Daily Technical Analysis on 14th October 2016
Today’s Technical Pairs: EURUSD, GBPUSD, USDJPY & XUUSD.
The dollar strengthened when the fresh FOMC minutes reaffirmed trader’s anticipations of a Fed rate hike this yearend. The pair unlocked on a solid note on yesterday. The value retreated from the current low at 1.1000 levels and regain to 1.1040 levels in the Asian session. The US dollar comes back into control of the flows in an early European session. The euro gave up its fresh gains and declined. The pair moved downside and pierced the level of 1.1000. The value lost to recover down levels.
The EURUSD rebound from the 3-month low mark levels at 1.0990 and regained few of its losses post-European open. The moving averages handled their decline in the 4HR chart. The resistance lies at 1.1050 levels, the support remains in 1.1000 levels. Indicator MACD stands in the negative region grew which hints the seller’s spot weakening. RSI indicator is holding close to the oversold area.
The dollar strengthened after the Fed’s minute’s release. The pound kept lost due to weaker Europeans stocks & oil prices. Sellers constantly dominate the market. The cable stays under selling pressure on last day. The pair spent the whole day over the fresh low at 1.2100 levels.
The value is developing under the 50, 100 and 200 EMAs which extended reduce. The resistance stands at 1.2200, the support finds at 1.2100 levels. Indicator MACD is in the negative zone grew which hints the seller’s spot weakening. RSI indicator is holding close to the oversold region. If the selling pressure preserves the pair, it will stay focused on a potential target of 1.2100 levels. Should this level be touched well, a further extension towards the level of 1.2000 might be realized additional.
The yen strengthened across the US dollar on the rear of the weaker-than-a forecast of Chinese data. The pair stayed in short-term ascending channels. The value retreated from the fresh weekly high & return under the level of 104.00. The downside pressure faded at 103.50 levels where the value turned around and was adept to reverse few losses. The USDJPY comes back into 104.00 levels attempt to recover the level.
The value stays over the moving averages in the 4HR chart. The 50, 100 and 200 handled their bullish tone. The resistance currently seems in 104.00 levels, the support stays at 103.00 levels. MACD is in the positive zone reduced which hints the buyer’s spot weakening. RSI indicator is advancing south directions.
The yellow metal prices grew on yesterday on the back of the weaker-than-a forecast of Chinese trading data. Chinese trade balance data revived worries of an economic slowdown in the nation. The XAUUSD remains neutral in the near term. The value continued its bounces from the solid psychological level of 1250. The metal value wiped out the early losses, still, the upside impetus faded at 1260 levels in the lack of market mover.
The moving averages handled their bearish slope in the 4HR chart. The resistance levels will be at 1260, the support appears in 1250 levels. Indicator MACD remained in the negative region grew which hints the sellers’ spot weakening. The RSI oscillator headed upward directions. The XAUUSD currently is in a flat position.