LeTechs Forex Blog - Forex & Gold Technical Analysis on 19 October 2016

19 Oct

Forex & Gold Technical Analysis on 19 October 2016

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Daily Technical Analysis on 19th October 2016

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

EURUSD

The dollar weakened all its main peers as the depressing US data keep weighing on it.

The pair remained in a short-term descending channel on last day. The price bounced off its lower limit, surrounding its upper boundary throughout the first session of the day. Currently, the recovery might be bear’s profit taking following earlier week decline. The pair challenged another selling pressure at the US session. The EURUSD gave up its fresh gains and jumped under 1.1000 towards 1.0950 levels.

According to the 1HR chart, the recovery activity was limited by the 100-EMA close to the 1.1000 area. The price rebound from the line and headed downwards. The moving averages of 50, 100 and 200EMAs keep moving lower. The resistance finds in 1.1000 levels, the support remains in 1.0950 levels. Indicator MACD stays in the negative zone decreased which confirms the seller’s spot strength. RSI oscillator moved downside directions.

GBPUSD

The pound strengthened on the rear of the positive Consumer Price index in the UK.

The sterling stands in a range during the yesterday’s trades. The value moved from its lower limit at 1.2130 levels and was adept to heighten up to 1.2288 levels where the upward momentum faded. A struggle to recover was limited by the 50-EMAs in the 4HR chart. All moving averages keep driving south in the 4HR timeframe. The resistance stays at 1.2300 levels; the support comes in 1.2200 levels. MACD grew which hints the sellers’ spot decline. RSI oscillator moved upside direction. A crack above the upper limit of the range will grant recovering towards 1.2400 levels. A break under the level of 1.2100 will advise further declines.

USDJPY

The dollar traded lower across all the other major currencies after the weak Empire State manufacturing report which diminished forecast for another rate hike by Fed this December. The three-week bullish trend stays intact. The value strengthened in the Asian session on yesterday. Still, the growth was blocked by the 104.00 level, where the pair clashes a selling interest, forcing the price lower. The pair bounced off the level and moved downwards to the 103.40 area where the 50-EMAs lie. The 50-EMAs might give a solid support for the quotes in the 4HR chart.

The moving averages handled their bullish slope in the 4HR timeframe. The resistance currently seen in 104.00 levels, the support remains in 103.00 levels. Indicator MACD decreased which hints the buyer’s spot decline. RSI indicator is within the neutral zone.

The pair potential outlook, the coming stop might well be around 103.40 levels. If the force persists the value will widen its losses towards 103.00 levels.

XAUUSD

The XAUSD prices traded higher on last day as the depressing US inflation report forced back forecast for another US rate hike this yearend. The pair remained range-bound on last day. The yellow metal values reached the upper boundary of the range when the level 1260 clogged its additional recovery. The metal struggled hard with the level to extend its growth but lost. The pair retreated from the daily high and sustained to head lower in the US session.

The 200-EMAs stopped the metal strengthening in the 1HR chart. The 200-EMA ignored the price downwards, towards the 50 and 100 EMAs. The 200-EMAs driving downwards, the 50 and 100 EMAs are neutral in the 1HR chart. The resistance appears at 1260 levels, the support seems at 1250 levels. MACD stays in the negative zone, seller’s positions will strengthen. Indicator RSI left the overbought region and moved south direction.

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