its lower trend line. The 50, 100 and 200 EMAs covered the level of 1.1200. The value bounced from them and headed downwards in the 4HR chart. The resistance remains in 1.1200, the support comes at 1.1150 levels. MACD histogram decreased which signs a sell signal. Indicator RSI moved towards the negative levels.
 
 
GBPUSD

The British pound is below pressure in the 2nd week in a row. The positive UK data was not adept to promote the sterling. The pound was inactive on yesterday, trading down following the turbulent Friday’s trades. The sterling was trying to consolidate over 1.2400 levels throughout the trades on last day. 
 
The 50, 100 and 200 EMAs slowed their downside momentum in the 4HR chart. The moving averages kept directing lower. The resistance currently seems in 1.2500 levels, the support appears in 1.2400 levels. Indicator MACD looks divergence in the 4HR chart decreased which confirms the power of sellers. RSI indicator stands within negative region. The pair is oversold; trading will be according to technical factors, due to the absence of solid drivers.
 
USDJPY

The dollar kept strengthening against the board on predictions that the Fed will hike rate this December. Currently the trend is bullish. The pair was in buy mode on last day. It has completed a downward impulse, the value bounced from the mark level of 102.90 and drive higher. The pair regained all its losses throughout the European hours. In the 4 HR chart, the value is in a mid-term ascending channel, heading upwards from its lower limit. 
 
The 50-EMA widen its growth, the 100 and 200 EMAs are moderately bullish in the HR chart. The resistance found in 103.50 levels, the support stays in 102.50 levels. Indicator MACD shows a divergence in the 1HR chart histogram grew which hints the buyer’s strength. RSI indicator moved towards the overvalued area.
 
 
XAUUSD

The yellow metal regain on yesterday despite Cleveland Fed President’s speech where he promoted the idea of a US rate hike this December. The metal gapped higher at the beginning of the fresh week. The values widen its recovery on last day following a sharp reduce on last weekend. The pair broke the level of 1260 upwards and slowed down some pips above it. The gold slightly eased at the US open. The moving averages handled their decline in the 4HR chart. The resistance comes in 1260 levels; the support appears in 1250 levels. Indicator MACD grew which hints the seller’s spot weakening. RSI indicator stays within oversold region.
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